Many Americans claim Social Security benefits perhaps earlier than they should. Under current rules, eligible individuals can claim retirement benefits at age 62, or they can wait until as long as age 70. Those who wait to take the benefit until age 67 receive around 43% more monthly, and waiting until age 70 can lead to about a 75% increase in lifetime monthly benefits. But how can you get people to delay Social Security – and, potentially, enjoying their retirement? And would more Americans choosing to wait have an impact on insolvency problems facing Social Security? According to many estimates, Social Security will run out of money in the 2030s unless the government takes action. New research from Olivia Mitchell, a Wharton professor of business economics and public policy, attempts to answer these questions. The paper, “ Evaluating Lump Sum Incentives for Delayed Social Security Claiming ,” was co-authored with Raimond Maurer, a finance professor at Goethe University in Frankfurt, Germany.…