If your retire at 62 you set that amount for the duration. It is currently at 75% of what you’d get at 66. I would note that it will take you 12 years to come out ahead waiting on 66. You can fare a lot better if you wait until 70, but then you have to be sure you’ll last that long.
For me it was a no brainer. I took the 62 because I’d never live that extra 12 years.
The only thing you have to consider is how much earned income you might make until 66 if you take the 62 option. The bastards take back $1 for every $2 you go over their magical amount. The last year before 66 I think that goes to $1 for every $3 over their limit. There after, the income cap is like everyone else’s.
But I repeat, if you take the early options that amount is set for the duration, except for COLA raises when they happen.
I took mine at 63 mainly to reduce the amount of bucks I would have to withdraw from tax sheltered accounts to get a living wage.
I am single and they F&&K you hard so I play the tax avoidance game. The main thing is to live well and avoid the tax man.
For example I pay taxes on 85% of my SS, thank you Bill Clinton, I also pay taxes on 100% of my account distributions. Next year I have to pay the minimum Income Tax on my differed savings.
I am setting it up so that it is going to be a zero sum game.