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You are probably better off taking payments now, because when you reach 65 you already have money in your pocket, especially if you are in good health, because it will probaly take 8-10 years to catch up to your payments received by waiting til 65 to start receiving payments. Example. your payments at 62 are $800, payments at 65 are $1100.00. At 70 with the 62 payments you have received $76,800, At 70 with the 65 payments you only received $66,000. You will break even at age 73. Determine what your life expectancy is, take into consideration your current health and your current financial status. If you can afford to wait and expect to live longer than 73 you might want to wait. These are rough numbers and you need to put your own numbers in to determine your break even, but you get the idea I hope. Quicken is a good sight that could help you as well. Good luck in your determination and happy retirement.
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