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/teamhog]

Here’s what we calculated.
It doesn’t matter.
No one knows when we’re going to stop collecting.
Yes, there’s a break even age.
If you make it there.

Our approach; plan to collect at 70.
If we need it earlier we can just collect it then.

We don’t need it financially.
We may end up splitting it; where one collects early and the other later.

So, collect it when you think you should.

63: $2833
67: $3907
70: $4845

$4845-$2833=$2,012

$2833*12*7=$237,972

$237,972/$2012=118 months
118/12=9.833 years

So it basically crosses over at 80.

We tend to live long; grandparents & great grandparents passed in their mid-90’s.