Should I use my retirement savings to delay Social Security until 70?

For many retirees, spending down a portion of their portfolio in their late 60s to postpone Social Security to 70 is one of the highest-return moves available. Every year of delay adds an 8% guaranteed, inflation-adjusted increase to your benefit, per the Social Security Administration, which no bond or annuity easily matches. Because that larger check is backed by the federal government and rises with inflation, it acts as powerful longevity insurance. This strategy works best if you're in good health, have enough savings to bridge the gap, and want to protect a surviving spouse who would inherit the higher benefit. It works less well if your portfolio is thin.