When To Start Collecting Social Security Benefits

Use this Social Security Decision Tree to find out when it might make sense to start collecting Social Security benefits.
Dave Zoller, CFP®
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[@keithmachado-pp6fv]

Good video as always. 63 and retired. That is me. I plan on deferring until 70 for the following reasons. 1. Maximum survivor benefit. 2. Maximize income where 15% not fed tax and 100% not state tax. For me IRA contributions will incur 50% more tax (30% vs 20%). 3. Inflation hedge and ability to withdraw from IRA without triggering IRMAA surcharges and reducing future RMDs. 4. Spouse will claim at full retirement age. 5. Inherited IRA that must be drained by age 70.

[@NYCNibbles]

I'm not factoring ROI or life expectancy into my decision, but delaying to age 70 to allow for as much as possible in Roth conversions between my wife's/my respective retirements and start of SS benefits.

[@PhilSallaway]

This is the Best Explanation and answer to this question that I have ever seen...Great Job ..!

[@peterkaputsos4125]

I would think RMDs and taxes would factor into the decision if you have considerable funds in pre-tax accounts

[@glasshalffull2930]

Everyone’s situation is different. I have a pension paying about 40% and that and wife still wanting to work and so taking SS allowed me to retire early. It also allowed me ‘not’ to have to draw on my 401K for four years. This allowed the 401K to more than double in the nine years since retirement. I also took out a $500K life insurance policy when I was 55 as an additional safety net for my wife.

[@bsantelli1961]

How does the real possibility of benefits being reduced to 70% in 10 years factor in? No one seems to address this. I understand it's not certain that this would happen but it is a possibility. Presuming that happens, does that make a better case for claiming social security earlier?

[@markwilson2387]

The flowchart and especially the graph are terrific visuals.

[@barbiec4312]

I’m 63, retired and husband is older and already drawing. I feel like I want to take SS now or at 64 because I am so afraid to spend down my retirement accounts. But I feel like I’d be leaving money on the table by accepting a lower benefit, especially since I figure my life expectancy is 85+. I go back and forth…

[@brucesmith9144]

Should add in a branch what if your spouse is ineligible to receive a survivor benefit from SSA. Some of us are faced with this prospect and it does change the calculus such that you may wish to preserve your retirement savings for your surviving spouse.

[@davegenet]

What about the idea of minimizing sequence of return risks? In other words, if you take SS earlier than 70 and its a base for covering your expenses and there is a tough few years in the market you could make the decision to cut expenses and pull less from your investments during a down time. Anyway, there is no easy answer because we can’t know all the variable. How long will we live? How will the market do? What changes will be made to SS? Etc. Anyway, helpful video.

[@wxmath]

Liked your video, it is one of the most difficult decisions I'm facing in retirement. I'm trying to weigh whether my wife and I should both wait til 70.

[@RobertFarley532]

I had initially planned to retire at 62, work part-time, and save money, but the impact of high prices on various goods and services has significantly disrupted my retirement plan. I'm worried about whether those who experienced the 2008 financial crisis had it easier than I currently am. The volatility of the stock market is a concern as my income has decreased, and I fear that I won't be able to contribute as much as before, potentially jeopardizing my retirement savings.

[@anniesshenanigans3815]

I keep waffling over this. I am tired of working and my brain has slowed down. The field I work in is advancing so fast and it's tough to keep up. I could switch to a job that is just static because there are some out there, but I am tired!! I do not have a big retirement account, so your 'retired' person example does not apply to me. There are thousands and thousands of people in our country in the same situation. What are our options? Nobody seems to care. If you make a lot of money thru retirement funds or savings, what is the point in taking SS? SS is a social program whether you like the term or not. My hope is that eventually it will be ONLY for the people that cannot afford to live otherwise. Someone with 5million in the bank/retirement does not NEED SS and I find it offensive that they are so greedy that they want to take more. Yes I have worked 40 years, yes I have paid into it 40 years. And I have learned that it's basically a tax, nothing more. If it were a true retirement investment, the account would have my name on it and would show how much it's grown... just like a 401k or other investment vehicle.

[@michaeltollen588]

What about the oportunity cost of delaying??? Money recieved from age 62-67 for example, would really add up if invested.

[@michaelalberts4699]

The decision on when to claim social security becomes more difficult for those couples like my wife and I. In Connecticut she cannot earn a social security spousal benefit and I can’t collect on her teacher pension. It’s as if we were two single people

[@Bagsn86]

Could you review project 2025 and what hat would mean for retirement

[@user-kx6vk3nj9u]

Collect at 62. You'll be collecting for several years before break even point.

[@kauaiboy5o]

Take the money and run because you won't know how long you will live with break even age of 78. Took SS at 62 and prefer to take SS than from my IRA.

[@DMUSA536]

Collect when you are ready. It’s a personal decision.

[@davidbobo9740]

I wanna go out at 65 ???

[@valeriafonsecadiaz1527]

Which visualization tool are you using?

[@fasteddy3336]

What if my wife is the bigger earner and she is three years younger than me?

[@intrro_media_]

Great Video Dave! BTW i have Re- Edited one of your video and i want you to check it out... how can i reach you?

[@chrisn6585]

62 and I am done not going to be closer to death working for my ungrateful employers

[@bradwest6546]

You failed to talk to the fact that Social Security is going bankrupt and you make it less if you wait to collect