This lesson is based off Chapter 27 of the text for Finance 418. Professor Bryan Sudweeks of Brigham Young University teaches this lesson. All lesson materials …
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I haven't watched it yet, but always determine how much money you're forfeiting by delaying from 62 to 63, for example.
If you do the math based upon a maximum of 8% SS increase per year, it will take 12 years to recover the money forfeited from 62-63 and taken at 63. So, that means you wouldn't get payback until age 63+12=75 years old! If you can't cover basic expenses with SS and other, then delaying is the only viable solution. Otherwise, taking at 62 is best.