Who told me that?
The Social Security Administration told me that I will die when I am 83.3 years old...most likely anyway. That is an estimate based on records of people who have died and who have not yet died in the USA.
It seems quite accurate but of course there are anomalies such as 1 out of 5 of those men born on November 27, 1950 will live to be 90 years old, one out of 10 born then could make it to 93, and some will die earlier than predicted.
The penalty for taking social security early say starting at age 62 is 7-8% a year up to your full age of retirement year.
For those of us who are born between 1943 and 1954 the year of full retirement is 66 years old. The age changes as the time passes.
The opposite holds for those who wait to collect until the last minute when they are 70 years old. From the actual full retirement age, say 66 years old until they collect, they earn an extra 8% a year.
That can add up to a good amount especially if you are easily earning money as you are working or collecting money before and into your retirement years.
In any event until it hits you in the face that you feel that you should start collecting Social-Security then don't bother jumping into it unless of course if you have health problems.
Then you might die earlier. Oh What a horrible thought! But that is the way it goes like it or not.
So make a wise choice about when you will take your retirement.
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