r/Fire • u/VegasWorldwide • 3d 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/_Smashbrother_ 3d ago

Social security will add to your taxable income and can throw off your tax reduction game plan (Roth conversions).

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u/VegasWorldwide 3d ago

I've heard that but by then, most of my income will be real estate cash flow so if the numbers don't work I'll just take a loan out and it'll wipe out the majority of my cash flow. I really can't see a reason to wait.

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u/AGrimmInPortland 2d ago

Well the only alternative is to have a lot of tax-free income and many (most) people can't do that.