A Couple With $3.1 Million Disagrees on Whether to Take Social Security at 62 or 70

"For an individual retiree, waiting until 70 is not always the best answer. Serious health issues, a family history of shorter lifespans, or immediate income needs can make earlier claiming the more practical-and profitable-choice, even if it means accepting a smaller monthly benefit."

"Some retirees worry that Social Security may not pay the same promised benefits in the future. That fear can push people toward claiming early while the money is available. Politically, it is easier for the government to save on Social Security by reducing benefits for future retirees than current ones."

"Claiming Social Security helps some people feel 'officially' retired and able to relax. Depending on how the household finances are managed, the husband may see those checks as money for hobbies, travel, or long-deferred purchases."

At 62, a couple with $3.1 million saved faces a critical decision on when to claim Social Security. He prefers to claim at 62 for flexibility, while she advocates for waiting until 70 for higher benefits. His projected benefits increase significantly with age, while hers also rise. Factors influencing their decision include health issues, family history, and concerns about future Social Security benefits. Psychological aspects also play a role, as claiming can signify retirement and allow for discretionary spending.

Read at 24/7 Wall St.