Also important to check (IMO) the “break even” point by comparing your benefits at various ages, and taking into account that you actually are receiving the money much earlier.
For example, if your benefit at age 65 is $2,000/month, your “full retirement age” of 67 2/3 gets you to $2,200/month...
But for 2 years and 8 months you would receive $2,000 per month so would have gotten $64,000 by the time you turn 67 2/3 by starting at 65.
PLUS.... if you die before turning 67 2/3.... you will get ZERO if you wait until then to start drawing.
The biggest consideration for me, and many others, I expect, is that you need the employer’s group health insurance, until you can get on Medicare.
“The biggest consideration for me, and many others, I expect, is that you need the employer’s group health insurance, until you can get on Medicare.”
The Democrats are trying to move Medicare to age 60. Not sure that is good, but make the enemy live up to its own book of rules.
Absolutely! And the earlier you retire, the bigger "haircut" you get. The decision on when to retire can also be uncoupled from when you start taking SS benefits. So, if you have investments & savings outside of your IRA, 401k, or similar, and you can afford to do so, putting off your social-security benefits can help if you plan to live a very long time.
Alternatively, if you don't have longevity in your genes, or you're already in not-so-good health, taking early can make better sense before you go "toes up".