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I always thought waiting until 67 to take Social Security was the responsible choice, until life gave me a reason not to.
I retired early, but I’ll save that story for another time.
What mattered then was this, I’d earned enough credits to claim Social Security at 62. Under Jonathan’s guidance, the plan was simple, we wait until 67 and lock in a larger monthly check. It was sound advice, grounded in math and discipline. So I held onto it.
Then everything changed.
Jonathan received a terminal diagnosis.
All the careful planning, the spreadsheets, the projections, the idea of a long, steady retirement suddenly felt fragile. You spend years preparing for the future. What you don’t plan for is the moment when the future becomes uncertain.
After his diagnosis, my twin brother Nick and I made a different decision. We claimed Social Security in early 2025, at around 64 1/2.
A quick “back of the envelope” calculation put my break even age for waiting until 67 in the low 80s—around 83. Live beyond eighty three, and delaying pays off. And if you don’t, it doesn’t. Simple enough on paper.
But life isn’t lived on paper.
I used to say longevity runs in our family. Now I’m not so sure. The truth is, none of us knows how long we have. That realization shifts the question from what’s optimal to something more personal: what matters now?
At 65, I can still travel and experience things I’ve put off. But life has its own constraints. Settling my sister’s estate has kept me close to home. My mother, who turns 87 in June, needs my help. Like many, I’m trying to find that balance between responsibility and living while I can.
There’s a lesson in all of this, and it isn’t that everyone should claim Social Security early. For some, waiting will absolutely be the right call.
The real lesson is about flexibility and balance.
We’re often told to optimize: Maximize benefits, minimize taxes, delay gratification. And those things matter. But so does recognizing when life changes the equation.
Retirement planning isn’t just about numbers. It’s about time, time we assume we’ll have, but aren’t guaranteed.
Some people carry expensive lifestyles into retirement and pay the price later. Jonathan always preached the opposite: go into retirement without a mortgage, keep your life manageable, and give yourself options. In a way, that mindset is what made my decision easier—because flexibility matters when life doesn’t go as planned.
We spend years planning for a future that isn’t guaranteed. At some point, the plan has to make room for living.
I’m still an outsider on all this as I cannot understand any relevance of social security break even concerns. Who cares? You begin SS when you need the money most or when you don’t, but want to enjoy it. Seems quite simple, no spreadsheet required😎
As I have said too often, I started our SS at FRA while I was still working. For years it was invested in Muni funds with interest reinvested (still is). We now use the incoming SS checks, but never touched the accumulated investment which is now well into six figures and generating tax-free income should we need it or it all goes to our family.
When we stopped investing the SS checks several years ago after I retired it was our travel fund. These days the money goes into a bank account to be used as needed, but not routine spending.
True, if we had delayed, the checks would be larger, but then we would not have a substantial nest egg and additional tax free income stream. I supposed ages 83 and 87 help my case though.
My break-even was calculated at age 78 if I waited until age 67. I planned on waiting until age 70 to apply. However, I truly don’t “need” social security at all…a financial advisor said take it at 62 and spend it on travel. Yes! I never thought of that. And that’s exactly what both my wife and I are doing…taking the benefit at 62 and enjoying world travel when we are still in very good health.
Thanks Joe for the comment. I like this approach. The spreadsheets can tell us the break-even age, but they can’t tell us how long we’ll be healthy enough to enjoy the experiences that matter most. Using Social Security to fund travel while you and your wife are healthy and able seems like a perfectly reasonable tradeoff. After all, some returns are measured in memories rather than dollars.
Another great HD contribution–thanks for this.