[kjam22]

For most people.... if you take ss at 65 you have to live until 81 before you have drawn as much money as taking it at 62 earns you.

[GeorgiaDawg32]

I’m going to take it at 66 but continue working until my 69th birthday. I’ll have to pay tax on it but it’ll add about $75k to the retirement account.

My retirements needs are not lofty. Buy a house for cash in a economically depressed area in ohio where $90k can get you 2000sf, finished basement with wet bar, on a quarter acre OR a really nice 5th wheel in a really nice rv resort in florida. I’ve been around the world twice with my line of work so there isn’t any place I want to go I haven’t already been. Advantages and disadvantages to both.

[Dr. Sivana]

For most people.... if you take ss at 65 you have to live until 81 before you have drawn as much money as taking it at 62 earns you.

Yes, but there are other factors. My wife is 14 years older than I am, and is likely to outlive me by 20 years. She will do better if my monthly is higher. Also, since I will have to keep working, much of the payout will be taxed anyway.

[HotHunt]

People are always looking for more money and willing to give up smaller income for 16 years in your example, to make it up.

Odds are high you won't make it that long. And if your do, it's good medical care you'll need not more disposable income.

Most old folks do far less than they did just a few years younger.

Having more money when you die doesn't mean anything.

Have less money but enjoying the last years of your life means everything.

[who_would_fardels_bear]

I did the calculation and found out that I would receive the same amount of total money at age 80 regardless of when I started (62, 65, or 70).

The only difference is the amount of money you receive after 80 which is more the longer you wait to start taking your benefits.

[redfreedom]

I made those same calculations when I retired, and took it at 62.

Now my wife waited until 66 and draws off of mine while hers builds. She will take her own at 70 and will be making about as much as I do or more.