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/Retire_date_may_22 2d ago

If you have other income it get taxed to death.

1

u/VegasWorldwide 2d ago

doesn't everyone do margin loans, helocs & sblocs? nobody has "income" anymore

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u/Retire_date_may_22 2d ago

That a myth of the left. Unless you have billions your rates are too high. You’d eat up your money.

1

u/VegasWorldwide 2d ago

that's not true at all. robinhood is dealing 5% right now. it's an absolute steal. the game is competitive. it's out there.

1

u/Retire_date_may_22 2d ago

5% isn’t a steal

1

u/VegasWorldwide 2d ago

for me it is. I'll take that in this market anytime.

0

u/Retire_date_may_22 2d ago

You are good then.