An analysis by Yahoo Finance shows that individuals retiring at 60 and choosing to delay claiming Social Security benefits until age 70 to maximize their benefits would need to prepare between $750,000 (with a 10% portfolio return) and $2.1 million (with a 3.5% portfolio return) to cover living expenses during that decade, depending on their investment portfolio's rate of return. The analysis also noted that claiming Social Security at age 62 instead of 70 would result in a permanent 30% reduction in benefits.