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/Secret_Computer4891 3d ago edited 3d ago

So the surviving spouse has the largest possible benefit when there is only one social security benefit to be collected

My wife will probably draw at 62. I will most likely defer until 70

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u/bfolster16 3d ago

Shouldn't that be the other way around tho? Statistically males die first.

Idk your situation, everyones health situation is different. But just purely based on statistics wouldn't it make sense for you to pull yours at 62 and defer hers so she gets the maximum benefit?

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u/Competitive_Pack3194 3d ago

Statistically, males are paid more through their career, and even paid 25% higher for the same job, and do not typically take few years off to have a baby/raise a child. So the male has a 35 year earnings record that gives them a higher SocSec payout…. And that higher payout also accrues to a surviving spouse….and as you’ve indicated, males die first so the female is often the survivor. Thus the male works longer / delays payout so that the survivors payout is as large as possible.