OK so here's my situation. I turn 62 in September. My statement says $2,110 a month if I claim then, about $3,000 at my full retirement age of 67, and $3,720 if I hold out to 70. I know the break-even math, I've run it three times, it lands somewhere around age 80 depending which calculator you believe.
Here's the thing though. My dad died at 71. His dad died at 68. I'm in decent shape but I've had one stent since 2022 and I'd be lying if I said the family history doesn't sit in the back of my mind. My wife's benefit will be small, she was home with the kids most of her career.
Everyone on the internet says WAIT, waiting is free money, only fools claim at 62. But the people writing that stuff are going to live to 95 in their heads. Anyone here actually claim early and have a reason beyond "I wanted the money"? Or wait and regret it?
Claimed at 62 in 2021, zero regrets. My reasoning was less about break-even and more that 62 to 72 is when I could still fish, drive to see the grandkids, and put a canoe on the roof by myself. The checks I'd get at 85 buy a nicer recliner, the checks at 63 bought actual living. That was my math anyway.
I want to gently offer the other side, because of one sentence in your post: "my wife's benefit will be small."
My husband claimed at 62 for the same reasons you're describing, family history, wanting the money while he was well. He passed at 74. What nobody had explained to us is that his early claim didn't just reduce HIS check, it set the ceiling on my survivor benefit for the rest of MY life. I'm 78 now and I've been living on that reduced amount for four years. The claiming decision outlived him by what could be decades in my case.
I'm not saying wait. His health history was real and so is yours. I'm saying the decision isn't only about how long YOU live, it's about how long the two of you live, and the second number is usually bigger. Nobody walked us through that and I wish they had.
Carolyn T. said:
it set the ceiling on my survivor benefit for the rest of MY life
Carolyn has put her finger on the piece of this decision that gets missed most often, so let me add the general version for anyone reading later.
When one spouse has a much larger benefit, that larger benefit is effectively a joint benefit: whichever of you lives longer will be living on it. That's why a shorter personal life expectancy doesn't automatically point to claiming early if you're the higher earner in a couple. It also doesn't automatically point to waiting: health, cash needs, and what you'd draw from savings in the meantime all pull on the same rope. Break-even calculators only see one of those threads. The site's guide to when to claim Social Security walks through the full set, and the spousal and survivor benefits piece covers Carolyn's point in detail.
What I can't do, here or anywhere on this board, is tell you what's right for your household, and I'd be doing you a disservice if I tried from a forum post. A fee-only fiduciary advisor can model your actual numbers, including the survivor scenario, usually in a single session. The free tools at SSA.gov are also better than most people expect. Take Gary's three calculators and Carolyn's story to a professional; that combination is exactly what they're for.
Update since people were kind enough to answer. Carolyn, your post got read out loud at my kitchen table, so thank you.
We sat down with a fee-only advisor two weeks ago. Current plan: I claim at 67, wife claims her own at 62, and we bridge the gap from my 401(k), which the advisor showed us actually has a nice side effect on taxes in those years. If my health turns, we revisit. Not the answer I walked in wanting, but the survivor math was the thing I couldn't argue with. Appreciate you all.
