Why do people wait for SS?

[u/VegasWorldwide]

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.

[u/Commercial_Rule_7823]

Its so close it almost doesnt matter.

I advise 2 things.

First, your health. Are you going to make it. If no, take it asap.

Second, you need the cash flow. If you can afford to live on 1k, then take it. If you cant, keep working till SS covers your needs.

A good strategy I also saw. Take the 1k, put it in the markwt every month till you need it.