money and social security card Relying on financial advisers to tell you what to do may be a mistake— often, the ideal claiming decision would cause a clients' investment account balance to drop in the near term, squeezing a source of revenue for financial firms. (Photo: Shutterstock)

(Bloomberg) –Almost all American retirees claim Social Security at the wrong time, a new report estimates, which means they will miss out on a collective $3.4 trillion in benefits before they die.

While they can tap their benefits as early as age 62, retirees could boost the size of their checks for every year they wait until age 70, when the maximum benefit accrues.

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