Should I claim Social Security at 68.5 or wait until 70 for maximum benefits?

I was in almost exactly your position last year! I ended up taking mine at 68 because my part-time income stopped. The breakeven point is typically around 82-83 years old - meaning you'd need to live that long to make waiting until 70 worth it. With your family history, it's a toss-up mathematically. One thing to consider: if you're married and were the higher earner, waiting until 70 might benefit your spouse with a higher survivor benefit if you pass first. That was actually why I initially wanted to wait, but cash flow needs won out.

Take it NOW!!! Why wait? The government already has enough of our money and there's no guarantee about tomorrow. I waited until 67 and wish I had taken it at 62. They keep changing the rules anyway and who knows what they'll do to Social Security in the future.

I'm a financial planner who specializes in retirement income strategies. This actually isn't a simple yes/no question. Some considerations: 1. Your monthly benefit at 70 will be 12% higher than at 68.5 (8% per year after FRA) 2. The breakeven age is typically early 80s 3. Consider your other income sources and tax situation 4. Evaluate your expected longevity realistically 5. Factor in inflation protection (COLA applies to a larger benefit amount) One approach I recommend: if you have enough in savings to comfortably bridge the 1.5 years, AND you're in good health, waiting can be beneficial. But if withdrawing from savings causes anxiety or depletes emergency funds, taking it now is reasonable. Don't overlook tax implications - sometimes taking SS earlier while managing withdrawals from retirement accounts can optimize your overall tax situation.

my sister waited till 70 and then got cancer at 72 so she only got 2 years of the higher amount. just sayin, nobody knows what tomorrow brings

I've been trying to reach Social Security for THREE DAYS to ask similar questions about my own situation! Their phone lines are constantly busy, and my local office is booked 2 months out for appointments. How is anyone supposed to make these important life decisions without being able to talk to someone??? I finally used a service called Claimyr (claimyr.com) that got me through to a real person at SSA in about 20 minutes instead of waiting on hold for hours. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU The agent I spoke with was actually really helpful and ran calculations specific to my situation. Might be worth looking into if you want personalized answers before making your decision.

im 63 and took mine early cuz i needed the money but now im still working part time and they take back some of my ss when i go over the earnings limit which i didnt know would happen so make sure u know about that before u decide

One factor not mentioned yet: current interest rates and inflation. With interest rates higher than they've been in years, the old calculations about waiting until 70 deserve reconsideration. The traditional advice to wait until 70 was partially based on historically low interest rates. Now, if you can get 4-5% on safe investments, the math changes somewhat. Consider this: if you take $3,100 monthly now and invest any portion you don't immediately need at current rates, you might come out ahead compared to waiting for $3,375 in 18 months, especially considering your family longevity history. I'd suggest creating a spreadsheet with both scenarios to see the cumulative difference at various ages. Most people find the breakeven point is now earlier than the traditional 82-83 years in today's interest rate environment.

what about Medicare? does taking SS affect your Medicare premiums at all? just wondering since they're related somehow

After reading through your responses, I can offer some more tailored advice. Since you're divorced with no survivor benefit concerns, in decent but not exceptional health, and experiencing some financial pressure on your savings, claiming now at 68.5 seems reasonable in your specific situation. One final consideration: Have you factored in the cost-of-living adjustments (COLAs)? The 2024 COLA was 3.2%, and if we get similar increases in the future, starting with a higher base amount at age 70 would mean larger dollar increases each year, which compounds over time. However, this still may not overcome the immediate cash flow benefit and your specific longevity expectations. Sometimes the peace of mind from reduced financial stress now outweighs the potential long-term mathematical advantage.

As someone who just turned 65 and is wrestling with similar questions, I really appreciate this discussion. The point about current interest rates changing the traditional calculations is eye-opening - I hadn't considered how that affects the breakeven analysis. One thing I'm curious about: for those who have already made this decision, how did you handle the psychological aspect? I find myself going back and forth because there's this nagging feeling that I might be "leaving money on the table" by not waiting until 70, even though the math might support claiming earlier in my situation. Also, has anyone used the Social Security Administration's online benefit calculator to run different scenarios? I've been trying to use it but find it somewhat confusing compared to the clear explanations you all have provided here.

@Noah Torres - I completely understand the psychological struggle! I'm 66 and went through the same mental gymnastics last year. What finally helped me was reframing it: instead of thinking about "leaving money on the table," I started thinking about it as "paying a premium for peace of mind and financial security today." Regarding the SSA calculator - you're right, it's pretty clunky. I found it more helpful to use the basic formula: your benefit increases by about 8% for each year you delay past Full Retirement Age until age 70. So if your FRA benefit is $2,000, waiting until 70 would give you roughly $2,640 (32% increase over 4 years). The psychological peace I got from having that steady income stream started was worth more to me than the potential extra dollars. Some people are natural optimizers and can wait - others need the security now. Both choices can be "right" depending on your personality and situation. One thing that helped: I calculated exactly how much extra money I'd need to live to make waiting "worth it" - turned out to be into my mid-80s given my health and family history. That made the decision clearer.

I'm 69 and claimed my benefits at 68 after dealing with a similar situation. What really helped me decide was creating a simple spreadsheet comparing the total dollars I'd receive under different scenarios - claiming at 68 vs waiting until 70. Here's what I discovered: even though waiting would have given me about $250 more per month, I would have missed out on 24 months of payments totaling around $74,400. At the higher benefit amount, it would take me until age 82 to "catch up" to what I'd already collected by claiming early. Given your family history and the fact that you're already dipping into savings, I'd lean toward claiming now. The guaranteed money today often outweighs the potential for more money later, especially when there's no certainty about longevity. One practical tip: when I called to start my benefits, I asked the SSA representative to confirm my exact monthly amounts for claiming at different dates. Having those precise numbers (rather than estimates) made the decision much clearer. The peace of mind I've had from steady income has been worth more than any potential extra dollars.

I'm 67 and facing a very similar decision myself - currently receiving unemployment benefits that run out in 3 months, and debating whether to claim SS now or try to find work to bridge until 70. Reading everyone's experiences here has been incredibly helpful. What strikes me most is how personal this decision really is. The math is important, but it seems like the psychological and practical factors matter just as much. @Chloe Martin, given your consulting work drying up and the stress of depleting savings, it sounds like claiming now would give you both financial relief and peace of mind. One thing I've learned from my own research: there's also the opportunity cost to consider. The money you're taking from savings to live on could potentially be earning returns if you weren't withdrawing it. So even if the SS benefit is smaller now, preserving your investment accounts might work out better long-term. I'm leaning toward claiming at my FRA in a few months rather than waiting until 70, partly because of the uncertainty but mostly because I want to enjoy some retirement years without financial stress. Sometimes the "bird in the hand" approach makes more sense than optimizing for scenarios we can't predict.

I'm 64 and have been following this discussion closely as I approach my own decision point. What really stands out to me is how this conversation has evolved from pure math to considering the whole picture - cash flow needs, family health history, current interest rates, and most importantly, peace of mind. @Chloe Martin, based on everything you've shared, claiming at 68.5 seems like the smart move for your situation. You're already past FRA so no earnings test issues, you're feeling financial pressure, and your family longevity suggests the breakeven analysis favors claiming sooner rather than later. One additional thought: with all the uncertainty about Social Security's long-term funding (though benefits are very unlikely to disappear entirely), there's something to be said for taking what's guaranteed now rather than betting on future policy remaining unchanged. The quality of advice in this thread has been exceptional - much better than what I've gotten from some "professional" sources. It's clear that this decision is highly personal and depends on individual circumstances rather than one-size-fits-all rules. Thanks to everyone for sharing their real experiences rather than just theoretical advice.

As someone who's been lurking in this community for a while but just created an account, I wanted to thank everyone for this incredibly thoughtful discussion. I'm 66 and was planning to wait until 70, but reading through all these real experiences has me reconsidering. What really strikes me is how different this conversation is from the generic advice you get elsewhere. The personal stories, the consideration of current interest rates, the psychological factors - this is exactly the kind of nuanced discussion that helps with such a complex decision. @Chloe Martin, your situation sounds very similar to where I might be in a couple years. The fact that you're already past FRA, dealing with reduced income, and have realistic expectations about longevity really does seem to point toward claiming now. The peace of mind factor that several people mentioned seems just as valuable as the mathematical optimization. I'm curious - for those who have already claimed, did you find the Social Security office helpful when you actually went to file? I've heard mixed reviews about the customer service experience, but the practical tips shared here (like asking for exact numbers rather than estimates) seem really valuable. This thread has definitely given me a lot to think about for my own decision in a few years. Thank you all for sharing your experiences so openly.

What an incredibly helpful discussion! As someone who's 62 and starting to think about these decisions, I've learned more from this thread than from hours of reading generic retirement advice online. The point about current interest rates changing the traditional calculations really caught my attention - I hadn't considered how today's higher rates might shift the breakeven analysis compared to the old "wait until 70" conventional wisdom that was formed during years of near-zero interest rates. @Chloe Martin, after reading through everyone's thoughtful responses, it really seems like claiming at 68.5 is the smart choice for your situation. You've got the perfect combination of factors: past FRA (so no earnings test), immediate cash flow needs, realistic longevity expectations based on family history, and most importantly, it would provide peace of mind by stopping the depletion of your savings. The psychological aspect that several people mentioned resonates with me too. Sometimes the "mathematically optimal" choice isn't the right life choice, especially when you factor in the stress of watching savings dwindle while waiting for a potentially larger benefit that you may not live long enough to fully enjoy. Thank you all for sharing such personal and practical insights. This is exactly the kind of real-world wisdom that helps people make informed decisions rather than just following one-size-fits-all rules.

I'm 72 and took my benefits at 70 after agonizing over this exact decision for months. Looking back, I'm glad I waited, but my situation was different - I had stable part-time income and good health insurance through my spouse. Reading your situation, I think claiming at 68.5 makes complete sense. The key factors that stand out to me: you're already dipping into savings (this was my biggest fear), your consulting income has dried up, and you don't have survivor benefit considerations as a divorced person. I calculated my breakeven point obsessively and it was around 83-84, but what I didn't fully appreciate at the time was the stress factor. Watching savings decline month after month while waiting for that "optimal" benefit amount can be emotionally exhausting. The peace of mind you'll get from steady income now is worth a lot. One practical tip: when you call to claim, ask them to confirm your exact benefit amount and start date. I was surprised to learn I could choose my start month, which helped with timing around other income sources. Given everything you've shared, I think you'll feel relieved once you make the decision to claim now. Sometimes the bird in the hand really is worth more than the theoretical birds in the bush!

As a 66-year-old who claimed benefits at FRA last year, I want to add another perspective to this excellent discussion. What really helped me was thinking about it in terms of "income replacement" rather than "benefit optimization." You mentioned your consulting work dried up - that's exactly what happened to me. I realized I was essentially using my Social Security decision as a form of disability/unemployment insurance. The guaranteed monthly income replaced what I'd lost from work, allowing me to be more selective about future opportunities rather than taking any job out of desperation. One factor I haven't seen mentioned: consider how claiming now might affect your stress levels and decision-making ability. Financial pressure can lead to poor choices - maybe taking on unsuitable work or making hasty investment decisions. Having that steady SS income as a foundation often leads to better long-term financial choices. Also, don't underestimate the value of simplicity. Once you start receiving benefits, you have one less major financial decision to worry about, which frees up mental energy for other aspects of retirement planning. Given your age (68.5), financial pressure, and family longevity history, claiming now seems very reasonable. The peace of mind dividend is real and valuable.