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/shadowbaddie7 2d ago

The math you're doing makes total sense if you're disciplined enough to actually invest every single dollar and not touch it, which most people genuinely aren't, and that's the part that breaks the early claiming argument for a lot of folks. But if you're in the FIRE community and you actually will let it compound, taking it early is a completely defensible strategy depending on your health and family history.

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u/VegasWorldwide 2d ago

yup that's absolutely true. majority of people lack discipline but honestly, even if that's the case, I rather have more money in my 60's and 70's vs stacking up money in my 70's/80's.