Social Security consideration

[Copper]

I'm holding off collecting my Social Security until age 70. I do this because if I live to be 83 the difference I collect will increase by an amount that gives me roughly an 8% return.

This is about the same for everyone who has Social Security.

If inflation is running at 9+% should I reconsider taking Social Security before age 70. That's only a couple years off now, so it's no longer such a big deal.

The more important question might be, should everyone else who is waiting until age 70 reconsider?

[Jolly]

Social Security has very good actuaries. It doesn't matter a whole lot in terms of total monies collected, if you start drawing at 62, FRA or 70...For most people.

[Mik]

We found we would have to live to be like 95 for it to make a great deal of difference

[George K]

@Jolly said in Social Security consideration:

Social Security has very good actuaries. It doesn't matter a whole lot in terms of total monies collected, if you start drawing at 62, FRA or 70...For most people.

The actual numbers are old. I think I did this calculation about 10 years ago. Assuming a COLA of 4% (LOL), there really is little difference.