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.