Should you take Social Security at 62 or wait

With my 62nd birthday just around the corner, I will be eligible to start taking Social Security benefits, but waiting a few years will mean higher benefits.

Here in the US we can start collecting monthly Social Security benefits ( a cash check) at age 62, but if you wait your monthly benefit will go up about 7.8% a year every year until age 70

From a pure numbers perspective, age 81 will be the breakeven point, live longer and waiting would have been the better option, die before 81 and taking early would have been the better move ( if we only knew when we would die)

But age and life expectancy is not the only factor, In my case, I don’t need the money so if I take it now and invest it at an 8% return I could take that breakeven age to above 90

Another option for me as I am already retired and my only income is from my trading account and long-term investments. Would be to use the benefits now for my everyday living expenses, and let my retirement account continue to grow tax-deferred, if the Ponzi scheme known as the US stock market continues to grow for another 10 years this could be a substantial amount of money and take my breakeven point to well about 100

Just in typing this, I have nearly convinced myself that for my situation taking benefits at 62 is the better option, but I would be interested to hear from others who are or have faced this point in their lives and what option they have chosen.

I Look forward to reading your responses



I’m reviving this thread because I’m curious what avenue you chose, and also because you’re still active on the forum.

If you’re not hurting for money, then I agree. Just take it and use the money to make it grow.

1 Like

Curious - what DID You end up doing @Dennis3450? The uncles/aunties I know used them after they retired unless they have more sources of income.

1 Like


Curious to know what was your decision. :slight_smile: