This from the guy who says to wait 'til you're 65 to collect S.S.. If you take it as early as possible (62), you will be 90 for the break even. Dumbest advice I ever heard.
You mentioned that your financial advisor told you that.
If I die before 67 I will not be missing anything. If I live to be 90 the extra monthly pay out may well be worth it. One size does not fit all.
look up the average life span of the American male.......actuarial tables can be your friend.
I agree completely it may make good business sense to take social security at an earlier age (maybe) I still can't take it with me so what matters?
It matters how you live in your later years.....unless you just plan to be a homeless beach bum. People do have to eat and wear clothes. But I guess begging is in your plans.
70. Is the maximum age that benefits increase.
Yes, but I was referring to 62 vs normal full retirement age which was 65 but is increasing every year.
I think what you are trying to say . 78 is the break even point, if you took it early. Instead of waiting to age 70.
It also depends on tour other income. If you plan on taking it at age 62. Work a part time job and collect a pension. They will tax your social security.
What I'm trying to say. Their is a different correct answer for different people.
you can also take the money at 62 and invest it till your max age and then pay back all the principle to SS and then reapply and get the full benefit .
