Should I take Social Security at 68 to fund home renovations or wait until 70 for maximum benefit?
I'm currently 67 and approaching a decision point about my Social Security benefits. I need to renovate my bathroom ($18,500) and kitchen ($27,000) to make them more accessible as I age. The contractor says they can start in 3 months. If I claim now at 68 and 2 months, my monthly benefit would be around $3,100. If I wait until 70, it jumps to about $3,844. I've been weighing my options: 1) Claim now and use the SS income to fund renovations 2) Take out a home equity loan (but interest rates are high) 3) Wait until 70 for max benefit, then finance renovations I'm still working part-time ($26K/year) but plan to fully retire at 70. My health is good and longevity runs in my family (parents lived to 88 and 93). What would you do in my situation? Is giving up $744/month forever worth getting the renovations done sooner?
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LilMama23
If the $3100 monthly benefit covers your basic needs, I'd strongly recommend waiting until 70. The extra $744 per month is a permanent 24% increase that continues for life. Consider this: at age 85, that's an extra $134,000 in benefits! For the renovations, a short-term loan makes more financial sense. When you start collecting at 70, you could dedicate that extra $744/month to paying down the loan - you'd be debt-free in about 5 years. Don't forget that SS benefits get annual COLA increases too, so that difference will grow even larger over time.
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Aisha Patel
•That's a really good point about the COLA increases compounding on the higher amount. I hadn't thought about calculating the total difference over 15+ years - that's eye-opening!
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Dmitri Volkov
just take ur money now!! why wait 2 years for an extra few hundred? what if somthing happens and u dont make it to 70? then u get NOTHING all those years. bird in hand worth two in bush or whatever that saying is lol
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Gabrielle Dubois
•This is actually a common misconception. If you die before collecting SS, your eligible survivors can still receive survivor benefits based on your earnings record. Those benefits would be higher if you delayed claiming.
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Tyrone Johnson
I did the home reno while working thing last year. NIGHTMARE. Contractors never showed up when they said they would, constant phone calls during meetings, and endless decisions about fixtures and finishes. Wait until you're fully retired so you can properly supervise the project!
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Aisha Patel
•This is something I hadn't really considered. I was thinking mainly about the financial aspect, but dealing with all the disruption while working would be really stressful. Good perspective, thanks.
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Ingrid Larsson
Have you looked into a HELOC specifically for aging-in-place renovations? Some lenders offer better terms for these types of projects. Another option is to see if your area has any property tax deferral programs for seniors making accessibility improvements. The math strongly favors waiting until 70 if you have average or better longevity. The breakeven point between claiming at 68 vs 70 would be around age 82-83, and after that you're permanently ahead with the higher benefit.
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Carlos Mendoza
I recommend checking if you qualify for an FHA 203(k) rehabilitation loan or the HUD Title I Property Improvement Loan. Both can have better terms than standard home equity loans for these types of renovations. Also, have you tried calling SSA to discuss your specific situation? Getting an appointment is actually possible if you use Claimyr.com - they'll get you connected to a live SSA agent without the endless hold times. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU. I used them last month to get clarity on my own delayed retirement credits calculation.
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Aisha Patel
•I've never heard of Claimyr before. I'll check it out - I've been wanting to speak with someone at SSA directly but haven't had the patience for the hold times. And thanks for the loan program suggestions!
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Zainab Mahmoud
TAKE THE MONEY NOW!!! The government just wants u to wait so they don't have to pay u as much!!! My uncle waited til 70 and then died at 72, what a WASTE!!! THEY WIN WHEN U WAIT!!!
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LilMama23
•I understand your frustration about your uncle's situation - that's truly unfortunate. However, Social Security is designed to be roughly actuarially neutral - the government doesn't "win" when you delay. It's simply a personal choice based on your health, family history, and financial needs. For many people with average or above-average longevity, delaying results in significantly more lifetime benefits.
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Gabrielle Dubois
When I was considering this same question, my financial advisor suggested looking at my expected longevity. If you think you'll live past your early 80s (which sounds likely given your family history), waiting until 70 almost always works out better mathematically. The 8% per year guaranteed increase between FRA and age 70 is hard to beat in any investment. But there's also quality of life to consider. If those renovations will significantly improve your daily comfort and safety, that has value too.
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Aisha Patel
•That's exactly what I'm struggling with - the mathematical optimization versus quality of life now. I think I'm leaning toward waiting until 70 and looking into one of the loan options mentioned here for the renovations.
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Tyrone Johnson
my sister took SS at 62 and her neighbor waited till 70. the neighbor gets like $1000 more a month but my sister already collected for 8 years before neighbor got anything. sister says shell be dead before neighbor catches up lol
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LilMama23
•Your sister isn't wrong that there's a breakeven point! But that point is typically around age 80-82 for most people comparing age 62 vs 70 filing. For someone with above-average life expectancy, the total lifetime benefits can be substantially higher when delaying. Each situation is different though - some people genuinely need the money earlier or have health concerns that make early filing reasonable.
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Aisha Patel
Thanks everyone for the thoughtful responses! After reading all your comments, I've decided to wait until 70 to claim my Social Security. I'll look into the special home renovation loans that were suggested and plan to have the work done after I fully retire. The math of getting an extra $744/month for potentially 20+ years is just too compelling to ignore.
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