The break-even age was still part of the considerations for Blair Barondes, 64, of Northampton, Massachusetts, a retired marketing executive, and his wife, Janet Bowdan, 62, a retired professor. They currently live on income from their savings and an inheritance. Mr. Barondes will start claiming Social Security benefits when he turns 65 in March, and Ms. Bowdan plans to start collecting her benefits at age 63 or 64.
“If we waited a few years, the break-even point for what we lose in Social Security would be at my age of 83, and the difference per month won't change our lives in the slightest,” Mr. Barondes said.
Another consideration, he said: Even if they have other earned income, at least 15 percent of Social Security benefits are tax-free, while withdrawals from their individual retirement accounts are fully taxable.
Squeezing the juice out of life
Two other reasons to apply before age 70: your health and your career.
A battle with breast cancer in her early 50s led Jennifer Johnson, a nurse in Austin, Texas, and her husband Royce Johnson, a biomedical scientist, both 67, to decide it was time for adventure.
“We both wanted to go sailing,” Ms. Johnson said.
The couple bought a catamaran in 2011 but continued working until 2013, when at age 55 they sold their home, gave most of their furniture to their children and moved to the boat in Florida, she said.