For some people, retiring at 62 is the smarter option
Assume you have two men, both the same age, with a life expectancy of 84. The Social Security income of the first man at age 62 is $1,000 per month. The Social Security income of the second at age 70 is $1,320 per month. At age 84, the first would have received $264,000 and the second would have received $221,760.
Let’s assume they live to age 94. The first man would have received $384,000 and the second would have received $380,160.
It is clear that the middle-class family with one wage earner should collect Social Security as soon as possible. To the upper-middle class having two wage earners, there may be an advantage to the delay. The article in The News on June 9 from the New York Times was clearly written with the upper class in mind.
Robert E. Nicely