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Not only are you giving up those benefits in between age 62 and 70, you’re giving up what you could earn by investing that money. But beware of the effects of taxes. Yes, after a lifetime of paying social security taxes, you must pay income tax again when you receive the benefits. The effects can be complicated when you combine other income with social security, so be sure to consult a tax or financial advisor if you’re unsure how it all works.
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“…so be sure to consult a tax or financial advisor if you’re unsure how it all works.”
Yup!!
You should probably factor in the cost of insurance between retirement at 62 and receiving Medicare at 65..
Depending on your income level you may want everything paid off. Home, cars, credit cards. Cant have more money coming in then going out.