Social Security
You always mention you get 8% a year more by waiting for SS. Very true, but you never mention that if you take it at 62 you get paid for 5 years longer at FRA or 8 years longer than at 70. That has to figure in also then just saying you get 8% more.
Terry Says
It does figure in — but what YOU aren’t figuring in is the future impact of inflation. SS is the only benefit you receive that is indexed to inflation. And even at only 3% a year, inflation cuts your spending power in half in 25 years — your presumed retirement. But waiting, you get a much higher BASE upon which inflation COLAS are paid!
