pb4uski
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
....Forget the emotional connotations of SS and think of the 62-to-70 deferral as a deferred annuity with no death benefit, for 96 monthly payments beginning at age 62. It takes 10.5 years for that annuity to pay for itself -- age 80 1/2. Is that a deal you would take if it didn't have the name "Social Security" attached to it? Would you take that deal if GEICO offered it?.....
Here's the math for taking SS at 70 vs 62. Let's say that your FRA is 67 and your FRA benefit is $1,000/month. If you claim at age 62, your benefit will be about 30% lower, or $700/month. If you claim at 70 your benefit would be 24% higher, or $1,240/month.
If you forego SS at 62 and delay to 70 then you will have forgone $700/month for 8 years, or $67,200 and you gain a $540 COLAed benefit for the rest of your life. An argument could be made that you give up more than $67,200 because of COLA, ok... so if you bake in a 2.75% annual COLA, the $67,200 becomes $74,036.
According to immediateannuities.com, $74,036 of premium at age 70 (male) would buy a $467/month non-COLA lifetime benefit, so by delaying SS you get an extra $73 per month plus COLA on the whole $540/month.
So now the question becomes whether you would be willing to pay $74k for a $540 COLAed monthly annuity benefit. IMO if your health is good that's a good deal.