I did not start collecting SS when I turned 62, as I don’t need it, even though I retired at 60. My wife and I both have significant pension income. But when one of us dies, the larger the SS payout, the better off that person will be. If I wait until 70 and die at 69, I’ll be too dead to care that I never got a dime. Had I started at 62 and live to be 90, I’d definitely care that I have a much smaller monthly check vs having waited until FRA or 70.
The surviving spouse gets only 50% of the dead spouses benefit...............
The assumption was system solvency. With Trump and his successors in power I have hopes for the system.
I don’t understand the concept of Full Retirement Age. You can start drawing anywhere 62 to 70 with payments going up about 8% a year. Oddly some years seem to go up more and others less. It seems like a way to keep sheeple working longer.
If you live in a state that doesn’t evaluate assets for food stamps, and your other income is low, it may be beneficial to delay payments so you can claim that and other benefits for a while.