Taking Social Security now vs waiting 69 weeks until FRA - is $130 monthly difference worth the wait?
I've been planning my retirement and I'm stuck on when to start my Social Security benefits. I could start now OR wait exactly 69 weeks and 1 day until I hit my Full Retirement Age (and yes, I am literally counting down the days!). The difference in monthly payments would be about $130 more if I wait until FRA. I've done the math and honestly could live comfortably on what I'd get now. I understand the application process takes about 3 months to go through, so the actual payment would start later anyway. I know the standard advice is usually "wait if you can" but is it really worth delaying for over a year just for $130/month? Has anyone made a similar choice and regretted it or been happy with their decision? Any perspectives would be appreciated!
14 comments
Join the conversation
Emily Parker
take it now. bird in hand, plus u need to live 12-15 yrs just to break even with the extra money from waiting. i started 8 mos early, no regrets.
0 coins
Justin Evans
•That break-even point is something I've been thinking about a lot. Did you actually calculate yours before deciding? And have you had any issues with the earnings limit since you started early?
0 coins
Ezra Collins
This is a decision that depends on several factors specific to your situation: 1. Life expectancy - If you have reason to believe you'll live well into your 80s or beyond, waiting until FRA would eventually pay off. 2. Current needs - If you don't absolutely need the money now, waiting gives you a guaranteed 8% increase for each year you delay after FRA (up to age 70). 3. Break-even point - For a $130 difference, you'd need to live approximately 12-13 years beyond your FRA to break even on the money you forfeited by waiting. 4. Earnings - Are you still working? Remember that if you claim before FRA, you're subject to the earnings test which could reduce benefits if you earn above certain thresholds. I've seen clients go both ways on this decision and be satisfied. The mathematical answer isn't always the right personal answer.
0 coins
Victoria Scott
•My sister went thru this EXACT thing last year!! She ended up taking it 14 months before FRA and she says she has ZERO regrets. The way she looked at it - "I'm spending this money while I can still enjoy it" and it's hard to argue with that logic!!
0 coins
Benjamin Johnson
The SSA is always going to tell you to wait because THEIR calculations favor waiting. But they don't know YOUR situation or how long you'll live!! I took mine at 63 and have ZERO regrets. You do what's best for YOU not what's best for their actuarial tables!!!!
0 coins
Zara Perez
have u considered what happens if ur still working? if u make more than $22,320 (2025 limit i think) they take back $1 for every $2 u earn!! they dont tell u that part when they talk about taking early ss benefits!!!! happened to my husband and we got a NASTY surprise at tax time!!!!
0 coins
Ezra Collins
•This is an important point. The 2025 earnings limit for those under FRA is indeed $22,320. Exceeding this means $1 is withheld for every $2 earned above the limit. Once you reach FRA, there's no earnings limit. But remember - benefits that are withheld aren't lost forever. Once you reach FRA, your monthly benefit is recalculated to credit you for months when benefits were withheld.
0 coins
Daniel Rogers
One perspective to consider: taking benefits now provides 69 weeks of payments you'd otherwise miss - that's roughly $20,000-25,000 in total payments (assuming around $1500-1800/month). To make up that amount through the $130/month higher payment would take 13-16 years of collecting the higher amount. If you're already financially comfortable without the Social Security income, waiting until FRA gives you a guaranteed higher lifetime payment. But if having the money now would meaningfully improve your life, taking it early can make sense.
0 coins
Aaliyah Reed
Honestly I'm going through the exact same decision but I'm 14 months away from FRA! My difference is about $210/month and I keep going back and forth every week!! Have you actually applied yet? I tried calling SSA and was on hold for HOURS before getting disconnected.
0 coins
Victoria Scott
•I had the same problem trying to get answers from SSA about my retirement application! After multiple disconnected calls and hours on hold, I tried Claimyr (claimyr.com) and got through to an agent in under 10 minutes. They have a video showing how it works here: https://youtu.be/Z-BRbJw3puU. Completely worth it when you're dealing with important retirement decisions that need quick answers.
0 coins
Emily Parker
another thing - inflation. that $130 diffrence will be worth less in 10 yrs anyway
0 coins
Daniel Rogers
•Social Security benefits receive annual Cost of Living Adjustments (COLA) that are tied to inflation. So while the purchasing power of $130 might decrease over time, the actual dollar amount of the difference would increase with each COLA adjustment.
0 coins
Justin Evans
Thank you all for the thoughtful responses! I've decided to go ahead and apply for benefits now instead of waiting. The break-even analysis and the point about enjoying the money while I'm still active enough to use it for travel and hobbies really resonated with me. I've started the application online yesterday and hopefully it goes smoothly. I appreciate all the different perspectives!
0 coins
Ezra Collins
•Good luck with your application! Remember to check your MySSA account regularly for updates on the processing status. If you have any issues, calling early in the morning (right when they open) usually means shorter wait times.
0 coins