No. of Recommendations: 32
If you have significant medical issues, then taking at 62 may make sense for you.

My mother lived to 91. My father is 93 and still going. My grandmother died at 94.

I had no significant issues at age 62, but decided to start collecting then anyway. That was five years ago, and suddenly I have issues, and they are compounding. Does that mean I will live until next Spring or the next decade? I have no earthly idea, but I'm glad I started taking when I did, even though I didn't need it.

I have noticed that once (most) people are 85, they have little use for "extra" money. They're not taking the yacht to Bimini, they're not buying a new car every two years, they're not putting an addition on the house. The only use for it seems to be to collect it and then hand it over to the nice people running the retirement or assisted living home. So if "breakeven" is 82, you don't really have a lot of years to spend that "extra" income.

Personally, I'd rather have it now. First, I'm sure I'm alive and can get it; second, I'm sure I have better use for it now than I will if/when I make it to 87. Those few extra dollars won't buy much once you're in the nursing home; the bingo games are the same for everyone, and you can't buy an extra chocolate drink at dinner, so what are you going to use it for, flowers at the gift shop that's open on Tuesdays from 2-5?
 
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