The article discusses the complexities surrounding the decision to claim Social Security benefits early versus waiting. Many readers shared personal experiences and reasons for taking benefits at age 62, such as financial necessity or the belief they would fare better by investing their checks. The author argues that while there are legitimate reasons for claiming early, waiting until age 70 can yield significantly higher, guaranteed benefits over time. Readers expressed concerns about the financial stability of the Social Security system and potential cuts, which influenced their decisions. Ultimately, the piece emphasizes the importance of viewing Social Security as insurance against longevity rather than just another investment, advocating for delayed claims when feasible to ensure better financial security in retirement.

Key Points:

• Claiming Social Security early (at 62) yields only 70% of the full benefit, while waiting until 70 increases the benefit by about 124%.
• Many individuals claim early out of necessity or to invest their checks, but waiting can provide guaranteed higher benefits.
• Concerns about future cuts to Social Security influence decisions, but drastic reductions for current recipients are viewed as politically unlikely.
• The article compares delayed benefits to insurance, highlighting that they protect individuals against the risk of living a long life.
• Economists argue that instead of comparing delaying Social Security to stock market returns, it should be viewed alongside safer investments like Treasury Inflation-Protected Securities (TIPS).
  Link to Article