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Is there an executive summary, or link, best explaining the best age at which to take SS?
Posted on 4/6/26 at 9:29 pm
Posted on 4/6/26 at 9:29 pm
Thank you.
10
Posted on 4/6/26 at 9:40 pm to Zachary
Just plug the data into a spreadsheet and figure out your break even point. You still have to guess how long you're going to be collecting.
Posted on 4/6/26 at 9:47 pm to Zachary
Take what you can as fast as you can, for as long as you can.
Posted on 4/6/26 at 10:01 pm to Zachary
What's the meaning of life?
This is one of the most complicated questions that you could ask.
For a ton of people, this is not a question of break-even points.
It is also a question about tax implications, withholdings, and IRMA/income based consequences.
How old are you, how much do you have saved in qualified retirement accounts, and do you have anything else saved (brokerage accounts and/or roth)?
Are you married?
This is one of the most complicated questions that you could ask.
For a ton of people, this is not a question of break-even points.
It is also a question about tax implications, withholdings, and IRMA/income based consequences.
How old are you, how much do you have saved in qualified retirement accounts, and do you have anything else saved (brokerage accounts and/or roth)?
Are you married?
Posted on 4/7/26 at 4:33 am to Zachary
Everyone's situation is different. Everyone's longevity situation is different. Everyone's "other income" situation is different.
There is literally no "one size" SS election decision that fits all.
And, it isn't a matter of "62, 67 or 70" - there are literally 96 different decision points/claiming scenarios.
There is literally no "one size" SS election decision that fits all.
And, it isn't a matter of "62, 67 or 70" - there are literally 96 different decision points/claiming scenarios.
Posted on 4/7/26 at 8:25 am to Ace Midnight
Lots of good videos on youtube on the subject. It's an interesting life question. Here's a few points to consider:
-When will you be the healthiest to spend your money?
-Will getting a monthly check help you mentally adjust to still spending your money even though you don't go to work any longer?
-Will our government SS still be around when you hit 82 years old, which is typically the break even point for lots of folks?
-Will the extra money matter to you at age 82ish?
-Do you need it now? Some folks don't even get the luxury of a decision.
-How long will you live?
-The surviving spouse gets the larger of the two checks when one dies.
Fun stuff to consdier.
I recently decided to take mine at 62, and then at the last minute decided to put it off until age 63 so I could take some cap gains and hopefully still be in a lower tax bracket.
Congrats if you recently retired. It's a whole new life adjustment.
-When will you be the healthiest to spend your money?
-Will getting a monthly check help you mentally adjust to still spending your money even though you don't go to work any longer?
-Will our government SS still be around when you hit 82 years old, which is typically the break even point for lots of folks?
-Will the extra money matter to you at age 82ish?
-Do you need it now? Some folks don't even get the luxury of a decision.
-How long will you live?
-The surviving spouse gets the larger of the two checks when one dies.
Fun stuff to consdier.
I recently decided to take mine at 62, and then at the last minute decided to put it off until age 63 so I could take some cap gains and hopefully still be in a lower tax bracket.
Congrats if you recently retired. It's a whole new life adjustment.
Posted on 4/7/26 at 8:59 am to Zachary
Would need to know how long you will live.
Posted on 4/7/26 at 9:12 am to Zachary
I worked until I was over 65. Took SS at 66 and 10 months. I could have collected another 1K a month if I had waited until I was 70. I should break even with my decision if I reach 76. I'm 'ahead' (from not taking it at 62) every month afterward. But, you must do you. Roll the dice. No one knows the future.
Posted on 4/7/26 at 9:17 am to Zachary
Posted on 4/7/26 at 10:54 am to Zachary
Tell me when you will die and I will tell you when to take.
Actuaries design it to come out the same based on average life expectancy. If you are going to die before the average, you are better taking it as soon as possible. If you will live past the average, defer for the larger amount.
How healthy are you?
Actuaries design it to come out the same based on average life expectancy. If you are going to die before the average, you are better taking it as soon as possible. If you will live past the average, defer for the larger amount.
How healthy are you?
Posted on 4/7/26 at 11:22 am to Swamp puppy
quote:
-The surviving spouse gets the larger of the two checks when one dies.
This is a point that isn't brought up enough. My primary reason for waiting until I was 70 was that I did not need the money. But the above was another consideration. My wife is younger than I am and, on average, women live longer than men I wanted her to continue to collect the highest amount possible.
Another small consideration is cost of living adjustment. For example, consider that you can collect $30,000 at age 66 or about $40,000 at age 70. Let's assume a COL of 2.0% every year. 2% of $40,000 is more than a 2% increase of $30,000. And the following year a 2% increase on $40,800 is more than a 2% increase on $30,600. And so on and so on for every year you and / or your spouse stay alive. The tradeoff, of course, is that the person that takes retirement at 66 will collect more than $120,000 in the four years that I waited.
Posted on 4/7/26 at 2:54 pm to Zachary
This is a great use case for AI. Plug all your financial balances in chat gpt or something. Ask it to project various ages and distribution points. A few seconds later and you can have an accurate table breaking down various scenarios that are custom to you.
Posted on 4/7/26 at 3:13 pm to TheHarahanian
quote:
Take what you can as fast as you can, for as long as you can.
Yep. I turn 62 later this year and if I do.retire, SS is my first csll.
Posted on 4/7/26 at 3:39 pm to Zachary
quote:
More retirees are filing for Social Security benefits as soon as they’re eligible to do so. That’s even when taking this route will permanently reduce their monthly checks. The trend seems to have accelerated over the past several years.
According to reporting by AARP, the Social Security Administration processed retirement benefits for over 2.3 million Americans from January through July 2025. This is up 16% compared to 2024 in the same time period.
In the Schroders 2025 U.S. Retirement Survey, around 44% planned to claim Social Security benefits before their full retirement age. Only a small percentage, or 10%, are planning to wait until 70 to maximize their benefits.
quote:
Why Are More Claiming Benefits Earlier?
Financial anxiety is probably a major factor in why people are claiming earlier. A poll by AARP found that about 49% of adults aged 50 and older who claimed earlier than planned, or considered it, said they were concerned that the Social Security program would not run out of funds.
Posted on 4/8/26 at 6:31 am to TigerintheNO
So will social security be saved because a larger percentage of people are taking the lower payment sooner ?
Posted on 4/8/26 at 6:45 am to 3D
quote:
So will social security be saved because a larger percentage of people are taking the lower payment sooner ?
Probably puts it at elevated risk of becoming insolvent. The solutions from the politicians are always to increase the age before eligibility. One of the future solutions will likely be to further increase benefits by delaying taking payments.
Posted on 4/8/26 at 7:03 am to TheHarahanian
quote:
Take what you can as fast as you can, for as long as you can.
Sage advice, if it were in the favor of the workers to delay it, then the government would never incentivize it.
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