@Mallard4468 posted:Aside from the early age being 62, not 61, this is an excellent perspective. IMO, too many advisers say to wait as long as you can, but it's not that simple. The actuarial calculations behind Social Security are such that the "average" outcome is the same after the time value of money is considered. It comes down to each person's spending and budgeting habits, other sources of income, and how long they want/need to continue working.
Based on family history, my longevity could range from being dead years ago to living to 100. I'm not taking any chances - as soon as I can draw SS I'm out the door (I'm fortunate to be able to continue health insurance from work at the employee cost) . The SS money will delay the extent to which I need to tap my other retirement sources, and it will allow me to golf and play with trains.
Mallard, I agree completely! I started taking SSA at 63 because after being pushed out earlier than planned at my employer and not being qualified for any suitable work in our area. My wife was pushed with an offer that didn't give her much money, but did offer for us to stay on their same medical insurance for 5 years.
While both my parents are still living, if I live another year I will have outlived 3 of my 4 grandparents. None of us knows how long we have. While my health issues are all with my extremities, as I put it (knees, shoulder, sciatica, arthritis) my wife has some serious health issues that we have not found solutions for. I need to be here helping her, not working at some job at a reduced income level from what we were used to and wearing myself out.
