Should We Take Social Security at 62, 66 or 70?

Today's question is about Social Security; specifically, whether you should take Social Security as early as possible (62,) as late as possible (70,) or somewhere in between.

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[walterknox]

I'm 67. If I wait until I'm 70 to collect SS, my monthly check will be $4, 719. Why should I collect a small check???

[walterknox]

t is rarely a good idea to begin collecting SS before 70. Why the rush to be first in line at the Federal welfare trough??

[easterlake]

If you live to the average age of 79, it makes no difference. The accumulated amount at 79 is the same.
I draw $23, 000 per year social security, $20, 000 pension, and $35, 000 from 1.1 million in a 401k.
My wife does almost the exact same.

[billpasaki]

I was able to avoid being fired while I worked. Therefore I am not financially desperate. I'll collect at 70

[haroldcarson]

Wait until you are 70 to collect. Don''t believe me, look at your statement.

[spencerdavis]

My mother was 61 is she passed away with cancer. And my dad turned 62 he decided to retire live 69 and then he passed away passed away at 69 now his son 74 years old now the Republican party at the age at 70

[tomblevins]

What is the rush to be first in line for the Federal welfare trough? Seniors should relax and collect their SS checks at 70. Look at your SS statement if you don't believe me. No need to look at clickbait videos like this one that promise an early check with disastrous long term results.

[blackworldtraveler]

This isn’t a “we” thing.
I retired 15 years early in May.
I saved and invested.
Didn’t include social security or my pension in my planning.
Now it’s all gravy.
Social security doesn’t dictate when I retire.

[bluecollarmark]

Get out of Debt first. You need to have ZERO DEBT.

[rickj]

Finally! An unbiased view on when to start retirement. Most articles from investment firms suggest working until you're 70 or until you die so you can keep pumping money into your 401K (15% of income or more) so they can have a steady flow of the fees that you are paying in. If your bills are paid, no mortgage or college costs from kids etc, then here is what I did. At age 62 I had the comfort of knowing that I could retire if things on the job got "ugly". I chose to retire at age 65 and took a little hit on my benefit but I don't care. Enjoy life. If retiring early will cause financial stress or you love your job then keep working.

[ANDROLOMA]

I would like working if I enjoyed servility. Which I don't. I'll retire early just for my psychological health. And earn a Ph.D. in retire-ology.

[nala]

They keep talking about this 8% increase if you delay by a yr. The 8% increase is not an unbeatable deal. You get 8% more for not taking money for a year. This is NOT a good deal. The statement that it is better to take money out of investments and delay taking SS is flat out wrong. If you take SS and leave the money in investments you will be ahead by hundreds of thousands of dollars before you reach 70. The break even is pushed out well in to your 90s if you’re a single person and never catches up for a couple if one dies before 80. Sit down and run the numbers for the different cases (62, 65, 67 and 70) with not taking the funds out of investments and letting that grow. If you are going to rely on SS as your primary income, then it is best to work longer and take SS as late as you can. If you are retiring earlier and have savings, take SS as soon as you retire.

[ericsanchez]

Yeah how do you get to I get the names on who involved with my and Tay's distractment and I will get the answers