Social Security: when to claim if you actually want to optimize
Why claiming at 62 costs more than most people realize, and when it's the right call.
Claiming at 62 cuts your benefit roughly 30% for the rest of your life — and your surviving spouse's benefit. Claiming at 70 increases it about 76% over the age-62 amount. The break-even point is typically late 70s to early 80s.
When early claiming makes sense: poor health, no spouse to inherit a higher benefit, urgent cash flow needs, or a strong belief that you'll die before the break-even age. Otherwise, every year of delay is one of the best inflation-protected annuity returns you can buy.
Married couples — file the higher earner late: when the higher earner dies, the surviving spouse keeps the larger of the two benefits. Maximizing the higher earner's benefit is effectively buying the surviving spouse longevity insurance.
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