I have talked to several "financial consultants" and more and more are saying to start SS sooner rather than later. It all depends on what the difference is in what you get at 62, full retirement like mine @66, or 70. But Caustic is right, it takes an average of 8-12 years to "break even", less money at 62 but you will be ahead of the game until at least 72 or so. The thing of it is, a couple of advisors ; and interestingly enough they are all women, have said to take it sooner and take less than to wait. They have all said, what if you die at 70 or even 80.... and if you take it and still work some, then you will have a better quality of life while you can enjoy it.
I sat down with the SS lady before I turned 65 to get some advice, and figures and because of the medicare part A sign up. She said she could not give me advice, but could give me all the options and that I could make up my mind as to what would benefit me.
My family is long lived... lots of 80's 90's and some 100's. So alot of years on SS that by taking it sooner, I would eventually get less than if I waited and took it later and got more. But, how healthy will I be and how much will I be able to take advantage of the increased amount?
What if I die at 80? How much less would I get total? I have opted to take it "sooner" , not by alot, but I don't have a very big 401K at work either and that I am trying to not touch until I have to. I am still working some, and my SS is 2/3 of what I made monthly on average, so I am actually a little better off now. I have a good supplement ins along with my medicare and am paying less than I did while working and have better coverage with next to no deductibles.
If you don't need the SS, I would still take it, put it in a Roth IRA and put it into some investments that are not too risky. Then if something did happen to you, at least that much would not be forfeit back to the gov when you die.
Our Gen mgr retired at 65, thinking he was doing things right as advised. 4 months later he dropped dead of a heart attack and it financially hurt his wife's income for the future. He had been talking about starting his SS sooner and was advised not to.....He would have had some of that extra put away if he had.
I live very modestly and don't have any real desire to do alot of traveling, but a few places I would like to see. I can do that on what I am bringing in with part-time work and SS. My cattle income is extra, although not real great amounts. If prices go up as I think they will do in another year or 2 then I will sell down at least half of mine and bank that money. I also don't have grandkids to spend money on, but I was not brought up to spend money all the time either. Right now I am saving a little of the SS and I have spent some on some things I have wanted rather than wait.
I am not sorry that I started mine a little early, and think I should have started it sooner.