Originally Posted by
Jetjok
If you were born after 1959, your full retirement age is 67. So if you elect to start receiving benefits prior to that, you will receive a reduced benefit, based on your age at the start of receiving benefits. If you can afford to hold off until your full retirement age, you will have done very well with that "investment."
Retirement at age 62 vs 67 - 30% hit for early payment: assuming zero interest rate for time value of money, the break even point is 78yrs 7 mos. Assuming a 5% interest rate, your break even point is right around 90yrs.
I don't think that I'll live to be 90.