When is the best time to take SS for someone who doesn't need it?

[WEL]

My parents are 64 and 62. They don't need SS but they want to look into it. Suze Orman recommends people wait because that means their monthly figure will be bigger. But Dave Ramsey says to take it ASAP because you'll gain more via investing the money than the government will give you for waiting.

What's the right way of doing it? My parents would invest it in low cost index equities.

[feh]

My parents are 64 and 62. They don't need SS but they want to look into it. Suze Orman recommends people wait because that means their monthly figure will be bigger. But Dave Ramsey says to take it ASAP because you'll gain more via investing the money than the government will give you for waiting.

What's the right way of doing it? My parents would invest it in low cost index equities.

There's no way to calculate this, unless you know what returns they'd get on their investments and how many years until their deaths. Go over to bogleheads.org and run a search - lots and lots of reading will be made available.

One thing they probably should do is "file & suspend". If you don't know what that is, google it or search on bogleheads.

[greenskeeper]

take the SS money and invest it. Should be easy since you are saying they don't "need" it.

[snafu]

Isn't it a numbers issue based on the state of their health and betting on longevity? If they have no current chronic health issues and a family history of longevity, try running the numbers. What sum are they each entitled to at age 62 & 64? If family history suggests they will live to say '85,' SS $ x 288 months. Repeat for SS sum offered at age 72.

If you take a modest 5% annual increase of value of Index investment less tax deduction you may have a workable number to make the decision. If is there is a family history of any of the typical chronic diseases I'd gamble on early money with disciplined investment possibly low MER 1/3 US Index, 1/3 US Bond fund, and final third split between Europe and emerging market. Allocation would need to fit with their current retirement program and changing tax laws.