Social Security timing dilemma - take at FRA or delay until 70 while working until 75?

Since you plan to work until at least 73, delaying until 70 is almost certainly your best option. You'll maximize your lifetime benefit, and more importantly, your wife's potential survivor benefit. The survivor benefit is 100% of what you were receiving, so the $800 difference becomes crucial if you pass first. The 8% annual delayed retirement credits between FRA and 70 are essentially a guaranteed return you can't match elsewhere.

ABSOLUTELY DELAY TILL 70!! I'm in a similar situation (worked till 74) and the math is CLEAR if you don't NEED the money now. Every year you wait past FRA gives you an 8% PERMANENT increase (plus COLA adjustments). That's GUARANTEED. Show me where else you get 8% guaranteed return! Plus what the other poster said about survivor benefits is key - you're essentially buying your wife a better insurance policy by waiting.

my dad faced this exact situation and took it at FRA even though he was still working. his logic was "bird in the hand" approach. he said he'd rather have the money now than gamble on living long enough for the higher amount to pay off. but he was in worse health than you sound like you are.

There's actually a mathematical calculation called the "break-even point" that can help you decide. Based on the $800 difference you mentioned between FRA and age 70 benefits: 1. By claiming at FRA, you'd collect about $111,600 over those 3 years ($3,100 × 36 months) 2. After age 70, you'd receive $800 less every month for the rest of your life 3. It would take approximately 139.5 months (11.6 years) to reach the break-even point ($111,600 ÷ $800 = 139.5) So mathematically, if you expect to live beyond age 81-82, delaying until 70 provides more lifetime income. The average life expectancy for a 67-year-old male is approximately 85, so probability favors delaying. Your good health despite diabetes supports this approach. For spousal benefits, your working wife should claim her own benefit when appropriate. When you pass away, she can switch to the survivor benefit based on your record if it's higher.

has anyone here tried getting someone at SSA on the phone to discuss these options? i've been trying for DAYS and just keep getting disconnected or told the wait time is 2+ hours!! this is impossible to figure out alone and their website is so confusing

So here's a follow-up question: What happens with the earnings test if I claim at FRA? I know there's an earnings limit that could reduce my benefits if I claim before FRA, but since I'll be at FRA in December, would I face any benefit reductions if I claim then but continue working full-time?

i think ur overlooking something important. with that much retirement savings + still working + life insurance, do u actually need the bigger SS check? might make more sense to take the money at FRA and spend it enjoying life with ur wife rather than delaying. u only live once!

Has ANYONE mentioned the tax implications?? If you're still working full-time AND collecting SS, up to 85% of your benefits could be TAXABLE depending on your combined income! This is another reason to DELAY until you're actually retired or at least working less.

Honestly all this math and planning is great but nobody can predict how long they'll live. The perfect plan means nothing if you pass away at 71. My husband delayed and then only collected for 14 months before he passed. I wish we'd taken the money earlier and gone on that Alaska cruise we always talked about. Just something to think about.