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https://www.wsj.com/personal-finance/retirement/delay-social-security-retirement-cc6e1bbc?st=MZWHJR
Gift link to an article by Derek Tharp in the WSJ from a few days ago. He was (? still is) one of the contributors to Kitces et al.
It’s refreshing to see an article written that suggests the opposite of the “dogma” of delaying SS, which I personally have never agreed with.
I find this whole discussion (again) funny and a bit bizarre. While I’m sympathetic to the wait until 70 side, obviously the other side won this argument a long time ago and it’s not even close.
The article says 90% of SS recipients don’t wait until 70! That ends the discussion. If I had 90% of the public agreeing with my position I would just shut up. I wouldn’t bother arguing with the wait till 70 folks who are obviously wrong. Why the need to rub it in their faces? You won, let it go.
And yet in the HD guide there is a Social Security section that starts –
THERE’S A TREND TOWARD claiming Social Security retirement benefits later. Still, many continue to start benefits at 62, the youngest possible age. If these 62-year-olds are in poor health, claiming benefits right away might be the right choice. But many likely made a mistake.
I am happy to have waited to age 70 to claim my social security benefit. I think each person needs to make an informed social security claiming decision based on their personal circumstances.
I took SS about a year before FRA because I had just bought a house, my SS benefit precisely matched my monthly payment (mortgage/insurance/property taxes/utilities), and I expected my work income to fall off a cliff as my business model became obsolete.
Had I known the clients would keep coming and I wouldn’t need the benefit, I’d have waited until 70.
But no regrets. I have slept well with my decision.
A major reason I took SS at FRA was because I felt that SS would eventually implement some sort of needs basis which could reduce higher earners SS income. I am now 81 and it has not happened yet, and I hope it does not.
The reality is that politicians have some hard choices to make and they are running out of time to keep kicking the can down the road.
You should know there is talk and proposals floating around as part of fixing SS to go to a chained CPI for COLAs and to limit future COLAs based on income. So, keep an eye on all this if your strategy counts on the future value of the COLA.