Most of us approaching 60 have looked at charts of social security "break even" age or total lifetime benefits, etc. Then one night it occurred to me; if I die before I break even, I don't care, I'll be dead! If I come down with a terminal disease at age 65, not taking SS for the last 3 years won't be of much concern.
OTOH, my wife and I took early retirement (61 & 57) which carries some risk of running out of money. When to take SS benefits should be framed around reducing the risk of outliving our nest egg, not some vague concept of maximizing your net worth at death. Think of it as longevity insurance or old age insurance as it's actually named, OASDI.
YMMV, but for us, it makes sense to delay benefits.
OTOH, my wife and I took early retirement (61 & 57) which carries some risk of running out of money. When to take SS benefits should be framed around reducing the risk of outliving our nest egg, not some vague concept of maximizing your net worth at death. Think of it as longevity insurance or old age insurance as it's actually named, OASDI.
YMMV, but for us, it makes sense to delay benefits.
Statistics: Posted by murrays — Thu Jan 18, 2024 4:24 pm — Replies 12 — Views 796
