Thanks for that post, Sycamore. I began drawing at 63 (wanted to do so at 62 but was still earning a little consulting money on the side that put me over the earned income limit that year.).
When I first sat down with my current financial manager several years ago, he asked "when to you plan to take SS?" When I answered "62", he said - "Thank goodness, you saved me from having to have to talk you into that!"

I really disagree with the earlier point that "really needing the money" is the only valid reason to take SS early. On the contrary, NOT needing the money is one of the very best reasons to take it as early as possible.
First - If you don't need it at all, and just invest it in equities, your expected value over time will be higher, because the market historically grows at much better than the percentage you realize leaving your SS with Uncle Sugar."
Second - If you're just going to use it to have fun with, money is a lot more fun when you're younger. The way our bodies start to degrade with age, an African safari may be a far more enjoyable event at age 63 than at age 68.

Lastly, ALL of the SS planning tools you see, and ALL that have been used to illustrate different folks' personal feelings about when to take it, have a common assumption - that the DEAL with SS remains unchanged. I contend this is highly unlikely.
As someone pointed out earlier, SS goes [insolvent] in 2033 (not really "belly-up"). What is the government likely to do to keep it working? They could increase the taxes on those not drawing it yet, or raise the age to be able to. But by far the most likely thing they'll do is legislate a "means test" to it. This is the easiest thing for a politician to NOT get voted out of office for as it is pretty easy for politicians to create "class envy" and convince most people that those who can live without it really don't deserve to get back any of that money they paid into it over their lifetimes.

So I took it early to:
-Get in the club early to already be an established member (grandfather clauses) when/if they start means-testing it
-Use it to have more fun with it while I'm relatively young.

Even if you think the entire decision process is just trying to maximize the money you make in your lifetime (versus maximizing the fond memories you'll have on your deathbed) the uncertainty of SS's future should be a consideration in your decision.

Cheers,
Rex

Last edited by TRexF16; 03/17/24.