I have read your answers to the commonly asked question of “When should I claim social security benefits.” You always say one should wait as long as possible (up to age 70) to get the maximum monthly benefit. But I have not seen you address the matter of all the money you could have collected if you start drawing sooner and how many years it will take, if you wait, to recoup all that money.

I am now 64. I have always planned to wait until at least 66 and possibly to 70 to start collecting. I have no health issues and expect to live well into my 90’s. When I tell people this, they question why I am leaving so much money on the table by waiting. At age 66 I’d get $1671 per month and, at 70, $2161. Between those two ages I could collect $73,524. It will take me many years to recoup all that money if I wait until 70 to begin, right? When I consider this, I question why I am waiting! Please help clear up my confusion and tell me whether I am doing the right thing by waiting to claim. Signed: Confused Senior

This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at SSAdvisor@AmacFoundation.org.