Why You Should Delay Collecting Social Security

Delaying full retirement age until you reach 70 would pay off only if you expect to live to 85 or so. The odds of a 66-year-old man in good health reaching that age are fifty-fifty; women have just over a 60 percent chance.

Another thought is the health of you and your spouse at 70. Waiting to collect SS until 70 and then not having the health to enjoy your retirement is another consideration. I collected at 62 and worked part-time for 4-5 months a year. It allowed me to spend more time with my disabled husband until he needed full time care. Working part time also enabled me to spend more time with my mother, brother and sister who have since all passed. It was the best decision. I am now fully retired and am still enjoying my retirement and absolutely sure I made the right decision for me. I am so very grateful for the extra time I had to spend with my family.