Most articles on social security recommend waiting until 70 until taking benefits and I understand that delaying will increase the monthly benefit by 8% or so per year of delay. However, if I use a spreadsheet and sum the total benefit amount from age 66 to 95 for both benefits starting at 66 and 70, the subtotal of the 70 column doesn't exceed the 66 column until my late 80's. The grand total at age 95 for both columns differs by less than 20 thousand dollars. Sounds like a typical annuity behaviour. So why wait until 70 when I can have a cash flow improvement at 66 and not have to draw on my retirement savings (probably not making 8% per year).

Thanks!

Hi,

We believe that you should generally use a filing strategy that is most likely to assure you of having enough income to provide for your needs if you live to your maximum possible age. For Larry's thoughts on this subject, see the answers on the link titled 'Break Even Analysis' in the topics column on the left side of this page.

Before deciding on when to apply for benefits, you should strongly consider using the maximization software available on this website for an accurate analysis of your filing options.

Best, Jerry