Help my DH and I argue about when to collect SS. He wants to hold off as long as possible. I want to collect as soon as possible.

His reason: 8% growth per year.

My reason: I could get hit by a bus and then no one gets the money.

For us it's right here: he is turning 64 today and has not signed up. I am 61, so next year I could collect.

Break even point is age 78: if you live past 78 you should have waited. If you don't you should have collected from day 1.

There are too many variables to give an intelligent answer here. It depends on multiple factors, many of which are unknowable:

Your health, your spouse’s health, whether you need the money now to make ends meet, how much survivor’s benefits you will get if your husband dies first, your current income, etc, etc.

I believe any cuts to future benefits, raises in retirement age, etc will be phased in over decades and those in the pipeline now like yourself will be grandfathered in.

Given my circumstances my CPA said take it at 62 1/2.

Take it as soon as you are eligible. Waiting is a mistake.

Have you noticed that all articles, publications, "experts" and others always recommend to wait? - because they all are waiting for you to pass and collect as little as possible.

I don't remember the details, but I remember a piece of advice that says to collect as soon as possible. So, suppose you earn $500/month if you collect early, and you earn $750/month if you wait five years. Or whatever. You look at 500 x 12 x 5 equals $30,000. And then you look at the difference-- $250/mo -- and divide $30,000 by $250, and come up with 120 months. So it's 10 years of receiving (plus five years lost waiting) before you earn back that $30k that you lost out on by waiting five years.

As others have said, we don't know enough about your personal situation to know from a longevity perspective which would make the most sense, so i turn to advice to my mentor/coach Dave Ramsey. He gives two options:

1) If you're going to spend it all, it makes sense to wait.

2) If you intend to invest it take it now, because you can do better with it than the built-in increase level.

Add to the consideration:

What is your health like?

What age did your parents and grandparents live until? Did they smoke/drink? Do you? Did they eat right? Do you?

Do you take any medication that causes issues? What does that do to your projected longevity?

My grandfather lived to be 95, my uncle to be over 100, my aunt was in her 90's as well I think. Both my dad and mom lived only into their 80's but she had MS and COPD and he had Alzheimer's.

DH's mom died at 71 of cancer, but his Dad lived into his 80's.

There is more to look at then just when to collect your own SS. There is also spouse benefits to look at. There are a lot of articles on one taking it earlier, the other waiting.

I personally would not take it early unless it is needed. Waiting until after the full benefit age is another story. My plan at this point is to look at where I am once I reach full retirement. Then if I don't need it, I can wait.

We started to take ours when my hubby turned 64 (I am 5 months older than he is, but couldn't take mine until he took his).

follow J. G. Wentworth TV ad. It's my money and I want it now!!!!

Over the years I've made sure I have no INCOME. I spend everything I make. I'm sure to pay "celaries" that clean out the house bank. (not my salary of course)

Im planning 62 amd go on spouse healthcare.

If you collect early, and still have an income, your SS can/will be reduced because of that (if you earn too much, that is). If you wait until 70, I don’t think that applies.

I agree with the others who say that “everybody” tells you to wait until 70. And therefore, you should instead collect early.

Your health and energy level is better in the 60’s and 70’s than in the 80’s. Therefore you want more money to travel, etc. When you 85 you may not be spending much money outside of health related costs.

YES! Take it EARLY! Don't make the mistake I made. I let the time slip by when I could have taken it at 62. At that time I would have made $1000/mo! 1000x12=$12000, x4 years between 62 and 66=$48,000 I missed out on. When I finally started at 66 making $1300, it will take me ANOTHER 12 years of the higher payments to make up the loss in MONEY--but the loss of time is even worse because that you cannot make up.

With that $48K I could have bought another rental, or paid off mortgages that I had, thereby collecting/pocketing the full rents all these years. I started collecting the larger amt last year--so I have 11 years still ahead of me to just break even!

As WMH said, we've been debating this.

My reason for wanting to wait is several-fold:

1 - We do not need the extra money right now. We are comfortable with the income we are getting from our rental units. We have more money than we can spend. She manages and I maintain. We are both working to generate this income. Yes we could put more in the bank and save it for later, but let SS keep it till I need it, and let it grow.

2 - When we are no longer able to manage and maintain our rental empire, we will need someone to manage and maintain it for us. $5000 per month (our combined SS income if we wait) would allow us to either pay a trusted relative or real estate agency to keep our income coming in.

3 - SS income would be relatively reliable. Economy crashes, stock market crashes, kids rip us off, early SS money lost in investment - doesn't matter. The SS money would come in each month. Yes I know there is talk of reducing benefits, but I believe that will be put onto 40-50 year olds. At our age, all politicians seem to be saying that the current retirees (our age) can't be messed with. We vote.

4 - I'm not interested in playing the game of trying to get more money one way or the other. SS is an insurance type arrangement to me. So if I drop dead tomorrow and don't get a penny, that's ok, because I want the money when I need it later.

Will there be two of you collecting SS?

I took it because not doing it would be dumb. As a federal employee who returned to "the system" and was reinstated, I was placed under Civil Service "Offset" status which meant part of my retirement annuity comes from social security, part from OPM.

And it made sense to start taking because under that system SS income was calculated out as if one was age 62, no matter the age of retirement or when I elected to start it. Even if I waited until I was 70, the reimbursement rate under this program was still only calculated out at age 62.

Frankly, the biggest benefit is keeping my tax base low by having additional taxes taken out through this program. I'm really living on the rental properties.

WMH, I suggest you make a spread sheet of your options and let the numbers tell you what is best for you and your husband.

If you remind me at the convention, I will show you the spread sheet I make for us and how the choice was very clear.

As with buying and renovating houses, let the numbers tell you what to do. There is no emotion in the decision. It is based on the numbers.

I don’t want to mess with it because every time that I deal with gov, the less happy I become.

I don’t want to mess with it because every time that I deal with gov, the less happy I become.

My husband was still working, so I didn't take SS until I was 65-66.

I would recommend taking it ASAP. I'm not sure what the future of SS will be. Some people in DC don't like it, others do.

No one is promised tomorrow, take it asap.

No one is promised tomorrow, take it asap.

No one is promised tomorrow, take it asap.

The "you don't know what is going to happen, so just take it now" thing is so weird to me. We are landlords running businesses. We understand that things take time and it may be more beneficial to wait sometimes.

So why do we throw that all out the window when it comes to some OTHER financial decision?

That's like saying "Hey! No one is promised tomorrow! You could die any second! So sell all of your rentals today and spend the money on a cruise!"

It just seems crazy to me that people seem to understand the risk/reward of waiting when it comes to other things -- but don't see it at all when it comes to this?

Like MMIT said -- you run the numbers and see what makes sense based on various possible variables (such as your health and your spouse and so on).

We've all said over and over again here to NOT make decisions about your rental finances by emotion -- and yet so many are saying to do exactly that when it comes to SS.

- John...