Should I take Social Security at my FRA (66+8mo) or wait until 70? $1,200 monthly difference but good longevity genes
So I'm approaching a big decision and could use some wisdom from folks who've been there. I'm turning 66 and 8 months next spring (my full retirement age according to SSA). I've been running the numbers on my Social Security benefits and I'm stuck between two options: Option 1: Start taking benefits at my FRA (66+8mo) - around $3,100/month Option 2: Delay until 70 - would be about $4,300/month That's roughly a $1,200 difference each month for the rest of my life if I wait. The thing is, my family has some serious longevity genes - both my parents are still kicking in their 90s! Dad is 94 and mom just turned 91 last month. I'm in pretty good health myself (just the usual cholesterol meds and occasional back pain), but as we all know, tomorrow isn't promised. I have enough savings to bridge the gap until 70, so that's not a major concern. But I keep going back and forth - take the smaller amount sooner and enjoy it longer, or hold out for the bigger monthly check? Anyone faced this decision recently? What factors helped you decide? I'd especially love to hear from people with parents who lived into their 90s - did that influence your timing?
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Callum Savage
i took mine at 62, no regrets!! bird in hand is worth 2 in da bush...enjoy life while u can
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Landon Flounder
•Thanks for sharing! Did you run any numbers on the long-term difference? I know everyone's situation is different, but I'm curious about your thinking.
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Ally Tailer
This is actually a mathematical break-even calculation. If you take benefits at FRA vs. age 70, you need to live to approximately age 82-83 to break even. Every month you live beyond that point, you come out ahead by waiting. Given your family history of longevity and your good health, statistically speaking, waiting until 70 would likely maximize your lifetime benefits. The delayed retirement credits of 8% per year between FRA and 70 are guaranteed - there's no other investment that offers that kind of guaranteed return. That said, there are non-mathematical factors to consider: 1. Your current cash flow needs 2. Whether you're still working (and potentially subject to earnings test) 3. If you're married and how your decision affects potential survivor benefits 4. Your tax situation now vs. later Have you considered these aspects?
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Landon Flounder
•Thanks! I hadn't actually calculated the break-even age, so that's really helpful. I'm not working anymore and my spouse passed away 3 years ago. My tax situation shouldn't change much between now and 70. Sounds like waiting is probably the smarter mathematical choice given my family history.
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Aliyah Debovski
My situation was similar - parents lived to 95 and 89, and I was trying to decide when to take SS. I went with taking at FRA because honestly, I wanted to travel while I still had good mobility. Math said wait, but life said enjoy it now! No one knows how long the "good health" years will last.
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Landon Flounder
•That's a really good point about the "good health" years. I do worry about waiting and then not being able to enjoy travel or hobbies later. How old are you now if you don't mind me asking?
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Miranda Singer
The longevity factor is significant in your case, but don't overlook these other considerations: 1. **Survivor benefits** - If you were the higher earner in your marriage, your benefit amount affects what your spouse would receive if you pass away first. 2. **Tax efficiency** - Required Minimum Distributions from retirement accounts starting at 72 plus Social Security can push you into higher tax brackets. Sometimes taking SS earlier and drawing less from retirement accounts can be more tax efficient. 3. **Inflation protection** - Social Security has annual COLA adjustments, making it one of the few inflation-protected income sources in retirement. 4. **Health insurance** - If you're bridging to Medicare at 65, factor in healthcare costs. With your family history, waiting until 70 mathematically favors you if you live beyond 82-83. The monthly difference of $1,200 becomes very significant when compounded over potentially 20+ years if you inherit your parents' longevity.
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Landon Flounder
•Great points! I'm already on Medicare, and my spouse passed away a few years ago (and I was the higher earner). The tax efficiency point is interesting - I hadn't considered how RMDs at 72 might interact with the higher SS amount if I wait.
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Cass Green
I was facing the EXACT SAME choice last year!!! Parents both lived into 90s, decent health, almost same monthly difference ($1,100 in my case). I decided to split the difference - I retired at FRA but DIDN'T take Social Security. I'm living on my 401k for 2 years, then starting SS at 68. That way I get some of the delayed credits but don't have to wait all the way to 70. Maybe that's an option for you?
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Ally Tailer
•That's actually a very sensible approach that many people overlook. The delayed retirement credits accrue at approximately 8% per year (or 2/3 of 1% per month) that you delay beyond FRA up to age 70. So even delaying a year or two captures a meaningful increase without waiting the full period to 70.
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Finley Garrett
The SSA phone lines are absolutely SWAMPED right now - I had a similar question about my benefit calculation and tried calling for 2 weeks with no luck getting through. I finally used this service called Claimyr that got me connected to an actual SSA rep in about 20 minutes instead of waiting on hold for hours. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU and their website is claimyr.com The rep I spoke with ran calculations for my benefits at different ages which was super helpful for making my decision. You might want to talk to someone at SSA directly to get your exact numbers before deciding.
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Landon Flounder
•Thank you! I've been putting off calling because I've heard the wait times are ridiculous. I'll check out that service because I really would like to confirm my exact benefit amounts at different ages before making my final decision.
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Callum Savage
•does that really work? i tried calling SS last month and gave up after being on hold for 2 hours! might try this
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Madison Tipne
I'm more interested in hearing how your parents are doing in their 90s! Are they still independent? My mom is 87 and starting to need help, and I'm trying to figure out how to plan for her care AND my own retirement. Any tips for supporting elderly parents while managing your own retirement?
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Landon Flounder
•They're doing OK - Dad is in an independent living facility and Mom lives with my sister. They're both pretty sharp mentally but physical mobility is the main challenge. We had to hire some part-time help for Dad recently. I'd definitely recommend looking into long-term care insurance for yourself if you haven't already - seeing their situation made me get a policy.
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Madison Tipne
•Thanks for sharing that. I should probably look into long-term care insurance for myself too. It's hard watching parents age and trying to plan for our own futures at the same time.
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Ally Tailer
After thinking about your situation more, one more important factor: the 4% rule for retirement withdrawals suggests you can safely withdraw about 4% of your nest egg annually. If your SS payment would be $1,200/month higher by waiting ($14,400/year), that's equivalent to having an additional $360,000 in retirement savings ($14,400 ÷ 0.04). This perspective often helps people see the true value of delayed Social Security benefits. If you had an extra $360K in your retirement account, would you be more comfortable?
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Landon Flounder
•Wow, I hadn't thought about it that way! Putting it in terms of equivalent retirement savings makes the delayed credits seem much more valuable. When you frame it as essentially having $360K more in my retirement account, waiting to 70 sounds like a no-brainer given my family history.
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Callum Savage
everyone keeps talking bout the MATH but what about ENJOYING LIFE?? my brother waited to 70 and then got cancer at 71... all that waiting for nothin. just my 2 cents
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Landon Flounder
•I'm very sorry about your brother. That's definitely the fear I have too - waiting and then not getting to enjoy it for very long. It's the uncertainty that makes this such a tough decision.
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Miranda Singer
•This is a valid perspective that highlights the personal nature of this decision. The mathematical optimization approach assumes longevity, but life has no guarantees. Each person needs to balance the statistical likelihood of living longer (especially with family history of longevity) against the desire to enjoy benefits earlier.
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