Social Security

Terry –
Why do investment advisors regularly suggest to wait until later years to take their social security payments? I started taking payments at age 62 and found it to easily be the best choice. At 62, you have many years of income instead of waiting until later. I used a spreadsheet to show that taking the money later would not equal the income received in the earlier years until age 83. With life expectancy at 76, starting at 62 is a no brainer. Over the last several years, interest amounts have far exceeded the social security increases. Plus, those that start at age 62, still benefit from the yearly social security cost of living increases. This further extends the date when the totals match until beyond age 83. And this does not even include the ability to invest the money taken after age 62. So, yes, it may make sense to delay payments if you plan to live into your 90s. But then, will we need the money at that age?