Clark's Take on Delaying Your Social Security Benefit

Money expert Clark Howard has always advocated waiting to take Social Security. When you wait to take Social Security, you receive a much larger benefit than you would if you took it as soon as you can.
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[Samantha]

I've waited until 70 (starting two months prior to 70) and I'm really glad I did !! I'm still working, too.

[bernie]

Here's the main problem with this kind of thinking. It is impossible for anyone to know that waiting will get you more money. The reason no one can know for sure is because they lack the on piece of information that is required to know. That piece of information is the date of your death. Without that information you are simply just guessing. I took my money 7 years ago at age 62. Why, it's simple. It's my money and I want it back. The reason you get less per month at 62 is because you are going to get more payments. 48 more payments than the person who waits until age 66 and 96 more payments than the person who waits until age 70. The break even point for me was right around 80 years old (79 years 8 months to be exact). So when am I going to die? I can only guess. My dad died when he was 80. He did have a brother who lived until age 87, but he also had a brother and a sister who died in thier 60's. My older brother died when he was 70 and my son died when he was 41. Nobody knows what the future will look like. The most important thing you need to know is that more per month does not equal more total. Every year you live is a year closer to the day you will die. I can't stress this enough, more per month does not equal more total. In 7 years I have yet to touch a dime of my investment money. The key to a stress free retirment is being debt free by the time you walk away from work. I am free to do anything I want, any time I want and I never think about the money. Life is simply too short to worry about silly things. Consider this. Why do you think the Social Security Administration offers the "incentive" to wait? Do you think they do that because the care about you? Or, do you think they know that it's better for them?. I would never consider waiting to the Social Security payments unless I had a strong history of members of my family living well past 80. I simply don't have that and it isn't worth the risk to guess. Don't let greed get the best of you. You might just might not live long enough to regret it.

[thomasmoroney]

I’m waiting till 70 unless something changes drastically in my life which we all know is VERY possible! Everyone is in a different situation so it’s impossible to determine what EVERYONE should do. ✌️❤️ and good luck.May you all live long and prosper 🖖

[Donald-cz]

I'm pretty sure I'm not gonna worry about having more money in my late 70's and 80's to have fun than when in my 60"s

[thullraven]

It's different for everyone. It's not a "One Size Fits All" situation. People with health conditions probably want the early retirement so they can travel or do things they enjoy before their conditions make that impossible. I have been diagnosed with heart disease. I feel fine, and I see a doctor. The vast majority of my family members died in their 70s. I may or may not take it at 62, but I sure won't wait until full retirement age just to get more money. That would be foolish given my family history and personal diagnosis.

[richardargst]

Rich people collect at 70. Poor people collect at 62. Poor people should stop making bad decisions. Collet at 70. Be smart!

[Retiredmco]

Clark been a follower of your's since mid 90's. But I'm parting ways with you on this one my friend!!! Tomorrow is no guarantee!!! Get it early or not at all!!!

[briancrease]

Me and my wife are doing what you suggest, we will retire at 65, but draw from savings until full retirement age at 66 and 10 months. We feel very good about this decision.

[DavidD]

Some people need the money now and have no savings nor a job.

[fredbarny]

My dad waited until 69 to draw his. He passed at 70. I won’t be making the same mistake.

[heymoe]

That is the most solid advice I've seen on SS and I 100% agree with you on waiting. You just confirmed by plan...thank you. I see and read about so many people taking it at 62...but if you are in good health and don't need it to feed/house yourself, waiting until at least full retirement age is the best strategy. My breakeven year is 80...and I'm sure I will have bills to pay then also.

[tcbridges]

I am 76 and took it at 70 and my wife is still working at 68 and will wait until 70. We planned to get it at full value we will have $9000 a month between us in 2 more years. We are both in good health. I tell all my friends to hold out if you can cover living expenses. Clark you are so right with. I don't' think you can take it a 62 and realize at 66 you want to give i back and get the higher amount. I think you have 90 day after you file at age 63. Look into that to answer people.

[no_reply]

I'm definitely waiting. I'm currently drawing on cash/fix income until 59.5 and then it will by ira/401k time, until I get my small pension at 65 and hold off until 70 for SS. By then, SS/Pension/401k should keep me in golden until i slip from this mortal coil.

[johnscott]

I’m definitely waiting. My wife is 11 years younger than I am so she can get my benefit when I am gone. Long lived ancestors in my family so barring accidents I should make it to 85 or 90 anyway. I retired at 61 and I have plenty of money and no debts .

[chrisforker]

Definitely good advice unless you know your expiration date!

[me]

My Father took his early after his heart attack's he's 88 now but it actually wasn't early for him in 84, it was still 65 he had a stroke in around 99 and he can still yell at me and I'm middle age!

[moniquemonicat]

Why must it always be "62?" Why not retire at 65? I'm thinking of doing that. I lost $39k skipping 62-65, but if i wait til 67 it'll turn into a $72k loss and the calculation shows i won't break even from that til I'M 80 YRS OLD! If I wait til I'm 70 i won't break even til i'm dead.

[moniquemonicat]

I skipped 3 years and lost $39k, if I go another 2 years waiting til age 67 my loss will be $72k by waiting 5 yrs. I ran the calculations and won't break even until I'm 80 yrs old, and I could very well die at 78. So it depends on how much you lose from waiting.

[wwz]

I consider it insurance against being OLD and BROKE. I am waiting until age 70, I will get 75% LARGER check. And I am over 67 right now, so I have a little over 2 1/2 years to go. Everyone I know has taken SS at age 62. The common comment I hear is " I want my money back ASAP". In reality, your money was gone the moment it came out of your paycheck.

[jimlampert]

Notice Clark doesnt say a word about low funds future?