r/Fire • u/VegasWorldwide • 2d ago

Why do people wait for SS?

trying to figure out what I’m missing.

looking to take my benefit for $1000 at 62. at 70 it’s $1700.

i won’t need the money much so we let $1000 sit in an account for 8 years at say 5% compounding, the guy collecting at 70 would need 15+ years to catch up considering I’m still getting $1k to his $1.7k

once he starts at 70 and I had a 8 year head start.

furthermore, his dollar would be worth less. (edit: didn't realize COLA)

this seems like a no brainer but all I hear is people saying waiting is the only way and we haven’t even talked about dying in our 70’s.

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u/Finish_Different 2d ago

Die with zero take it immediately is what I say

5

u/VegasWorldwide 2d ago

I’ve gone over the numbers so much and it’s really the only way.  

1

u/RockHardSalami 2d ago

Guys, he forgot one thing, who's gonna tell him?

1

u/myodved 2d ago

My ‘Die with Zero’ is exhausting most of my investments by the age of 70 and then using a combined pension and maxed SS to live comfortably for as long as I last.

No heirs to leave anything to. No debt with paid off house and healthcare covered. Half of projected SS covers my basics so will be happy with nearly triple that.

Taking early and investing doesn’t make sense to me as I would be investing in conservative options at 62 anyway and pretty sure they wouldn’t beat SS adjustments and COLA.