Is delaying Social Security until Full Retirement Age worth it? Trying to decide when to start benefits

Waiting until your Full Retirement Age has several significant benefits worth considering:1. Your monthly benefit amount will be approximately 30% higher than taking it at 62 (which you've already calculated)2. The earnings limit won't apply once you reach FRA. If you claim at 62 and continue working, you'll lose $1 in benefits for every $2 you earn above $21,240 (2025 limit)3. Survivor benefits for your spouse would be higher if you wait4. If you're still working, waiting might put you in a higher benefit calculation bracketThe break-even point is typically around age 80-82. If you live beyond that, waiting will have paid off financially. But money isn't everything - quality of life matters too.One often overlooked benefit: delaying gives you more flexibility later. You can always change your mind and file for retroactive benefits (up to 6 months) if your situation changes.

Thank you for breaking this down so clearly. I haven't considered the survivor benefits angle since my spouse already has a decent work record. The earnings limit is something I hadn't fully understood - I was planning to work part-time for a few more years, so that's definitely relevant.Age 80-82 for break-even gives me something concrete to consider against my family health history. Can I ask how exactly you calculate that number?

Took mine at 62 and NO REGRETS!! Why wait??? Bird in hand is worth 2 in bush... govt keeps changing rules anyway!! Enjoy life while u can still travel and do fun stuff. No guarantees for tomorrow. My brother waited till 66 and only collected for 2 yrs before he passed...big mistake!!

I'm definitely worried about this exact scenario. Sorry about your brother. Did he have any regrets about waiting when he got sick? That's the thing keeping me up at night - what if I wait and don't get to enjoy much retirement?

The break-even calculation is pretty straightforward. Calculate total benefits received if you start at 62 vs. total received if you start at FRA. Plot them on a timeline and see where the lines cross. For example, using your numbers:- $1,650 × 12 months = $19,800/year starting at 62- $2,450 × 12 months = $29,400/year starting at 67By age 67, you'd have collected $99,000 (5 years × $19,800) if you started at 62, while the FRA person has $0.The FRA benefit needs to catch up. The difference per year is $9,600 ($29,400 - $19,800). So $99,000 ÷ $9,600 = approximately 10.3 years after age 67, or around age 77-78.This doesn't account for inflation adjustments, taxation differences, or investing the early benefits, which can change the calculation. There are free break-even calculators on the SSA website that handle these factors.

This is incredibly helpful! I think I was overcomplicating the math. Using your calculation method and adjusting for my exact numbers, my break-even point might be closer to 79. That's... uncomfortably close to my family history, honestly. Definitely food for thought.

The amount you've saved ($175k) seems low if you're planning to retire at 62. Have you run the numbers to see if that's enough to bridge the gap until 67? Also remember that SS gets Cost of Living Adjustments (COLA) every year, so the longer you wait, the higher base amount those percentages apply to. Taxation is another factor - up to 85% of SS benefits can be taxable depending on your other income sources. When working with clients, I typically recommend waiting unless health is very poor or financial need is immediate.

I disagree completely. $175k plus a paid off house plus $1650/mo is plenty in many parts of the country. My wife and I live comfortably on less. Not everyone wants or needs a lavish retirement. Some folks just want to stop working and enjoy simple pleasures.

has anybody tried calling SSA to get personalized advice for their situation?? I tried calling 5 times this week and cant get thru to anyone!!

I had the same problem last month! I was trying to get answers about my own retirement options and kept hitting walls with the SSA phone system. I finally used a service called Claimyr (claimyr.com) that got me connected to an agent in about 20 minutes instead of waiting for hours or getting disconnected. They have a video showing how it works at https://youtu.be/Z-BRbJw3puU The SSA rep I spoke with ran my numbers for different claiming ages and it was super helpful to get personalized calculations. They showed me exactly how much more I'd get by waiting and what my break-even age would be based on my actual earnings record. Definitely worth talking to them directly since everyone's situation is different.

thanks ill check it out! didnt know something like that existed

Seems like I'm the contrarian here, but I took benefits at 62 and have ZERO regrets. We downsized our house, cut unnecessary expenses, and live very comfortably. The peace of mind from quitting my stressful job was worth way more than the extra money.Also, don't ignore the time value of money. If you take $1650/month at 62 and invest even a small portion of it for 5 years while someone else waits until 67 to get anything, that investment growth matters in the calculation.What good is having more money if you're too old to enjoy it? Just my 2 cents.

This is somewhat misleading. The vast majority of people claiming early don't invest those benefits - they spend them because they need the money to live on. And the difference between age 62 and 67 isn't typically the difference between being able to enjoy life and not. Many people are quite active well into their 70s and beyond.The math clearly favors waiting for anyone with average life expectancy. That said, quality of life considerations are legitimate factors in the decision.

Not misleading at all - just a different perspective. Not everyone has the same priorities or health outlook. My point is that the strictly financial approach ignores quality of life and individual circumstances. There's nothing wrong with prioritizing freedom over maximizing every dollar.

Thank you all for the thoughtful responses! I'm still weighing my options, but this discussion has given me much more clarity. I think I need to:1. Get a clearer picture of my projected expenses in retirement2. Consider part-time work scenarios and how the earnings limit would affect me3. Talk to SSA directly to get my exact benefit amounts at different ages4. Have an honest conversation with my doctor about health outlookI'm leaning toward a compromise - maybe working part-time until 65 (my Medicare age) and then making the decision about Social Security. The break-even point calculations are helpful, but as several of you pointed out, quality of life factors are just as important as the math.Is there anything else I should be considering that hasn't been mentioned?

Your compromise sounds reasonable. One additional factor to consider: if you're married, coordinate your strategy with your spouse's benefits. Sometimes it makes sense for the lower-earning spouse to claim early while the higher earner delays to maximize the overall household benefit.Also, remember that the decision doesn't have to be all-or-nothing between 62 and 67. You can claim at any point in between. Each month you delay between 62 and FRA increases your benefit by about 0.5%.

One thing that hasn't been mentioned yet is the potential impact of Medicare premiums on your Social Security benefits. When you turn 65 and enroll in Medicare, your Part B premiums (and potentially Part D) will be automatically deducted from your Social Security check if you're already receiving benefits. For 2025, standard Medicare Part B is $185/month, but if you're in a higher income bracket, you could pay more due to IRMAA (Income-Related Monthly Adjustment Amount). This means your actual net Social Security benefit will be lower than the gross amounts you've been calculating. Also, since you mentioned you're tired and considering the quality of life aspect - have you looked into whether your employer offers any phased retirement options? Some companies allow you to reduce hours gradually rather than going straight from full-time work to full retirement. This could give you more flexibility while you're making your Social Security decision. The stress relief alone from reducing work obligations might be worth considering, especially given your family health history. Sometimes the peace of mind from having guaranteed income (even if it's less) outweighs the potential financial benefits of waiting.

The contractor arrangement your supervisor mentioned could be a game-changer! Many people don't realize that if you're working as a 1099 contractor rather than a W-2 employee, you have much more control over your income timing, which can help with both the Social Security earnings limit and Medicare IRMAA thresholds. As a contractor, you could potentially structure your payments to stay under the $22,320 earnings limit if you claim Social Security at 62, or manage your income in retirement to avoid higher Medicare premiums. Plus, you'd get to test out a reduced workload before making any permanent decisions about Social Security. I'd suggest running some scenarios: What if you negotiate a 20-hour/week contractor role starting at 62, claim Social Security, and see how that feels for a year or two? You could always adjust either the work arrangement or delay your Social Security claim if needed. The flexibility might be exactly what you need while you're figuring out the bigger retirement picture. Just make sure to understand the tax implications of contractor income versus W-2 wages, especially regarding self-employment taxes and quarterly payments. But honestly, the stress reduction combined with some income certainty sounds like it could be the perfect bridge solution for your situation.