It was anti-climatic.
After paying into the system 46 years, I applied for social security on the first day I was eligible.
The cat & my wife were witnesses. One snoozed & one snapped a photo to commemorate the moment.
Until the first payment arrived, I was half convinced the whole thing was a scam.
Thank God I don't have to live on that money. My full retirement age is 66.5 so starting early at 62 lowered my benefit $480 per month.
But I get 54 payments that will equal $70,000 between age 62 and 66.5. If I waited, I'd get nothing for 54 months.
It would then take 12 years of the "full" payment to repay the $70,000 I didn't collect for those 54 months of waiting.
So at age 78.5 I "break even" on my decision to take it early.
Here's why I'm taking it now.
* No guarantee I'm alive at age 66.5 or 78.5.
* 75% of something now is better than 100% of an unknown later.
* No guarantee the feds won't lower the disbursement or default.
* Real inflation of 10% (ShadowStats.com) will negate the extra $480 of purchasing power far before age 66.5, let alone age 78.5. Today's dollar will buy far more than future dollars, even if those future dollars are numerically "more."
Life is but a dream. One day you're a teenager & the next you're an old age pensioner.
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