When should you start collecting Social Security?

Here's the trick to maximizing your Social Security payments.

I see articles and videos all the time that tell people when they should start collecting their Social Security. But these articles all ignore the most important point in making that decision.

It may be a nonissue for you because you've already started drawing your Social Security. Or maybe at your young age, it's so far out in the future that it's not something you want to think about right now.

A lot could change by the time you get old enough to collect Social Security.

I've been hearing people say for the last 50+ years that, "By the time I get old enough to collect Social Security, the system will have run out of money."

My opinion on that is simple. A much higher percentage of old people vote than young people.

In the 2020 presidential election, 71.9 percent of Americans 65-plus said they voted, according to Census Bureau surveys. For those aged 18-24, only 48 percent said they voted.

Politicians understand that to remain in office, they must avoid altering Social Security benefits for seniors, and if additional funds are required, they can tax younger generations.

I don't know if it's fair or not, but that's the nature of politics.

Back to what age to start drawing your Social Security

You can start drawing at age 62 and draw less, but draw for a longer period, or wait until you reach the full retirement age of 67 and draw more. Or if you wait until you're 72, you can draw even more. There's no advantage to waiting past the age of 72 to start drawing your Social Security.

Here's the secret way to draw the most money

Your average lifespan determines how much you draw starting at any age.

Your secret inside information is that you have a pretty good idea about whether you're likely to live longer than the average person or not.

There are even apps online where you can answer a few questions, and it will tell you how long you're likely to live, based on your present health and lifestyle.

The way to get the maximum out of Social Security is that if you're going to live longer than average, don't start drawing early. If you're not expected to live as long as the average person, start drawing as soon as possible.

Your secret weapon is that you have information about how long you're expected to live that the government doesn't have.

Here's another option

Perhaps altering your lifestyle could allow you to outlive the lifespan predicted by your current habits. Maybe a change in your diet, doing a little more exercise, stopping smoking, and losing some weight would allow you to beat the system and collect more than the government thinks you'll collect.

Bottom line: Wouldn't it be nice to get a little more money from the government than they had planned on paying you?