Originally Posted by
DiabloScott
It's better to actually do the analysis. Figure out the date at which the total payout from the early/smaller choice equals the later/bigger choice, and then decide if it's worth waiting.
eg: $2000/month now at age 62 vs $2800/month starting at age 67, both equal about $400,000 total at age 78. The longer you live, the better deal it is to wait... assuming you don't need the money. This doesn't include the value of investing the money you don't need. I'm tempted to start now and fund an additional IRA with it, maybe buy my daughter a house one day.
He's talking about collecting while still working. In that case he would also need to figure whatever taxes might affect him and the penalty for collecting before his full retirement age.
In my case I think they subtracted around $3k from my SS the first year because I worked for part of the year.