I am now 71, and went through the same mathematical exercises you younger guys are discussing when I was 62. One other piece of this $$ puzzle nobody has spoken about is the benefit available to a disabled dependent, based on my SS acct and the age at which I begin taking benefits. Our 32 YO special needs daughter lives with us and got a bigger monthly check, compared to her earlier SSI, when I filed for my earned benefit. With my health record and heart attack and possible lymphoma (diagnosis still pending), taking the reduced benefit at 62 meant money NOW for all 3 of us. I am planning to live a "full" life, but the betting odds are not even 50/50. I do some farming, and wife does some part time work, so we make ends meet.
Then add in the uncertainty of the politicians always yammering about the system being underfunded. My pension was cut by 70% by a group of such politicians. That was a big blow to our financial planning.
So for us, the bottom line is "take our earned benefits ASAP, before some unknown factor screws us out of future benefits". As an example, my father never made it to his 62nd birthday, and never collected $1 of disability or SS even though he was 100% disabled due to nuclear radiation exposure on a military job with the nuclear bomb.
Many factors, no one correct answer for all cases!
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Today's Featured Article - Gettin My Old Tractor Home - by Clayton Sweeney. My name is Clayton Sweeney. I am from Southern Maryland in a small town called Lothian. I am 20 and my father and I are the proud owner of a 1954 Allis Chalmers WD-45. When I was 18, I dated a girl in the next county over. Her family are tobacco farmers. It was a cold Thanksgiving evening, and we were going up to her Grandparents house. As we passed one of their barns, I noticed something orange in the corner of my eye in this old shed. It was pretty dark and I asked what it was
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