Quote:
Originally Posted by BarryRX
I agree completely! I started taking my benefits at 62. When I did the calculations, my breakeven point was 81 years old! I would much rather have the extra money now while I am still vital enough to enjoy it than to a) die before the age of 80 or b) not be able to enjoy it at that age. I also figure that if a few hundred dollars a month will make a big difference to me at age 80, then my retirement plan hasn't worked very well. I just figured that if I am fortunate enough to live to age 80 (neither of my parents did) then I probably wont be going out as often or traveling as often.
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I highlighted an important phrase in your statement above.
Assuming it is actually extra money! Meaning it is in excess of what is
needed to pay regular bills and expenses... today and tomorrow!
The other side of the issue is: One lives to be old and runs out of money and does not have enough income to make ends meet.... IOW pay the bills!
It seems that only a few people realize they can reassess their situation each year, from 62 to 70 to determine if "now" is the time to take it, based on how their financial situation in retirement is turning out.