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Collect Social Security at 62 and invest all of it OR Collect Social Security at 70 and invest all of it- which will give the most money?

I have started attending a fun investment club at my local megachurch. We are having a fun time talking about money and investments and are always discussing various investment scenarios.

Here is one that has quite a few people disagreeing:

Jim retired at 62 and has enough money in savings and investments to not have to spend his Social Security checks. But he has decided to collect benefits any way at 62 and invest all of his SS check money in a mutual fund that is 50% Total Stock Market and 50% Total Bond Money. His starting money SS Check is $1500.00 which goes up 2% a year for inflation. He automatically has his Social Security checks deposited into the mutual fund every month until he dies at age 85.

Jerry, who is Jim’s Twin Brother, does exactly the same thing as Jim-invests his SS Checks in a 50-50 fund, but waits until he is 70 to collect. Because he waited to 70 and there was moderate 2% inflation each year, his monthly SS check will be $3,000, which will go up 2% a year for inflation. But he got 8 years fewer checks than Jim because he waited to 70 to collect. Jerry and Jim both die the same day at age 85.

Assuming a 5% return every year who will have the most money – FROM THEIR SOCIAL SECURITY CHECK INVESTMENTS- to pass on to their kids when they both die on the same day at age 85?

Collect Social Security at 62 and invest all of it OR Collect Social Security at 70 and invest all of it- which will give the most money? – RobinHood – Reddit Feed


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