Is it better to take social security now(62) or wait for full retirement age? Why?

Answer 1

If you have a family tree that has a history of long life, wait until you get full ss. If not, take it now. Also factor in how much money you need to live on. I waited. My rational was family history and this. Normal increase in yearly payments is about 3% per year. On the long run that 3% on $2000 per month is more than the same increase on $1500 per month if you take ss at 62. In a long life span, the gap between the two options in total monthly income will increase. This year, announced today, the increase is one of the lowest in history, about 2.33%. In the Carter years it was 7 to 10% per year. Either way you go, ss is nice.

Answer 2

I will be 62 in June, and I have this decision to make, also.
I'll get a pension of 38,000. I can't really live on that. My social security will be 17,000. That makes 55,000 for both. That's just a little less than my present salary as a public school teacher for 40 years.
So, I'm taking the social security.
The other answers are right. How long do you plan to live?
My mom died at age 57; my only sibling died at age 52; my dad is still living at 86.
I am taking the social security.

Answer 3

To answer that question you have to know when you are going to die. Most of us don't know have that date on the calendar. At age 62 you will get only 70% of what you would get at a full retirement age of 66 which means if you lived longer than almost 73, you would get more over your lifetime by waiting.

Answer 4

It depends. If you're still working, you'd lose a lot, so probably better to wait. From there it depends on how long you expect to live, something that very few of us know. If you'll live longer than average, you come out ahead by waiting, otherwise you're ahead to take it early.

Answer 5

Now! You may not live to 63.

Answer 6

wait...more money