Should I take Social Security at 66 (FRA) or wait until 70? High longevity but want to save the money

This is such a common dilemma! The math actually favors waiting until 70 in your situation, especially with your family longevity history. The breakeven age between claiming at FRA vs. 70 is typically around 82-83 years old. Given your family history, you'll likely live well beyond that. The survivor benefit aspect is particularly important - your wife will receive your higher benefit amount after you pass. That's essentially insurance for her longevity as well. If you claimed at FRA and invested all the money, you'd need consistent returns above 8% to beat the guaranteed 8% per year increase that delaying gives you. That's hard to achieve without taking on significant risk. With your good health and family history of longevity, I'd stick with your original plan to delay until 70. The extra $640/month for potentially 20+ years will almost certainly outweigh the advantage of having the money a few years earlier.

Take it at FRA and INVEST the money! I was in almost identical situation (similar benefit amounts too), and I took mine at 66 and invested most of it. Over the last 4 years, that money has grown significantly - WAY more than the 8% per year SS increase would have given me. People always talk about the "guaranteed 8% increase" but they forget that's only on future payments. By waiting, you permanently LOSE those 3-4 years of payments you could have received. With your good health and adequate pension, you could invest somewhat aggressively with that SS money. Even at a conservative 5% return, that money compounds over time. Also consider this - if both you and your wife live into your 90s, waiting makes sense. But if either of you passes earlier, the math changes dramatically. Having that money invested gives you more flexibility and control.

i think you should just take it now!!! why wait? the government already has enough of our money, get yours while you can. my brother waited til 70 and then died at 72... all those years of benefits he could have had, GONE FOREVER. nobody knows how long were gonna be around even with good genes. also no one talk about how taking it early gives you money when your younger and can still enjoy it more. at 70+ you might not be able to travel as easy or do fun stuff with that extra money.

Has anyone tried calling the SSA to discuss their specific situation? I've been trying to get personalized advice about my claiming strategy for WEEKS and can't get through. I've called dozens of times only to get disconnected or stuck on hold forever. How are we supposed to make these important decisions without being able to talk to a real person??

have you considered filing a restricted application? my friend did this and got some kind of spousal benefit while letting his own benefit grow. not sure if thats still allowed but worth checking

I really appreciate everyone's insights. I'm leaning toward waiting until 70 now after considering the survivor benefit advantage for my wife. The breakeven point of 82-83 is something I hadn't calculated, and with our family history, we'll likely live well beyond that. I do still have this nagging concern about "leaving money on the table" by not taking nearly $90K over these next few years, but the guaranteed higher payment for potentially 20+ years (and for my wife after I'm gone) does seem like the better long-term strategy. One more question - does anyone know if my continued work until 70 might increase my benefit amount beyond the $3,100 projection? I'm still earning a decent salary from my part-time work.

Everyone's talking about the numbers but what about quality of life? What would you DO with the money if you took it at FRA? Would it significantly improve your life in some way? If you're just going to stick it in a savings account, then waiting makes sense. But if you'd use it for something meaningful like helping grandkids with college or taking a dream vacation while you're still active, that has value too. Sometimes the financial "optimal" choice isn't the best life choice.

Have you considered a hybrid approach? If you're married and your wife is also near retirement age, sometimes it makes sense for the lower-earning spouse to claim earlier while the higher earner delays. This gives you some SS income now while still building up the larger benefit that will eventually become the survivor benefit. Also, don't forget to factor in taxation of Social Security benefits. Since your other taxable income is relatively low, you might be in a good position to keep most of your SS benefits tax-free, which effectively increases their value compared to other income sources.

To answer your follow-up question - your wife claiming her own benefit early does NOT affect her survivor benefit. If you pass away, she would get your full benefit amount regardless of when she claimed her own benefit. This is why many financial advisors recommend the hybrid strategy for couples with significant benefit disparities. Given your numbers, if she claimed at her FRA (probably around $1,230/month based on what you shared), you'd get some SS income flowing while still maximizing your benefit (and her eventual survivor benefit). Just make sure she's at least at her own FRA to avoid any potential reduction from the earnings test if she's still working.