For every year that you postpone Social Security benefits, your total Social Security Benefits will increase by 8% (psycho, years)
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Waiting to retire until age 70 is NOT feasible or possible for everyone. This has been discussed in depth on C-D. Some people have stimulating, rewarding careers and love to work. In fact, they might be called "workaholics" due to having no other interests except working. I'm thinking of a friend's father who worked as a lawyer until the age of 80.
But some of us have toiled at demanding, unrewarding jobs that prevented a rich and fulfilling personal life due to extremely long work hours and a long, difficult commute to work. Some people had physically demanding jobs and they can't physically do these jobs anymore. Some people have health or family problems that prevent them from being able to live up to the insane demands of some professional jobs (there are extremely rigorous travel demands in certain jobs).
I don't have kids or a spouse and saw no reason to keep working to age 70. I will take SS whenever I feel like it. Not 62, but not 70 either.
To elaborate, I hated my job and did not want to work any longer. Unlike a great majority of retirees, I think a small percentage of people don't make a strictly "money" decision when we choose to retire. We retire when we don't want to work any longer. And I think there's nothing wrong with that. And no, I didn't wait to accumulate 2.5 mill before retiring either. And I think that's perfectly fine. I retired a bit sooner than most of my peers. I wanted to enjoy an active life while still in my physical "prime". At age 70, I doubt I will be in my prime. I think someone at age 70 may be in decent health--but possibly not. Usually health problems can start in one's 60's. Just saying. If you are banking on waiting until age 70, well, you just might end up being like a lot of people I know who retired and dropped dead within a year of retirement.
unless they intend to work or have a pension that covers things most people can't afford to delay ss if they retire at 62 . they do not have the assets to safely lay out while delaying .
we have these discussions all the time yet few actually even have the choice to delay to 70 "properly "
We go by average of longevity. Sure we want to live beyond that (I think late 70s for men and early 80s for women) but statistically, it is a different story.
3) Most people's bodies and minds go downhill in their 60s and the period between 62-70 is the last time you can really do many of your travel and other dreams that you have been thinking about for years.
If you don't think many people in their 70s and 80s travel - - - and I mean travel extensively - - - then you yourself haven't done much traveling.
The people I know that are waiting till 70 are wealthy.
The guy that owns the property next to me and two other houses is sitting on about 4 million in vacation rental properties. Not to mention the 2 million ocean front he lives in.
He's a bit older than us. Once we talked over the fence about how wife / I were going to try to make it to 66 for SS. He said "Ohhhh we're going to wait till 70".
Same with my wife's sister who inherited most of her parents money and property. She has recently announced she is "waiting till 70 to collect".
Well of course.
Kinda have to laugh when I hear it.
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