We've discussed back and forth through the years about whether or not it's wise to delay Social Security payments (or, said another way, not take them early). Ultimately, it most depends on how long you'll live -- a question that no one knows the answer to. Ugh.
But the book The Charles Schwab Guide to Finances After Fifty: Answers to Your Most Important Money Questions offers us a short list of when it's wise to delay payments. Their thoughts (based on an economic study) find that gains from delaying are greatest:
- When interest rates are low
- For married couples relative to singles
- For single women relative to single men
- For two-earner couples relative to one-earner couples
- For a married couple, deferring the primary earner's benefit as compared to the secondary earner's benefit
For me I think it's a no-brainer to delay. I won't need the money and I plan to live a long time. :)
Well, at least the first part is true, so it makes the decision easier for me.
How about you? Do you think you'll wait or take Social Security early? Why or why not?