Ask the Expert: Delay Social Security?

You and other experts always seem to recommend deferring Social Security until one's official retirement age to collect the maximum amount. But none of you mention that when you postpone benefits, it takes time to catch up to what you'd have received by starting earlier. I took Social Security at 62 after I calculated that if I delayed, I wouldn't really start to benefit from the enhanced benefit amount until I was 75. Having experienced many loved ones die early, I decided in favor of early benefits.

You're right that personal factors -- your health and family medical history, marital status and other available income -- are very important considerations in this decision.

The best time to start Social Security depends partly on how long you'll live. The prevailing recommendation to wait as long as possible assumes an average life expectancy. Today, that's much longer than most people realize. A 65-year-old American couple currently face a 50 percent chance that at least one of them will live to age 92, and a 25 percent chance that one of them will reach age 97, according to the Society of Actuaries.

It's true that if you take Social Security at 66, it will be about 11 years before receiving the bigger benefit more than makes up for the four years of smaller monthly checks you missed by not taking it at 62. So if you're single and have reason to think you'll die early, it can indeed make sense to apply for Social Security at 62. But if you're married and the main breadwinner, you might opt to wait even if your health is poor, because the delay means a bigger survivor's benefit for your spouse.

The bottom line If your life expectancy is average or longer, you stand to gain by postponing Social Security.

Websites with more information 1.usa.gov/xlSCIy and 1.usa.gov/wu9f2A