Does it really make a huge difference at which age I take my social security?
You can also take early benefits at 62 which is a lower monthly payment, or wait until age 70 or 75 and get more per month.
But let's say I retire at 62. And to be clear, social security will NOT be my only source of retirement income. I have a pension and a 401K.
The way I see it, if I take early benefits at 62, I'll get a lower monthly check than if I take them at 67 but I'll get more checks in my lifetime.
If I wait until 70 or 75 then I'll get a higher monthly check but fewer of them in my lifetime.
Unless I live to a significantly older age than the average person, would my lifetime social security earnings really change that much based on the age I choose to collect benefits?
If choosing an age besides 67 means either more smaller checks or less bigger checks, would I do just as well over the course of my retirement years to start collecting at 62?