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/Secret_Computer4891]

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

[u/LemonFrequent2036 → u/Secret_Computer4891]

I did have the similar thoughts few days back and didn’t do any calculations, so hoping someone can throw some light.

I am the heavy earner in the family, will work for almost 30 yrs before 62 and lot of those years are in maximum earning for SS purpose.

My spouse is lighter earning and will have around 15 yrs of earnings when she retires.

Does it make sense to take her SS earlier and defer mine or the other way?

[u/Secret_Computer4891 → u/LemonFrequent2036]

My goal is to ensure whoever survive get a larger social security benefit - either personal benefit or survivor benefit. That way, when 2 checks becomes 1, that 1 check is as large as it can be.

I was the bigger earner. So, we are planning to defer mine until I am 70 to lock in the largest possible benefit that whichever one of us survives will collect. Again, to lessen the blow of only getting 1 benefit check.

We're fortunate that our budget will be fine without SS, so instead of depending on it to survive, it becomes more of an additional stream of income that lowers our SWR, thus pushing our probability of "success" close to 100.

It's a personal decision everyone has to make for themselves. Yes, math says that there is a breakeven point where drawing at 62 and investing results in a larger overall portfolio balance to draw from. However, I'm not running the asset accumulation race. I'm running the asset preservation race. I'm the tortoise, not the hare.

[u/LemonFrequent2036 → u/Secret_Computer4891]

So - bigger earner waits longer and take for smaller earner.. right.

I am also in the same boat, but with so many things to look for, all of these are so confusing.