Theory Behind taking Social Security Early?

[Rianne]

Predicting the future should also include:
Taxes and healthcare. The Gov. can print money. Unfortunately, I cannot. We won't be 65 for 4 years so HC is a big question. There are outside variables that will determine when we take SS that are up in the air. What our dear politicians decide to do makes a huge difference. So we're taking the wait and see approach.

 

[Independent]

There are 4 mortality table options available in addition to the 2015 SS Period Life Table.... 2017 CSO Nonsmoker Super-preferred, 2017 CSO Nonsmoker Preferred, 2017 CSO Smoker Preferred, 2017 CSO Smoker Residual Standard. Why did you totally ignore these options?

There is also an option to simply enter and assumed age at death.

FWIW, I use the 2017 Nonsmoker Preferred.

Yes, I'm complaining about his choice of default table.

I expect a lot of people using that calculator never look at the "Advance Options". And, those that do will often look at the name "2015 Social Security Period Table" and think it must be the best table for valuing Social Security benefits.

 

[misterantsypants]

As the newest to this forum I'll opine. I am not of age but have parents, 6 uncles, 4 aunts. etc.
Not one of them made it to 70. So if you consider yourself invincible, fine, but fear your arrogance.

 

[Cut-Throat]

As the newest to this forum I'll opine. I am not of age but have parents, 6 uncles, 4 aunts. etc.
Not one of them made it to 70. So if you consider yourself invincible, fine, but fear your arrogance.

Welcome to the forum. I am pretty sure that your parents, 6 uncles, and 4 aunts spent their last dying breathes lamenting the fact that they could have taken their Social Security at age 62....

 

[HI Bill]

As the newest to this forum I'll opine. I am not of age but have parents, 6 uncles, 4 aunts. etc.
Not one of them made it to 70. So if you consider yourself invincible, fine, but fear your arrogance.

No one's invincible, and everyone dies at some point. IF you think you have good chances of living to an older age, and can afford to wait to take SS, it may benefit you to do so. Right now, the big IF is whether SS benefits will be cut to make the fund solvent; Congress may take away your choice and raise the FRA to something other than 67. Who knows. My plan is: Look at my health and wealth at 62 and 67, and then decide if taking SS early is better than waiting (do I need the funds; am I in good enough health that I'm likely to live longer).

 

[Fedup]

If my aunts and uncles all died at 70, you bet I will take it at 62.
So far looking back at my family, I have a great aunt died at 90+, grandfather died at 93+, all naturally, not medicated. Two living aunts from my mom’s side are in their early 90s, one is medicated, the other one doesn’t. One more living aunt on my dad’s side is 84 with minor problem, cataract. My dad died at 86.
I’m an optimist, not arrogant really, I plan to delay.