Reply to Enrolling in Medicare, drawing down Social Security

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]your monthly social security benefit goes up 8% for each year you wait to claim. You won't get that kind of guaranteed return anywhere else. So unless you have a life-shortening illness or a family history of dying in your 60s or 70s, I would wait as long as you can to claim, and use other resources to "pay it forward" like income from a part-time job if you want one, or from any other savings or income. [/quote]

Ok, I get that but what about the unrealized monthly payments - I guess I need to use a calculator![/quote]

There's a breakeven point...usually in late 70s or around 80. This article explains https://www.aarp.org/retirement/social-security/questions-answers/retirement-benefit-break-even-age.html

So unless you think you are likely to die before then, it pays to wait. Some expenses also are likely to increase as you get older, like home care or assisted living, so you might be glad to have the extra money. On the other hand, it's probably easier to travel and do other stuff when you're on the younger side.

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