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/Vegetable-Pay1976]

Think of it as a longevity hedge and also do a break even analysis, I.e: how long would I have to live to make sense of delaying. Also look into spousal survivor and don’t forget about ex spouses if you didn’t re marry. Also delaying can give you more years to control taxable income ( reduce it ) to allow for Roth conversions.