Posted on 10/23/2025 10:20:16 AM PDT by fruser1
Almost all Americans say they are planning to ignore a key piece of Social Security advice, which means they will miss out on higher monthly payments.
Only 10 percent of those still working plan to wait until they are 70 before they start claiming benefits, according to findings from investment firm Schroders.
Americans can begin claiming Social Security as early as 62, but doing so permanently reduces their monthly payments.
To receive a full retirement benefit, workers must wait until their full retirement age, which stands at 67.
However every year after full retirement age that Americans delay claiming Social Security, their payment will increase by 8 percent.
According to a study from the National Bureau of Economic Research, people who claim before age 70 are wasting an average of $182,000.
(Excerpt) Read more at dailymail.co.uk ...
My wife and I took early retirement and went on a full time RV excursion for four years. With no house payments our 401 soared during this time ( not planned but very beneficial). I then was asked to come back to work— who knows about things like this?
I did not stop SS payments so had to repay the SS system but the net result was my benefits increased— again I did not know this could happen, but I liked it.
At age 67 I was able to work and also take SS and benefits continued to increase. The message is that a lot of options exist in the system. And of course, we don’t know how our health will go. I had undiagnosed sleep apnea and went down hill pretty fast until it was found. Now I have a lot of equipment for nighttime and am still collecting SS at 80.
I wanted to go to the 66 and 4 month mark due, but health cut me short at 65
With Disability, I get what I would had if I’d gone the full ride. Extra $150/mo
I retired at 59 and I had to take Social Security at 62. It was better to use that money than to dip into my 401K.
I also did a cost benefit analysis on early vs later Social Security, in 2015 when I retired. The breakeven point was 76 years old, for cashing in at 66 rather than 62. I’ve always been in good health and I’m now 69, so I had a reason expectation of reaching 76—but that wasn’t the point. My ‘what if I die’ scenario said my family would be better taken care of for 14 years, from 62 to 76, if I died. That was good enough for me.
The growth of my 401K overwhelms my Social Security by that time anyway.
This is aside from the risk of Social Security going bancrupt.
SS benefits are adjusted for inflation every year. I started mine at 62 and have never questioned that decision.
The MillStoners
* Who rigged it?
* The UniParty
* Where’s their 💰?
* 1. Stock market
* 2. Self-voted salaries
* 3. Plus benefits
* Plan, extend all retirements SS and stock market on out
* The Millstoners, Mission accomplished
Waiting till you are 70 can cost you more. If you have health issues or your partner has issues, you could lose time enjoying what life you have.
My wife worked till she was 65 and had poor health, then died 18 months later. Half of that was in the hospital. I wish she had taken SS at 62.
I have known several people who waited and died before they even got SS or shortly thereafter.
I am now weeks away from 78.
You have no idea how fast time flies when you are doing nothing.
The advice to “always wait until 70” is often presented as a universal rule, but it ignores real-world risk. Social Security is not an investment account—it’s a government program. If you die before 70, the higher payments never benefit you, except in limited spousal scenarios.
Starting benefits early gives you control: you can use the payments for living expenses or invest them, and they become part of your estate. Waiting is essentially a bet that you will live long enough to “break even” and that the system will remain unchanged—two big uncertainties.
For many, especially those who want financial control or to leave money to heirs, collecting early is safer. Waiting only makes sense if you’re in excellent health, have a long family history, and don’t need the money now. Otherwise, taking Social Security early reduces risk, provides immediate benefit, and keeps your options open.
Personally I began drawing SS at the earliest I could. We have lived off our social security and only began taking withdrawals from our 401K when forced to.
What this means is our net worth has gone up since retirement not down since I left our investments in place and used SS for our living expenses.
I turn 60 next month and plan to move with my Thai wife back to Thailand at 62 and take SS at 62.5 years. Everything lines up, ending leases, etc. Cost of living there is significantly less. 401k money will be gravy. No housing costs as we already own property there. I watched my dad get forcibly retired at 65 and mom work until 76. Not gonna do that. Now they are too medically challenged to enjoy life the way I want to. So yeah, everyone is different. Quality of life matters.
I’d like to keep as much as possible in the IRA for as long as possible but if I don’t start drawing the IRA down now until I’m 70, when I plan to get the maximum SS monthly checks to supplement my income, I’ll get tax raped at 75 from the high RMDs I’ll have to take at that time. Hopefully, Trump will cut or eliminate IRA distribution taxes and RMDs, especially if SS gets cut.
But the flip side is rich people receive a smaller benefit relative to what they contributed.
I read (or heard on the radio) some financial advisor say that if you begin taking your SSI money at age 62 and invest it all in a mutual fund until you turn 70, then in the long run you'll have more money than if you wait till you're 70 to claim your SSI benefits.
That’s sort of what I did.
I retired at 62, living on savings and a couple of pensions until I hit 68 years.
Life expectancy is 76 years. The real reason for convincing people to wait.
Waiting till 70 doesn’t result in a 24% increase either because the first two years are compounded so the resulting increase at 70 is actually 25.97% - nothing to sneeze at
I’ve been paying in since I was 15 and have always planned on waiting until I’m 70, but given the health issues I have at 64 versus 6 years ago (with no lifestyle changes and no vax) I am inclined to start at 67.
Mom passed at 84 with a bad ticker, Dad at 87 with COPD from asthma and trach/lung damage due to a house fire.
Funny how many times I have heard over the last 50 years that SS will not be there in another 10 years. LOL
No worries until they pass a law that US.GOV can’t borrow money.
I took my SS at age 63 five years ago. No regrets whatsoever. Tired of the wokeness at work and was ready to retire. I know people who delayed their retirement thinking they had plenty of time, and then died before getting any benefits. My wife and I have a healthy stock portfolio and own our house with no mortgage, so there was no reason to delay taking SS.
That’s my plan as well, though my wife is the same age as me she’s Japanese and her mom is already in her 80s...I’m not sure I’ll make it that long given my family’s history...but only the Good Lord knows for sure.
It is my understanding that your wife will collect your social security when you die when she reaches full retirement age which is 66 or so. She just needs to file. She should get Medicare too.
The SSA website says that the payout structure is designed to where, on average, it doesn’t matter when you take the payout. Sure, you’ll get a bigger payout if you delay but for a lesser period of time. It balances out, on average.
The advice to delay taking the payout really applicable to those who rely upon SS for most of their retirement income.
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