It should come as no surprise you're going to get less from Social Security than your parents did. You should wait until 70 to retire, but even if you do you'll still get less than the Baby Boomers did.
"I think the Boomers are getting a better deal and will have gotten a better deal all in all but you still get benefits for waiting or postponing your Social Security benefit until age 70."
Patterson says that benefit is 8% a year.
"People have not saved enough many times for retirement therefore they need to work longer which in some cases would allow them to postpone Social Security and get that 8% benefit increase up until age 70."
Patterson says you should do an analysis of your Social Security options, especially if you're married.
"Maximization analysis. So, again, with dozens of options for married couples, we can help them make decisions based on their lifestyle changes and things they might want to do during retirement."
The Center for Retirement Research says less than 5% of us wait until 70 to retire.