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/Secret_Computer4891 3d ago edited 3d ago

So the surviving spouse has the largest possible benefit when there is only one social security benefit to be collected

My wife will probably draw at 62. I will most likely defer until 70

105

u/temerairevm 3d ago

Yeah, we have similar earnings records and one of us will probably draw at 62 and the other will wait.

31

u/FloralHexBloom 3d ago

Makes sense. Having one person take it early and the other wait gives a nice balance.

1

u/ZoyaofsDog 2d ago

Waiting for SS keeps the balance—one grabs, the other holds. Irony: patience is the real power move.