Im not a money manager so this may be a crazy way to look at it. I took mine at 62 for 2 reasons. 1) Im not sure how long SS will be solvent. Ive put in my whole life and want to get back as much as I can. 2) I took the amount I get at 62 and subtracted that from how much I would draw at 67 years and 8 months. (Full Retirement) Multiplied that monthly amount by 80(number of months between age 62 and 68 years and 8 months…Then took that number and dived it by the number of months it would take me to get it back at the full SS benefit by waiting to full benefit. I would be 80 years old before I recouped the amount I drew taking it early. I doubt I’ll live to be 80. The only benefit I see to waiting to full benefit is the Surviver benefit. Surviving spouse receives the larger amount of SS between married couple. My wife will receive my work retirement if I die first and also my SS. It only made sense for me to take it early. Irish Guy also makes an excellent point. The older you get the less money you need, get it while you can.
Not crazy . A good plan . Everyone is different . Planning is very important. I don’t need the SS an hopefully never will because I learn years ago take care of myself not depend on gov. But I will take it because I was required to pay it in. I love my job and wife is disabled an we can’t travel so I keep working as long I’m healthy . The survivor benefits is something most folks don’t consider. I’m still on fence when I take it . If I can figure how not pay taxes on it an keep working I’m taking it early. I got a plan if my boss will let me do it . Just got keep the gov from knowing my income above a certain level . Plan,plan and more planning is best option.
