The Early Bird Does Not Always Get The Worm

     For most people, a few hundred dollars more a month won't make any difference in their standard of living.  I am not one of those people, living at or below the poverty line for a very long time.  Several hundred dollars more a month makes a huge difference in my standard of living.  That extra monthly money is the main reason I waited until age 66 to start drawing Social Security benefits.
     The Social Security Administration goes to great length to insure that regardless of when retirees claim Social Security benefits they will be no better or worse off..  Those claiming at age 62 will receive more years of benefits but at reduced rates.   Assuming a 62 year old's life expectancy is equal to the current actuarial table, the amount of benefits they receive will essentially be the same as those who wait until full retirement age to start drawing benefits.  If you live past 78 you will gain money.  If I live to 82 I'll receive around $50.000 more by delaying until age 66 to start drawing benefits.
     When to claim Social Security benefits is an individual thing but I fell early claimers are not being rational.  They seem to think "Oh I can stop working".  Maybe they don't do the math or maybe they really need the money at age 62.   One way to put Social Security on a secure path  would be to make claiming  benefits at age 62 only available  under hardship conditions.  In reality, it's your money so you should be able to do with it what and when you want.  In the end I'm glad I waited until age 66 to start drawing social security benefits.  In my case my bird waited and caught a bigger worm.  Hopefully my worm will outlast all those littler worms caught by all those early birders.