Reply to Taking Social Security at 62

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The broad consensus among financial experts and economists is that for most people, it's optimal to wait at long as you can to claim benefits, ideally until 70, even if you retire earlier. Of course, not everyone has the income/assets to wait that long, but if you do, delaying is a good investment.

In retirement, a main financial risk is living too long and therefore outliving your money. By delaying, you end up with a larger guaranteed benefit so are protected if you live longer than expected. (If you live shorter than expected, you receive fewer total benefits, but you are unlikely to outlive your money in that case.)

More info:

https://www.forbes.com/sites/chriscarosa/2021/11/27/5-reasons-why-it-makes-sense-to-claim-social-security-as-late-as-possible-age-70/?sh=11cc65d51849[/quote]

Only if 1) you can live long enough and 2) SS benefits stay the same. I am not sure on both counts. [/quote]

Well, you're obviously not sure of how long you'll live.  As for changes to SS benefits, I don't really get your position - you are going to take them sooner because it's possible that, at some point in the future, benefits will decrease?  [/quote]

Yeah, because benefit "may" decrease.  Who really knows what's going to happen between 62 and 70? I want to keep my money in the market as long as possible and use SS to pay for my retirement. Is that crazy? [/quote]

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