I always include 100% SS for input into retirement calculators. But in my situation, it probably won't make any difference.
Maybe someone here could answer a nagging question for me: SS is a life annuity that can begin at age 62, age 70 or anywhere in between. Is the NPV of these different annuities the same, regardless of what age it begins? Or is there an extra penalty for early SS and and extra reward for late SS? Thanks.
I think this is a pretty good discussion of that question by Mike Piper:
Social Security’s Actuarial Neutrality
For an individual person trying to decide whether to claim benefits now or later, there are numerous factors involved, which almost always sway the decision in one direction or the other. That is, there usually is an option that is likely to turn out better than the other options.