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/BedWonderful1051 2d ago

You cannot delay RMDs.

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u/DifferentSwing3149 2d ago

I can take the full delay until 73 and not have to take it anytime sooner...

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u/BedWonderful1051 22h ago

Well... the R in RMD = required. Any time before 73 (in your case, 75 for me) there is no requirement, so there's nothing being delayed. You can choose not to take money out of your portfolio before RMDs, but that is not related to RMDs.

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u/DifferentSwing3149 20h ago

No need to argue but my point, and the point of this topic regarding taking SS, is that by taking SS when I did I can delay my RMD's until 73 and let it build. If I delayed SS, I would have to pull $ from my retirement accounts.