When to NOT Delay Social Security
Financial experts have said for years and continue to say people should delay Social Security, to age 70 if possible. This provides the maximum payout for life. But Maurie Backman says that strategy does not work for everyone. For those in poor health it makes sense to take benefits earlier, as soon as age 62 if need be. Poor health often means shorter life expectancy, and thus one may not reach “break even” by delaying benefits. The other scenario is having a job that causes poor health. Continuing to work to one day get higher benefits makes little sense if health deteriorates as a result. Full piece here.