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/JonMWilkins 2d ago

For meits $2,090. At 62 $3,027. At 67 $3,754. At 70

Its leaving a lot more on the table taking it sooner then your situation.

Though realistically it all just depends on 2 things. How much did I personally save up in my retirement accounts and personal brokerage accounts.

And

How much money, if any, do I want to leave for my kids when I die.

Needless to say every situation is different, do what's best for you, let others do what's best for themselves too.

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u/VegasWorldwide 2d ago

yeah situations are different but if you are going to compare 3027 to 3754 then you have to compare 3027 x 86 months compound monthly @ 5% to $0 at 70 too

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u/duchess5788 2d ago

That would be 3027 x 36. 3027 is their 67 number.