I'll share my experience to give you some food for thought. I started drawing my SS entitlement at age 62. The simple math at the time showed a net loss for me would not occur until I were to reach age 72. As a van O/O, I took advantage of the generous IRS deductions and never saw a net profit that met the maximum SS earning penalty which was $17K + at the time. When I started to draw early SS, I was fortunate to have been financially stable enough to not need the SS money so, in lieu of spending it, I invested it. Meanwhile, At age 65 +, I started a salaried position so, each year I continued to pay SS taxes. Each November. I received an SS notice that my monthly SS payment wound increase by a few dollars. In addition, we usually get a small COLA increase each January. Therefore, the SS money from 62 to 65 plus the investment earnings will not be less than that which I could have received at age 65 until I'm in my 80's.
In summary, If you don't need the money at the current minimum age, do the math and consider a plan to invest the $70,000+ in an instrument that will benefit you later.
In summary, If you don't need the money at the current minimum age, do the math and consider a plan to invest the $70,000+ in an instrument that will benefit you later.
