Social Security Timing: Age 62 vs. 70

They say timing is everything. But when it comes to timing Social Security benefits, how much difference does it make?

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Timestamps
0:00 - Timing Social Security
0:43 - Early application
2:31 - Delayed application
3:50 - Assumptions
5:02 - Assumptions: savings
5:33 - Results: Apply at 62
6:48 - Results: Apply at 70
8:32 - Results: Apply at FRA
9:15 - Other factors to consider
10:18 - Will Social Security survive?

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--- About Patrick King CFP® ---
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.

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LinkedIn – PatrickBKing
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[PranaWealth]

I did a few follow-ups to this video you may want to see, including changes in life expectancy:

[dgronzega]

I was able to retire at 60.
Started to draw SS at 62.
Tomorrow is promised to no one.

[JamieSmith-fzmz]

Got fired at 52 in a field that age discriminates openly. Became addicted to having free time to do WHATEVER I WANT WHENEVER I want. Learned to live on less. That’s the key. Get out as soon as you possibly can. Buy less. Need less. Live more.

[JDye-youtube]

Retired at 57, do not, and will not ever regret doing so. Quality of life won’t be worth much after age 80, or maybe even 75. Time is the most precious resource you have, and all the money in the world won’t buy you more.

[nala]

Delay if you like your work. Don’t delay if you like your freedom.

[jjreddog]

I retired at 58, took my benefits at 62 and now at 75 have never missed the extra money, would do it all over again the same.

[BigEdSays]

My wife and I were living comfortably on the money we made from our pensions but couldn't afford to travel the way we wanted to. Taking SS at age 62 put an extra $2, 500 in our pocket every month. I don't see it as breaking even when we turn 78, I see the extra 8 years of fun and travel we had that we wouldn't have had if we had waited.

[je]

Anyone who worked physically hard 30 years can't keep moving until 70! Knees, back, shoulders, neck, all shot! Who the hell thinks 70 years to full retirement?

[mikeorick]

My break-even age was 81. My parents, grandparents, and great-grandparents lived from 79-81. So at 62 I retired, took the money, and ran. I get four checks a month (USAF, Scripps, VA, SS) for doing "nothing" and I've never been happier.

[foofootwotwo]

lost me at 92 and 94 life expectancy, i know 2 people that lived that long

[johncox]

I took it at 62 while I'm still in excellent health and physically able to enjoy an active retirement.

[UTArch]

Here's a brief anecdotal example: My best friend from high school and I have birthdays 15 days apart. I chose to start taking my SS payments at age 62 since I was already retired (ie. unemployed) . He said he would wait until he turned 70 since he was still working so that he could get the maximum SS payments for the rest of his life, despite my advice to do what I did. He died of complications from prostate cancer 9 months before his 70th birthday. BIG win for the federal government. Lesson: don't take the suckers bet and gamble on the long gain, no one knows how much time they have left.

[ranger]

Wife and I retired at 62, moved to Florida... never looked back. It worked for us!

[markp]

It's not about winning or losing, it's about quality of life. A secretary can work until age 70, a bricklayer or steel worker not so much.

[oldmanrock]

I've been a mechanic all my life. I'm cutting it loose at 65. My body can't take anymore.

[jaygee]

The break even point is about 77 years. I decided to take my SS at 62 when I am mobile and want to travel and see the world. By age 77, my health will be declining…not worth the wait! No use being the richest person in the Assisted Living Facility.

[rareroots]

I was a small business owner who hit the wall working, took my retirement at 62, I'm now almost 65 and the last couple years have been among the best of my life.

[MysticSpank]

One cannot get medicare until age 65. That is a huge determining factor to my retirement age

[richiegiggs]

Love your straightforwardness in the manner you show us the mix-ups as well as the triumphs. Your posts are genuinely uplifting, showing us all the significance of profit investing...my prompt for students is to assemble here and get an enduring answer for their effective financial planning nightmares...no information is a waste.

[lorihamlin]

Pay off all your bills and retire as soon as you can afford to. I’ve got too many friends who are dying or disabled in their 70s. I decided to retire at 65 and forgo the extra couple hundred bucks a month had I waited and have never regretted it.