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]

Our financial expert says the opposite. Take SS early and keep your money invested.[/quote]

My retirement seminar guy said the same. [/quote]

Only if you're confident your personal investment return will exceed the guaranteed annual return from delaying SS, which can be as much as 8%.  Suggesting you're likely to receive such returns on your own portfolio seems optimistic and is of course more uncertain.

https://www.ssa.gov/benefits/retirement/planner/delayret.html

Unless you either have a sound basis for believing you'll have a lifespan which is actuarially shorter than than the average, or have no other financial resources with which you can support yourself until age 70, claiming earlier is almost always a bad idea.   [/quote]

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