Quote:
Originally Posted by Borborygmi
The SSA website has a feature that I haven't used in some time that lets you see your projected SS payment for every different starting month between the months you turn 62 and turn 70. It's a manual process but I think I'll try to produce a more granular table like the one in the OP to see if it reveals anything. May or may not get to that today.
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That feature is what I used to get my numbers. I just entered whole years but I could have done it by month.
When you should take SS is very dependent on your individual situation and there are certain common situation where the choice is an easy one.
Key fact: If you start at 70, you won't catch up in total dollars received to the person who started at 62 until around the age of 81 and that doesn't include inflation. That's the part that's the crapshoot. The life expectancy for a 62 year old in the US is 82 for a man and 85 for a woman.
If you are flat broke at 62 and not working, take the money at 62.
If you have health problems and a probably limited life span, take the money at 62.
If you have enough funds to last you into your early 70s and that's it, wait. You're going to need the extra income.
If you are like me and I assume
Borby, large IRA and home equity and have enough stocked away to not need SS, take it at 62. That money is replacing money that would otherwise be pulled out of the IRA and not only be taxed but no longer invested.
IAN a Financial Planner but I am pretty good at that stuff.