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 - The Day Mom Drove the 8N - by Brian Browning. My Dad was wanting to put in a garden but couldn't operate the 8N and handle the old horse drawn plow he had found and rigged up to use with the tractor. Well, he decided to go get Mom out of the house and have her drive the tractor while he walked behind the plow. You got to understand that while my Mom is a hard worker who will always help whenever she can... she had never operated farm machinery before that day. Dad got her out there, explained how the clutch was the same as in our o
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