Most retire when they financially can. Some earlier then others but SS in its design is only suppose to make up 40% of your income needed at full retirement age at 67 based on your history of earnings over the years. Taking it early means you have planned to have SS make up a very small portion of your earnings or you think you will die before making it to full SS age.
Not too many like SS especially those that have the means in which they could have used the contributions through their life to turn it into greater amount then what social security earns.
Like I said earlier raise full retirement age to 68, keep the 62 early social security retirement if it makes you happy but greatly reduce the early withdrawal benefit entitlement. Simple way to minimize impact on people while helping it to continue to exist so that you may receive your entitlement in the program. Maybe cap the amount of the benefit to the full retirement benefit and not increase the payout for the late/delayed retirees.
There is a disability portion of the 3 tier program.
Income replacement at old age (retirement)
Disability So if you are unable to work to the early or full retirement age you get your benefit.
Another tier of the SS is survivor benefits. That’s not changing either.
What is happening is the whole program is paying out more than it is taking in. So 2 options if you want to continue to get the full payout is to payout less or take more money from the people. We are pretty much going to have reduced benefits in 2031 or 2032 and I would prefer either shore it up by debt spending like where the military and veteran services gets its money or have reduced benefits for early retirees and raise the full retirement age from 67 to 68 and cap the max payout at the full retirement age level rather then letting it continue to increase up to 70.
It makes the best financial sense for many to delay taking it until at least full retirement age unless you have a family history, genetics, or past mistakes in your life that might cause you to die earlier then the expected life expectancy that we currently have.
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