I don't like the above method of viewing lifespan. Ex: if you live to 65, you stand a good chance of living to 80.
We can state it another way. Men stand a 20-30% chance of dying before 65 (United States used to be 23%, is now 25%) , and once age 65, a 50% chance of dying within the next 17 years. Quite frankly, those are terrible odds.
I bring this up, because Social Security bets that you won't live. SS will state that about 4% of retirement age people never see any benefits. Such a lie. About 25% of men never see any benefits because they DIE early.
Well now, isnt that a depressing way to look at things! *LOL*
I don't know how most people stand on the second part and if they dont agree with me that is really fine, we all do what we do but as far as the Social Security thing and when to collect, well this is why I say to others do the math yourself because the media/news is just entertainment, actually broadcasters have no idea what they are saying, they are reading a script designed to attract attention for advertising revenue.
This is just for me and of course others, at the same time I certainly respect others who do the opposite.
I have worked my entire life, started around age 12 as a paperboy. At 16 I started working for a company and contributing to the Social Security System each and every year until the age of 62 (and also 65 more on that) So for a solid 46 years, every week I have been putting money into my Social Security Account and once I was eligible to take it out I started, right at age 62. I mean why not? Its my money and if I die early I nor any of my family get the money.
I want what I put into the system or more back while I am living. Simple as that. If I dont spend it, I could invest it my way and the difference between collecting later at 67 or 62 becomes almost irrelevant.
I want my money back while I am living and while I can spend it, its very true, some people dont make it to 70 by me taking it starting at age 62 instead of 67, if I took it at 67 and collected more money per month with full benefits I would have to live to around 80 before I was at the breakeven point by collecting at 62.
Using a generic number if a person was collecting $2000 a month in Social Security at age 62 by the time he/she reached full retirement at 67 he/she would have collected $120,000 for those years in-between and it would take living to the age of around 80 to make back that $120,000 in full retirement age of 67.
If I die early, Social Security keeps my money, my family doesnt get a dime. So by taking it at 62 I am not gambling that I will live to a certain age 78 or 80. To me it really is gambling.
Ok, So at 62 I started collecting Social Security but then I still had health ins costs as Medicare doesnt kick in until 65. I took a part time job at a bank that paid my health ins and left that job at 65, incredible benefits even part time at nation banks. Honestly I like working, loved working in a bank but the bank changed things around in which my Mon to Fri 5 hour work days (and the entire branch) were also now to work once a month on Saturdays at another branch, it was time to exit.
SO here I am still alive, getting health care at almost no cost (even though I contributed to that my whole life as well) and living good.
Now about that extra $120,000 hmmmm that's getting close to a good used light aircraft isnt it? *LOL* (just kidding around)