Taking SS Wait longer or Do It.

Waited
Took mine at 66
Loved my job too much
However, the cabin called
And it was impatient
'Yer not gettin' any younger to do this!'
Told the owners 'I'm outa here'
They told me they needed six months
Glad I told 'em six months before the age of 66

No regrets

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Most of my income is invested in the financial markets. Based on the fact that they have returned over 10% for many years, I would rather keep the money in stocks rather than draw it out, so I chose to take Social Security at 63 y/o. I would rather keep my money in the market and supplement it with Social Security. If you are not invested, wait to take your full Social Security payments. If not, go for it.
 
I suffered a CHF at 50, COPD diagnosed at the same time (quit 3 years later, but too late, damage done) caught covid Sept last year, good thing I had my 401K as a life raft.

Now, lungs shot, take 5 meds and lucky to make it to 67. Which would be my FRA date.

So there's my reasoning.
 

I took my SS as soon as I was eligible. I was not going to gamble on a roll of my longevity dice. Turns out, I've already lived longer than I thought I would. But here's the important thing. I am more financially solid than I have ever been in my life, and instead of eating into my savings, I'm saving more than I ever had before. I would have a bigger monthly income had I waited, but the last 25 years since I retired would have been much more difficult.

I feel like I made the right choice, but others may be more satisfied with a few years of self imposed poverty to get the bigger payoff. Mostly, I took the money right away, because I needed it to live like I wanted during those most productive years of early retirement.

But we all have different goals and desires. I would suggest we weigh those actual known variables into our decisions, whereas how long we will live is unknown. The end decisions will still all be different. But the dilemma of "SS, now or later" is one of the most pleasant problems you will face in life. Enjoy it because it only happens once.
 
took mine at 62 and never looked back, now 70. I asked my brother at the time who said take it and asked my brother in law at the time and he said take it, they both passed around the age of 64. Asked my other brother in law at the time and he said take it, he was 84 at the time. We have not needed it per say, and have banked most of the money. I figured what I would get at 62 and how much at 65 and added the out and will break even at 73. I talked to a fellow who I worked and he took his at 62 and said he would break even at 73 also he is now 75 and says, "take it."
 
I will probably go with SS just shy of my 65th birthday when I have a gap in health care money.

I have a few questions related to this:
Is there a significant difference in retiring a few months before a birthday, or is there a big jump right on your birthday?
How long, after choosing to get SS, does it take to get payments?
 
Started mine last month, at age 70. I was still working, so did not need the money. And my wife took hers a few years back, so I was able to collect half of that.

As to the question of how long I'll live and if it will work out to my benefit, I don't worry too much about that. If I live to 100, I'll be happy I waited. If I die tomorrow, well I'll be dead, won't matter.

It is a very individual thing, no right or wrong answers.
Is there a significant difference in retiring a few months before a birthday, or is there a big jump right on your birthday?
I don't think so, it seems to go up a little every month you delay, up to age 70 that is.
How long, after choosing to get SS, does it take to get payments?
You can apply some number of months ahead, not sure how many. That is what I did, I applied about 3 months before my 70th, but said I wanted it to start on my 70th. I got my first deposit in October, my 70th was in September. I believe the October payment was for September.
 
We took early SS.
2010 and 2012. We needed the cashflow; We needed more time for the StockMarket to recover.
Now 72/75 and in full RMD mode but not full allowable withdrawal mode.
Our Income is ~95% longevity, (annuities and rental) with remainder if we die early.
YMMV
My first post reveals the internal factors why we took early SS.

This is the other external factors:
In 2010 and 2012, the economy was showing a strong recovery. The equity markets were strong. Inflation was low. I reasoned why should I sell (deplete) above average growth equity (12% (?)) for retirement Income when we could use static SS Income? Even our high fee, hybrid deferred IRA annuities were growing in real dollars and retirement value.
https://www.officialdata.org/us/sto...=If you invested $100 in,, or 12.10% per year.

Your decision is dependent on your immediate needs and the external financial environment.
YRMV
 

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