I’ve posted about Social Security a couple of times before but, after reading a book, have recently begun to change our plans. The book is Get What’s Yours: The Secrets to Maxing Out Your Social Security. I highly recommend it.
In the past I’ve looked at Social Security from a break even perspective. The book shows you why, instead of worrying about missing out on money in case you die before the break even point, you should look at it as insurance in case you do live a long time. Life insurance and home insurance are not based on any break even calculation. We buy it to protect ourselves in the event of a catastrophe. If you can afford to wait, Social Security should be viewed no differently. It is insurance in the event we live a really long time, which can be catastrophic to your ability to make ends meet.
So, I think we’ll be waiting to file for benefits. You get 70% more if you wait until 70 to file vs. filing early at 62. 🙂