I know this is a very well-worn topic, so bear with me.
If someone is considering delaying (beyond age 62) their Social Security, then by definition they don't need the money. So, why not take the money at age 62 and just bank the whole thing?
Even at today's low interest rates the funds will grow. Then, when the person hits whetever the target age is (e.g., 78 or whatever the official break-even age is), the person takes a monthly portion out of the banked SS checks to supplement the SS monthly check.
Is this how the break-even age is determined? or, would the person come out ahead doing this approach? Or have I made this more complicated -or simplistic - than it is?
If someone is considering delaying (beyond age 62) their Social Security, then by definition they don't need the money. So, why not take the money at age 62 and just bank the whole thing?
Even at today's low interest rates the funds will grow. Then, when the person hits whetever the target age is (e.g., 78 or whatever the official break-even age is), the person takes a monthly portion out of the banked SS checks to supplement the SS monthly check.
Is this how the break-even age is determined? or, would the person come out ahead doing this approach? Or have I made this more complicated -or simplistic - than it is?