I’m a Retired Boomer: Why I Should Have Waited Until 70 To Take Social Security
Written by
Laura Beck
Edited by
Chris Cluff
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We’ve all heard the saying “patience is a virtue,” but for retiree Bianca G., it’s a $100,000 lesson she learned the hard way.
At 62, Bianca jumped at the chance to start collecting her Social Security benefits. Now, at 72, she’s singing a different tune.
“If I could turn back time, I’d tell my 62-year-old self to wait,” Bianca told GOBankingRates. “I thought I was being smart by taking my benefits early, but turns out I was very wrong!”
Let’s dive into Bianca’s story and the Social Security facts that might make you think twice about claiming early.
The Early Bird Doesn’t Always Get the Worm
Bianca was ready to retire in her early 40s.
“I just never found a career that stuck,” she said. “And so, I was always looking for a way out.”
When she turned 62, she was ready to flee working life and get to her retirement ASAP. She saw Caribbean cruises and grandkid hangs in her near future, and she didn’t want to wait.
At the time, she understood that her benefits would be reduced, but she didn’t understand by how much.
Here’s what she learned the hard way: If start claiming benefits as soon as you’re able, at 62 years old, your monthly check will be about 30% lower than if you’d waited until your full retirement age of 67. That’s a lot of Caribbean cruises.
The ‘Aha’ Moment: Full Retirement Age vs. Early Claiming
When Bianca turned 67, the full reality of her decision started to come to light.
“I was at a retirement seminar, and the speaker was talking about how much more you could get if you waited until 70,” she said. “I nearly fell out of my chair when I did the math!”
Bianca learned that by waiting until her full retirement age, she could have received 100% of her benefit amount. And if she had held out until 70? She could have boosted her monthly check by a whopping 24%.
“I felt like I’d left a winning lottery ticket in my old jeans — and washed them,” Bianca lamented.
The Snowball Effect: How Early Claiming Impacts Your Golden Years
As Bianca settled into her retirement routine, she began to notice how her reduced benefits were affecting her lifestyle.
“It’s not just about the smaller monthly check,” she explained. “It’s about all the things you can’t do because of it. I really don’t care to think about it that much.”
Looking back, Bianca wished she could warn her past self.
She said, “I’d get up right next to her and scream: It’s not just about the next few years; it’s about the next few decades!”
The Silver Lining: Learning from Bianca’s Experience
While Bianca can’t turn back time, she hopes her story will help others.
“If I can help even one person at least understand the ramifications of their actions, then sharing my story is worth it,” she said.
Here are some key takeaways from Bianca’s experience:
- Understand your full retirement age: If you were born in 1960 or later, it’s 67.
- Know the cost of claiming early: Your benefits could be reduced by up to 30% if you claim at 62.
- Consider the benefits of waiting: Delaying until 70 can up your benefit by 24% above your full retirement age amount.
- Think long term: Consider your health, family history and financial needs over the next 20-30 years. Everything exists in context — the best call for you might be a bad call for someone else. Take a minute (or a few days) to sit down and really think about it.
Final Take To GO: Patience Pays Off
While the allure of early retirement can be compelling — after all, those cruises leave port daily and it’s hard to miss the boat — the benefits of waiting can be even more compelling.
“If I could do it all over again, I’d wait until 70,” Bianca said. “Sure, I’d have to work a few more years at a job I didn’t necessarily love; but, looking back, the peace of mind and financial security would be worth it.”
So, before you rush to claim your Social Security benefits at 62, take a page from Bianca’s book. If you take the time to make the right decision for you now, you won’t wonder whether you made the right decision in the future.
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