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 - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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