[If you live to the average life expectancy] for someone your age, you’ll receive about the same amount in lifetime social security benefits.

It doesn’t matter if you choose to start receiving social security benefits at age 62, full retirement age, age 70, or any age between.

The amount of your monthly benefit, however, can differ considerably based on your retirement age. You can get lower monthly payments for a longer period of time or higher monthly payments over a shorter period of time. The amount you receive when you first get benefits sets the base for the benefits you’ll get for the rest of your life. You’ll get annual cost-of-living adjustments and, depending on your work history, may receive higher benefits if you continue to work.

Life expectancy is the average number of years a human is expected to live. At age 62, life expectancy varies due to many factors including current age, gender, race, and geographic location.

The average life expectancy for a 62 year old is 21.2 years.

At age 62, females enjoy a life expectancy of 2.84 years longer than males.

Life expectancy at birth is also a measure of overall quality of life in a country.

Bottom line:

If you start receiving social security benefits at age 62 at the reduced rate of 25% and live another 21 years until age 83 you will get the same amount of social security benefits as if you had waited to get full benefits at age 66.

Its all about how long you will live. No one can know this except God.

So lets say you die one month after turning 66 after receiving your first social secuity check for the full benefit amout of $2000..

Did it matter that you retired at age 66 with full benefits?

Yes it did because you only received one check for say about $2000 dollars.

If you had retired at age 62 and received $1500 dollars at the reduced rate of 25%  for 4 years you would have received $54000 dollars between the age of 62 and 66.

My advice is don't wait to retire at the maximum retirement age. Retire at age 62 if you can. Don't wait.

You don't know how long your going to live, only God does.

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