[Crowbob]

If the goal is to maximize lifetime benefits you need to determine how long you're going to live. Not how long you plan on living but how long you're actually gonna be pushing air in and out on a regular basis. That is the bare bodkin. Nobody knows exactly how long they're gonna live. But, if you're honest with yourself, are aware of family medical histories, your own lifestyle choices and other factors, you can get pretty close.

For most people, the longer you live, the more advantageous ON A TOTAL LIFE-TIME INCOME BASIS, it is to wait. However, for tax purposes, for spouse purposes and lifestyle choices it may be better to draw early.

The break-even point AGE-WISE varies but if you're gonna be around until about 85 years of age the differences ON A TOTAL LIFE-TIME INCOME BASIS are minimal. When you draw will be pretty much a wash.

If you're sick, hate your wife (and/or eligible ex-wives), want to pull the plug before age 85 draw ASAP.

Be advised, the age-85 point is an estimate. Also, believe it or not, longevity in the US is DECREASING. In addition, if there are no exes or dependents, what you dont collect-nobody collects. It goes away. It's not transferable, IOW wasted.

It seems a reasonable strategery to collect up front, distribute the money to the kids via gifts and what-not or amass a larger estate to be passed on to the heirs which is not taxable until about $5M.

Also, SS retirement is taxed as regular income. But generally, if you do not work (which increases the taxable benefit amount) 85% of SS is taxed at your unique marginal rate. If you do draw early, be sure to have SS withhold at minimum 15%. That way, the checks that come in the mail (or magically appear as numbers in your monthly bank statement) ends up being 100% discretionary spending. WooHoo!

Finally, there is much discussion about how long the scam will be around. It's pretty much a given (IMO) that it will be here forever because its a ponzi scheme to the benefit of the SSA (and what's good for SSA is good the the US-but not necessarily good for your kids).

They will get theirs eventually, but it will be practically worthless.