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 - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
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