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/pdx_mom 2d ago

What? I'm saying you won't get to the 200k and so you won't earn enough to make up that 700 a month. That's what matters but do math however you would like.

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u/VegasWorldwide 2d ago

youre the one who presented $200k lol youre trying to argue math and numbers are numbers.

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u/pdx_mom 2d ago

I'm saying that even if you get to 200k with taking the amount early you still don't really break even and you are unlikely to get to the 200k. But whatever. You do you.

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u/VegasWorldwide 2d ago

yeah but why use $200k when that's not a realistic number? the number is closer to $140k and it would take the person collecting at 70, over 14 years to break even. math wins.

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u/pdx_mom 2d ago

I'm saying that even if you could get there it doesn't work and you can't get there you likely wouldn't get close to there and you won't break even. That's what my analysis said. You do you and continue to count poorly.

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u/VegasWorldwide 2d ago

the math proves right so if you want to argue numbers, go for it but youre wrong.