You are delaying retirement age from 62 to even 65, 67, or 70

 What are your thoughts on delaying retirement age from 62 to even 65, 67, or 70 to try and maximize the amount of monthly payment you’d likely get from Social Security or CPF for you and possibly your spouse?

As I approached age 62, I did the math with my financial guy. It was pretty simple.

The obvious fact is that if you start taking it at age 62, you have the money in your accounts. If you don’t need it to live on, then invest it. If you wait until age 70, your monthly payment will be more, but you have taken ZERO for eight years.

Zero is a bad number when doing math.

Back then, interest rates were low. But even then, we figured out I would break if I lived to 84. After age 84, I would have a higher income had I waited until 70.

Interest rates are higher now, so it might be longer now.

I decided to have more money between the ages of 62 and 84, knowing I would have a few hundred per month left after I turned 84. At that age, I will need less anyway.

The bottom line is that if you expect to live well past 84 and do not need the money between 62 and 70, wait.

● The question included your spouse. My decision for my wife and I was simple. I am 65 currently and still working. I make 6x what my wife makes. She was primarily a homemaker during our 40 plus years of marriage and still counting.

If I continue working until 70, per SS I will achieve the maximum due me. I would rather do that as when I die my wife will receive my SS income not hers.

This plan provides her with significantly more monthly income then hers of course.

Taking SS at 62 and working still, SS will deduct money from your retirement I think $1 for every $2 stopping at some point. This reduces your SS quite alot.

Full retirement age is the best plan if you are able to continue working until FRA. Mine is 66 and 6 months.

I may not make 70 as per my plan as I have health problems which could lead to my decision to retire earlier then 70. I do own a company and have staff which allows me to maintain my income.

The decision to go early is one of having more time with my wife and children.

I am receiving disabled veteran income due to injuries while serving. That will continue when I die at a % for my wife.

My whole reasoning with SS retirement money wasn't for me, it's for my wife's benefit as I look at it.

My company I hope to sell before 70 even anytime in the next 18 months. That may give us a nice inheritance for our children, as my wife and I are fine.

I think each person's situation is individual as to the circumstances.

■ Both of you are right and neither are wrong. It is an individual decision based on individual circumstamces.

● Also, we need to take in the fact, none of us know when it is time (die). Then, the question is what do you want to do if you are retiring now at age 62? Do you have a bucket list or places you want to go? Or do you enjoy where you are at?