Just curiosity......How much do they pay at age 62 vs. 65? Is that the max. they would pay is about $1,600/month?
Each year you delay, it increases the payout by 8% per year until age 70. It depends, but general rule of thumb is that taking at age 66 will pay off if you die before age 81, if you live past that, delaying and getting a larger payout for the rest of your life is attractive. If you continue to work prior to age 70, and earn above (I believe it's about 34,000 per year) a certain amount, there is tax on the SS, based on your income. If you continue to work, and draw social security, in many cases it pays to delay the SS, and let the amount increase. There is also strategies that involve taking the spousal benefit, while delaying your benefit. It's not as easy as saying take the money and run. Life expectancy is important, and none of us know the date we're going to die, unless we plan on it. I must say, I'm not an accountant, I'm not giving anyone "tax advice", please consult with your tax expert. If you earn enough, you should use a good accountant, and not do your own taxes, unless your return is that simple. Not every one is the same, circumstances, health, income, savings, retirement accounts, pensions, etc. all play a part in a successful retirement plan.