[darbymcgill]

The benefit will nearly double if you wait until (I think now) 70

Under current rules you'll get 124% of the max if you wait til 70.

But, consider this.... If you start SS at 62 and get the max, by the time you are 70 you will have accumulated approximately $250,000. If you wait until you are 70, at 124% of the max SS payment, it will take you 10 years to catch up. That's before interest.

If you invest your money wisely at a modest 5% you would accumulate over $328,000 by the time you're 70 and it would take almost 20 years to catch up....

You'd have to live until you're 90 to break even.

Taxes not included...

[Steve Van Doorn]

"You'd have to live until you're 90 to break even (With SS between retiring early or late)"
Yeap or you can spend it while you're able to. Why can't we identify as 70 years old?

[stylin19a]

If you were born between 1943 and 1954, and wait to 70, the benefit is 132% of what you you have pulled if you had taken it at Full Retirement Age.(FRA)

https://www.ssa.gov/benefits/retirement/planner/1943-delay.html

[smileyface]

“If you invest your money wisely at a modest 5%... “
```````
Where are you getting a sure 5%?

[BlueMondaySkipper]

“ But, consider this.... If you start SS at 62 and get the max, by the time you are 70 you will have accumulated approximately $250,000. If you wait until you are 70, at 124% of the max SS payment, it will take you 10 years to catch up. That’s before interest.”

Another thing to consider, and one of my top priorities is quality of life. I would hate to have refrained from living my life to the fullest in order to have a bit more money at 80 years old when it’s likely I won’t be able to do a ton of things at that age. I would consider it a major failure to have a couple million in the bank at 80 or 90 years old (when I’m physically unable to do a lot of things) because I passed on opportunities at an age when I was able. Even worse would be to work until 70 and die at 80. My goal in life is not to leave a large inheritance.

[Jvette]

I am woefully and hopelessly behind on this thread.
I just wanted to thank everyone for their info on SS and Medicare. It’s awfully complicated isn’t it?

I stayed home with the kids for 22 years and only have about 18 years of contributions, so my SS won’t be much.

The plandemic cost me the job I thought I would stay in until retirement. I hope to work again but in the meantime some things in our lives have changed and I’m not sure when or if returning to work will happen.

My husband has been collecting for a few years now. He waited and gets the max. We decided I would begin collecting now because of his deteriorating health. He is 10 years older than me. He wants us to both collect while he is still living so that we don’t have to touch savings/retirement accounts except in emergencies.