6. Effect of Delaying Claiming Social Security Benefits and Continuing to Work

The descriptive statistics for the model examining effects of delaying claiming Social Security benefits and continuing to work are discussed in terms of nine scenarios for determining annual income. The scenarios are: (a) claiming Social Security retirement benefits at FRA; (b) claiming Social Security retirement benefits at age 70; (c-1) claiming Social Security retirement benefits at current SIPP age and one year of earned income; (c-3) claiming Social Security retirement benefits at current SIPP age and three years of earned income; (c-5) claiming Social Security retirement benefits at current SIPP age and five years of earned income; (d) claiming Social Security retirement benefits at FRA and HECM tenure qualified; (e) claiming Social Security retirement benefits at FRA, one year of earned income, and HECM tenure qualified; (f) claiming Social Security retirement benefits at age 70 and HECM tenure qualified; and (g) claiming Social Security retirement benefits assumed at age 70, one year of earned income, and HECM tenure qualified. Combined strategy (d, e, f, g) success rates are compared to those of single strategies, and the strategies are ranked. Data is further analyzed using scaling factors by states, age cohorts, net worth cohorts, and socioeconomic cohort groups of business ownership, mortgage balances, and rental incomes.