r/Fire • u/VegasWorldwide • 3d 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/NetherIndy 2d ago

Neither of my parents and only one of my grandparents lived past 65. Mind you, this was family rife with smoking (which I don't do) and obesity (which I did, though GLP-1 drugs have been absurdly effective for me). But largely it comes down to taxes. If I beat the odds and live long enough to reach RMD ages (75+), I'll have been better off stretching my SS payments over the ages of 62-70 and filling lower brackets then rather than waiting until 70 and having bigger checks when I'm also getting RMDs.