I retired with a pension and some investment & rental income, so I haven't started my SS yet. I was born in 1955 and was planning to wait until age 70 to start my SS, but now I'm thinking it may be better to start at FRA since both my parents died early (ages 72 and 79). I'm in good but not great health (male, not married). It appears that my breakeven age is about 82.5, so I would need to live past 82.5 to come out better by waiting to start at age 70. I would like to get the maximum lifetime payout rather than the biggest monthly check. So, in your opinion what should I do? Is the 82.5 breakeven correct? I realize none of have crystal balls. Should I just assume I'm going to live to age 85 or 90 and wait to start age age 70.

Hi,

Yes, if you're looking at the dollar amount break even point between starting your benefits at full retirement age (FRA) vs. age 70, age 82.5 would be roughly accurate. However, we don't recommend using break even analysis as the main decision maker in choosing when to start drawing your benefits. I won't rehash all of the reasons for that opinion here, but you can review Larry's thoughts on the subject by reading the following article he wrote: https://www.pbs.org/newshour/economy/take-social-security-benefits-early....

I can't make your decision for you, but unless you need the money I would lean toward waiting until age 70 to start your benefits. As you mentioned, no one knows what the future holds, and you may need the additional income more in the future than you do now. Obviously, though, you know your health better than I do, so you'll need to use your own best judgment to decide on when to start drawing your benefits.

Best, Jerry