All the gurus recommend if healthy ,and can afford it ,wait to 70 1/2 years old before taking S.S.This is based on the 8% extra each year one waits to start.With increasing federal deficit and aging population (ie less young people available to contribute and more getting benefits) it seems to me with current projections that the S.S./Medicare funds will run out sooner than expected ,that "means" testing seems a certainty.This would argue for starting sooner rather than later before funds dry up, or they "move the goal post" and change the rules in the middle of retirement.What says this august crew?Get it while you can,or wait?
I have a few years but will take asap.
Deciding when to take Social Security is a combination of need, logic, predicting the future (recipient and government funding), and whatever other factors matter to you.
Spouse knew life expectancy was not good and took it at 63 at the time of retirement. Died a few years later - good decision.
Took mine at exact retirement age - primarily to satisfy spouse who didn't want me to dip into IRA before 70 1/2. Was not a good decision based on logic or life expectancy but spouse's peace of mind was important.
Took mine at 63, the minute my unemployment (seasonal job) ran out.
Age 70 for the reasons that you mentioned per gurus (age 66 now but always had the deferred filing conviction).
Lots of naysayers around for all of my working life saying the same negative thing, i.e. the money won't be there when you file or need it. Well, 40 years or more have gone by and the egg in the face prevails -money is still there and they (so many) took the short end of the stick.
I like to think of SS as an insurance policy. So I'll wait until 70 so I get larger payments later in life. If I don't make it until break even point...it won't matter to me.
s long as they can print money they won't run out of it, just may not be worth as much.
'Means testing' and withdrawal rule changes are inevitable. Current SS plan is not sustainable for many reasons. Combination of social security and RMD withdrawals will be major factors in determining what is a reasonable amount of annual income for an individual. Eligibility rules will change and have changed over the last few years (ie. Survivor Benefits).
Wife will start SS at 62 and I will wait until 65 or 66. Currently I am 63. Most of my peers who have financial backgrounds are starting withdrawals at 62. Take it while it is available and postpone IRA withdrawals.
My thoughts and observation..