Retirement: The Hidden Social Security Math Nobody Shows Retirees
When you're planning for retirement, the age at which you start collecting Social Security can be a big part of the math problem. The longer you delay taking Social Security, the more you get each month. You have to live on some other income source as you delay Social Security. This video attempts to show the real impact of delaying Social Security and living off your nest egg early while you wait.
One thing to keep in mind though. This video doesn't take into account the spousal survivor benefit. (When you pass away, your spouse gets your Social Security, assuming it's higher then their own.) My spouse is a few years younger, with a lower wage history. My retirement "plan" goes to age 90, but with my health and family history, that's unlikely. Delaying Social Security for the survivor benefit could be a strategy to consider.