Delaying your social security payments will increase your benefits by about 8% a year. Once you hit 70 years old, those increases stop (but the COLA adjustments continue yearly).
You indicated there isn't a "need" to apply now or in the near future. Be aware that once your take social security (plus any other income you still accumulated through interest, pension, a job, etc.) that results in your total going above, I believe, around $35,000-$40,000 gross income results in a higher taxation of your social security payments (and that could be as high as 80% !) . So you may want to consider the tax implications of how much you would actually pocket from social security payments. You have to estimate what your own yearly gross income may be and how much of the social security payment you can pocket to decide if delaying is a better choice.
You already stated your family history indicates you will probably fit into the life expectency tables that also plays a role in whether to take payments or not. The age considered "the sweet spot" to start taking payments is considered the best way to maximize considering how long the table expects you to live. Of course, it you're a rebel and want to defy age tables and live longer, then delaying payments would also move your "sweet spot."
One thing you might explore. You can take social security for up to one year and then decide to pay it all back and continue back on the road to never having taken it. You are allowed to do this only once. So you can "try it out" for up to a year and then "take it back." But you do have to pay back all the money you were sent within a one year deadline from the first payment.
Hope this helps. Good luck
You aren’t rolling any IRA to a ROTH IRA ? You have a decent pension since you work for the state and maybe your spouse also.
Delaying your social security payments will increase your benefits by about 8% a year. Once you hit 70 years old, those increases stop (but the COLA adjustments continue yearly).
You indicated there isn't a "need" to apply now or in the near future. Be aware that once your take social security (plus any other income you still accumulated through interest, pension, a job, etc.) that results in your total going above, I believe, around $35,000-$40,000 gross income results in a higher taxation of your social security payments (and that could be as high as 80% !) . So you may want to consider the tax implications of how much you would actually pocket from social security payments. You have to estimate what your own yearly gross income may be and how much of the social security payment you can pocket to decide if delaying is a better choice.
You already stated your family history indicates you will probably fit into the life expectency tables that also plays a role in whether to take payments or not. The age considered "the sweet spot" to start taking payments is considered the best way to maximize considering how long the table expects you to live. Of course, it you're a rebel and want to defy age tables and live longer, then delaying payments would also move your "sweet spot."
One thing you might explore. You can take social security for up to one year and then decide to pay it all back and continue back on the road to never having taken it. You are allowed to do this only once. So you can "try it out" for up to a year and then "take it back." But you do have to pay back all the money you were sent within a one year deadline from the first payment.
Hope this helps. Good luck!
Nothing like enjoying retirement as long as health is good.It doesn’t get easier as we age but this is a personal choice. Scary? Maybe but it is your choice.