The monthly amount does go up if you hold off on taking it, but in the end, you're likely to receive the same total dollar amount from the time you start until the day you die.
That said, it can be worth holding off a bit in some circumstances, such as if you expect your spouse to live significantly longer than you.
Replies to: "Yes and no."
- Vanguard average and median 401(k) balances...I mean, wow. [LINK]
- NedoftheHill - 9:32pm 6/24/25
(12) [View All]
- Unless the law changes, if you are 50+, catch-up contributions have to be Roth in 26 - LanceManion - 6:27am 6/25/25
- We are not a nation of savers - WoodstockIrish - 8:03am 6/25/25
- At even the highest payment rate, if you get individual SS at 62, it is around $2800.month. - LanceManion - 11:48am 6/25/25
- You need 401K plus maxxing out Roth in your 20s to have a decent retirement in your 60s. - iairishcheeks - 4:05pm 6/25/25
- Not smart taking it at 62..it goes up 8% each year you wait. - WoodstockIrish - 3:15pm 6/25/25
- Yes and no. - jakers - 12:37pm 6/27/25
- If I was 62 I'd take it and invest it in crypto. - iairishcheeks - 8:57pm 6/25/25
- Agree. Waiting is the way to go. [NT] - LanceManion - 3:24pm 6/25/25
- At age 63, Social Security and home equity is all my wife and I have - MarkHarman - 11:08am 6/25/25
- Sorry to hear that [NT] - WoodstockIrish - 3:15pm 6/25/25
- If you ever do a reverse mortgage, try to do it when interest rates are low. Higher rate means - LanceManion - 11:44am 6/25/25
- At even the highest payment rate, if you get individual SS at 62, it is around $2800.month. - LanceManion - 11:48am 6/25/25
- We are not a nation of savers - WoodstockIrish - 8:03am 6/25/25
- Thanks for posting this…kids in H.S., and certainly in college need to understand that basic concept - TyroneIrish - 10:23pm 6/24/25
- Unless the law changes, if you are 50+, catch-up contributions have to be Roth in 26 - LanceManion - 6:27am 6/25/25