I recently read a blog comment regarding Social Security that read:
I went to the local Social Security office at age 62 and asked them two questions. Can you guarantee Social Security will be here in eight years? Can you guarantee I will live another eight years. The answer was, no. End of story, I started my Social Security at age 62.
Let’s be clear, Social Security is not going anywhere, ever. If anything, there will be gradual, albeit modest, increases in the benefit in the years to come. Despite its current fiscal state in need of fixing, it will be fixed eventually.
As far as living goes, who knows, but at 62 the odds of living to age 70 are pretty good. But that isn’t even the point. The goal is not to maximize the total you collect in Social Security, but to maximize the monthly income Social Security generates when you need the income the most.