Do you collect at 62 or wait for a later age such as 66? Here is an article from the New York Times with advice on when to collect. One example given is a person starts collecting at either 62 or 66 years of age, and describes the break even time between the two. According to the article that time frame would be about 12 years from age 66, or age 78, until you caught up with the amount you would have received if you started at age 62. As mechanics it seems we tend not to live long into the golden years, (I have no actuarial table to prove this only what we see from our retiree group), and that is why I generally hold the position that collecting as early as possible is a smart move. The article however states that since there is no hedge for inflation with this type of plan holding off as long as possible is perhaps the best way to go. While I have given my opinion to many of you on this issue, as always I suggest you sit down with a qualified financial planner to get direction for your own personal situation.
