If I understand the social security payments they use the average life expectancy in determining how much your ss payment will be based on your age when you start receiving ss payments. For the average persons, the total amount you will receive from social security will be the same regardless of the age you start receiving benefits.
> For the average persons, the total amount you will receive from social security will be the same regardless of the age you start receiving benefits <
I’m no expert, but I think you’re right.
But that “average person” must pass away at 78. In that case, it doesn’t matter whether he took social security at 62 or at 70. The amount he received would be the same (if I understand it correctly).
Now, when it comes to individuals, things change. You might make it to, say, 90. If that’s the case, it would have paid you very handsomely to wait. But even if I was pretty sure I’ll make it to 90, 62 is still my number.
The younger you are, the healthier you are. I want to enjoy that money. Of course, that just my take.
If you earned good income while working, your SS monthly benefit amounts will be larger than if you either didn't work as much or earned smaller wages during the time you worked.
I don't know what formula the government uses to figure this amount.