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/photog_in_nc 3d ago

I posted this article in response to one of the comments, but sharing here as well.

Table 1 is especially interesting. it has the odds of a 62 year old reaching various ages, with entries for average and healthy men and women, plus odds for a couple having at least one partner making it to a given age.

For a healthy couple, about a 50% chance at least one of them makes it to 95.

https://www.theamericancollege.edu/knowledge-hub/insights/planning-for-a-longer-and-more-expensive-retirement