[for TOTV lawyers] For an actual decision, a person needs a comprehensive personalized model or analysis of all income sources, all assets, all liabilities, and expected expenses, and the behavioral answer to the question: "What monthly level of income are you satisfied with that you are not willing to wait any longer which you can live on and keep your lifestyle" which is based upon the after tax income for spending. [/for TOTV lawyers]
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Thanks for those numbers. I am more interested in the full retirement age (66 and 4 months) vs. age 70 scenario. When I ran the numbers assuming 2% COLA but no investment return on the money, the benefits would be equal at age 81. Assuming 5% return on all benefits (as an annual rate applied monthly) pushed the age out to 87.
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For the TOTV debaters for the TOTVs stuck inside due to the cold: All depends upon your age, your starting point in the SS benefits table, your income and your assumptions, whatever you think your future will be.
The previous answer i posted, does not include any personalized assumptions such as:
working for or living on income from other sources for
an assumed investment rate of return to be invested of benefits,
Medicare deductions
a tax rate of the other income,
a combined tax rate with other income
a deductible mortgage
a bond with interest
lottery wins
real estate tax rates
lot size and view
Garage Sq footage, with out without golf cart garage
tonnage of air conditioner
nor the average temperature of the inground pool.
YMMV depending on which vehicle you pick for after tax spending, and I picked blue!