You should take SS at 62

[foxfirev5]

What happens to my Social Security benefit if I retire early?

If you are high earner working from 55 to 66 will not raise your SS by much All you will do is pay taxes to fund someone elses SS.

But waiting from 62 to 70 that WILL raise your SS by a ton.

So quit working early and take SS late my friends or get screwed by the system. I think in the way SS program is extremely favorable to high earners quiting any time after 50.

By today's rules. Just sayin'

 

[eta2020]

This is how it worked for 50 years. You have 2 "Bend Points". Google it.

High earners pay benefits of low income people...at some point. This is how it works in almost all developed countries.

If you make your plans based on videos of Senator Cruz .... Good luck to you sir!

SS administration does not have the problem since most of the high earners drive BMWs and live in McMansion hence they will slave till 65 Getting minimal return on their investment as far SS goes. Better yet they will slave till 62 and collect SS at 62 so they can get screwed

 

[daylatedollarshort]

Many factors impact longevity insurance. Total retirement spending vs. retirement income is probably a much bigger factor overall than when to take SS, since basically the age tiers are meant to be actuarially neutral.

Twenty percent of the millionaires in The Millionaire Next Door were retirees. I don't recall when to take SS as being a big factor in that book or any of the successor books. The big factor in having enough money was usually a LBYMs lifestyle.

Our focus is mainly on trimming expenses that do not lower or maybe even raise the quality of our lives. We can control expenses. The best age to take SS is really unknowable in advance since none of us know how long we will live or what changes for the program and income taxes the future may hold.

 

[folivier]

Just had a sit down with my CPA about taking SS at 62 starting next year. I will still have just enough earned income for a couple more years to kick in the SS penalty if I start at 62. The difference between 62 and 66 is $600/month according to the SS estimate.
So looks like I'll not start at 62 but continue to look at it each year. But I will move about $50k from IRA to taxable account until I do start.
And we'll probably start taking DWs SS when she reaches 62 in a couple years.
I had always planned to start at 62 but with the above info it doesn't make sense to let the penalty kick in.

 

[mathjak107]

it all depends on how much damage is done by potentially spending down invested assets to delay instead off ss.

spending down in a down turn may make delaying even a poorer choice.

will your wife be giving up an adder to hers if she is collecting while you delay ?

in our case my wife gives up an additional 2-3k in spousal if i delay to fra.