The old question if I should take SS early at 62 or wait till 66 from already retired guys point of view. I have finally got to that point in my life and have talked with many folks my age about this but it dawned on me that hindsight is 20/20. You guys that have already been there done that must have an opinion on this. Should I take it early and enjoy my T (see how I made it T related) or wait till Later. Later means more $ but less time to enjoy it. I learned as a kid the value of my elders advice. I have done all the research on SS and I know how it works and the $ difference. I always thought I would work till I just canít anymore but i am starting to rethink that now that my health is not what it used to be. But I would really like the opinion of those that have already made that choice. Thanks in advance.
While I decided to retire at 60, my plan was to begin collecting when I was 62. I saw no real monetary advantage in waiting to 65. The main factor was while I was/am healthy, you never know. My wife began collecting at 62 as well but continued to work. For that we took it up the shorts and she realized she preferred retirement once she saw what we paid pack to the IRS
If you listen to the money gurus the common theme is you should wait until 70 and have $500,000. or more in savings or investments.
I called BS on that and retired 2 years ago at 64. lived off my 401K investments for a year and a half then started drawing SS recently at 65. My SS normal retirement age is 66. Has worked out fine for me. Everyone's retirement and SS looks different, depending on your monthly needs, goals and portfolio. I looked at my monthly expenses and determined what would be adequate. One must keep in mind your health and have some provision for medical and care as well if the need arises. Medicare is great. However depending on your supplemental, may not cover everything.
(Message edited by azbob on September 27, 2018)
I will add that when I announced my retirement to the forum, I was regaled with comments such as; You'll go bankrupt, have a heart attack, get cancer, wife will divorce me, all of it taken with a grain of salt. Thankfully none of that has happened so far and we relish our retirement every single day
Off the wall reply?
I could have done the early SS route financially but back then I was 62 going on 39! So said keep going...
With the extra money I bought another T. Why? Oh just because...I had never had a Hack
At 65 I had my wits, put a little huffy on the heart and all the sons had moved a distance so the stemwinder 15 gathers dust...
At 67 I took a header from an 11 foot loft....knee cap exploded, inside of one eyeball still needs to be vacuumed once more. Took a year to walk again but driving the 19 Hack was #1 on my goal list. Set the garage up so I could awkwardly get up n down. Had an exhilarating experience when I drove around the block...goal achieved. Next day a bit of a car show...I have never been let down on the side of the road ever in 40 years of Ting...always got it home with roadside repairs. Yup, 2 miles from home it decided to conk and I couldnít get down and under because my leg doesnít really work for that kind of thing
All was not lost other than my pride, called AAA has wifey has the family plan, told them roll back tow, no problem he even got it in the garage when he unloaded.
The backstory to this is I havenít touched it since! Iíll get round to it someday Iím sure. Have I retired at 62, I still may have exploded my kneecap 5 years later, yet by then I would had 5 years in to total T.
Just a thought....
Iíll win this someday and that T and itís sisters will be ready!
Hope your own experience differs
I am 86. I started taking SS at 62. I am still active with our store, which my wife operates. I encourage those who "retire" or have limited income to take SS as soon as possible. You have to sign up at age 72. My health is good enough to keep me active with my interests. I hope to be around when my age is in 3 digits.
Life expectancy, financial situation and family concerns all have to factor in. I had every intention of waiting until age 70 but economics pushed me into starting around 66-67, I don't remember. At the time, I calculated I would not have been ahead by waiting unless I lived until about age 84 but the real impetus was simply that I needed the money. I'm 72 now and still working as much as before but some of the pressure is off knowing at least that much is coming in every month. If all you will have is SSI, wait as long as possible to maximize your income because even the maximum allowed doesn't provide the sort of life style most people woud find even marginal.
I retired at 70, and I'm glad I worked the extra years. Not so much for Social Security, but for the earnings I was able to save. I just wish I had done more saving when I was younger.
I thought when I retired I'd get caught up on projects at home in a few months then look for something else to do. Seven years later I haven't started looking yet.
I'm only 51 but trying to plan. This is the way I look at it. First you have to know what your number is. How much do you need to live on after taxes, Medicare, Bills, etc. Do you want to restore a 1909 T someday? That will take more money. So once you have your number then see what you would have coming in as of now (pension, Investments, A Model N no one knows about, savings, etc.) Then add in your Social Security at 62. If that meets your number go for it. If not something to consider is if you have health issues and continue to work now you still may be able to. If you retire and you decide to go back to work you may not be able. From me I have a 13 year old Daughter so I'll be working till I'm dead. 4 years is a short time to wait since most T owners seem to live into their 90's
I'm 73 and still working.
I began collecting at 66 because I want all MY money back ASAP!!!!
The past few years of working have been the most enjoyable in my career so retirement is not being considered.
I get bored and feel useless if I take more than 3 days in a row off and always have to have a project for long weekends.
Some days I would like to sleep in or just relax but the feeling passes quickly.
BUT --- I may change my mind after a couple glasses of wine tonight!
I will retire at 66. I would have retired at 62, however my wife is younger than I and still working, with the total HOUSEHOLD income figure being higher that the amount I can make with out being penalized.( for every $2,000.00 you make over that,SS deducted $1,000.00 from your Payment) which is already reduced by 75% at age 62 vs 66. You should speak with your tax consultant to see what works for you.
A few years ago a friend of mine did some math on this subject. He found that you need to live to 79 for it to be better to wait till 66. Dan
Since I was still self employed in my sixties, I waited because of the limit on how much I could earn from 62 to 66-1/2 (or whatever it was). I still more or less am, but my earnings don't affect my SS benefit now.
Dan, if your point is that 79 is old, I will be 77 in less than a month, so it won't be long before my decision was the best one....
There are lots of questions that only you can answer for yourself.
Am I happy (satisfied, rewarded, challenged, etc) with my work ?
Do I intend to remain living in the same area, or do I plan on moving to a place were there is no job market for me ?
Do I have things that I really want to do with my time after retirement ?
Are there things about my current job that I will miss ? Co-workers ? Challenges and rewards ? Mental stimulation ? Variety ? Future promotions ?
I attended a retirement seminar before pulling the plug. We were asked to write down things about our jobs that we might miss. I thought I was in pretty good shape and couldn't think of anything I'd miss. But sure enough, I had overlooked something. A month after retiring I had to go out and buy my own copying machine.
Will my wife be happy with me home every day ? My wife and I attended a retirement party some years ago. My wife asked John's wife what they intended to do after retirement. She replied, "Oh, John's getting another job." My wife replied that she hadn't heard John mention another job. Mrs. John said very emphatically, "JOHN IS GETTING ANOTHER JOB !" Sure enough, John got another job.
Will the retirement income be sufficient to do the things I want to do?
If retirement means spending down some of my savings, what is my life expectancy and will the savings last long enough ?
One more thing to consider if you are in my boat. Being retired Navy I have to sign up for part A and B medicare to keep my TRI-Care for life, If you are not drawing retirement yet then medicare bills you by the quarter $402 for your medicare part B my budget had been about $500 per annum for TRI-Care prime as Gomer would say Surprise,Surprise,Surprise!
If I was in that situation,if my health was good,and I had some stocks drawing dividends coming in to bridge the income gap, I would retire at 62 in a heart beat.You worked and paid it in,while you have some health,enjoy it.
I retired at 62, well corporate changes enabled an early retirement for me and I had grown far less happy with the job. With military retirement and savings, I could have delayed drawing SS but I initially thought I'd play a bit and then find a part time job to stay amused. A minor heart attack had me rethink and I decided to start drawing early and about that time I decided I had enough to do to stay amused without another job. Ten years later, my health is stable and life is good. My wife and I get along fine and settled into a routine at home where we know where to find each other but don't stay joined at the hip. Works fine for us and I wouldn't change a thing.
So, as mentioned above - current work environment, health, adequate finances, and family relationships all need to factor in.
I retired at 56. Just as soon as my pension was equal to my salary. A good financial advisor can make good returns on investments and stock portfolios. Start planning early. My wife and I are waiting til 65, that way she will receive 1/2 of my SS amount vs what she earned (much larger amount). Still don't have enough time to get my 3 Ts done. Too many houses, kids, grandkids and dogs to take care of. Don't know how I got anything done while working a full time job.
Keep in mind that if you take SS at 62 and your situation changes (change your mind, taxes, work, etc.), you can stop receiving benefits and begin SS benefits again at a later date/age.
So you'll have another 8+ or so years after age 62 before the mandatory SS and RMD's kick in where you can do this. If you're still working after that time, you will receive a letter from SS each January letting you know how much your monthly SS benefit has increased over that paid monthly the previous year.
Dick: Not saying one way or the other about age, just reporting what he found. Dan
I filed for my Social Security at age 62.5. I filled out all the paperwork online then they called me to verify everything, push the magic button, and I was in.
The lady who called me from S.S. was very pleasant. While she entered information in her computer she made small talk, saying that I'm very smart to take my social security early because I'll get a lot more money. I said, "Really? I tried to figure out which way I'd get more money but couldn't reach a conclusion without the ending date. You must have more information than I do." There was silence for a few seconds, then she said, "Nobody has ever said that to me before!"
John M. hit it on the head in his post above. Your health, family health history and financial situation should be the primary factors in deciding when to file.
it is important to plan for your retirement. Equally important is to plan your retirement. Two completely different things.
Took it at 62. Pay me now.
Scott there is no real answer to your question unless you know how long you are going to live. There is an age you have to live to in order to make the decision to defer taking SS the right one and since no one knows if they will get to that point all you can do is guess. Your current state of health and your genetic make up can help you evaluate things but it is still a crap shoot! All I can say is that if you need SS to retire take it. No one on their death bed ever said I should have worked longer!
My wife and I both retired the same day in 2012. Both 62, and both ready to retire. I had a 401K, she had a 401K. I did not bridge my income till age 66, I wanted cash money on hand in case Congress went tits up. The 25% reduction in money hasn't hurt me.I bought a new car, my Wrangler was 5 yrs old. Every bill, including mortgage was paid off. NO credit card debt. Paid cash for the retirement home. Don't retire with debt hanging on you. It will ruin your retirement.
My wife is 5 years older than I. We will wait until I am 62, file a restricted application, and my wife will then collect 1/2 of my normal check. God willing she lives to 70 she will begin to collect at her higher, 70 yr/old level.
Everyone is different. Having a pension or some sort of Annuity scheme or not, along with pre and post tax investments will weigh heavily on your decision, I'm sure.
Bedrock Capital had the very best calculator to investigate options but I now see that they were bought out and the calculator is gone.
Boggleheads seem to like this: https://opensocialsecurity.com/ though I myself have not tried it.
I retired at 62 and 10 months, Started collecting SS when I retired. I always planned on retiring at 62, as it was a goal of mine for years and years. Since retiring, I've started a new career, which is working on my Model T's.
One warning, once you retire, you will never understand how you accomplished soo much working. In retirement, there doesn't seem to be enough time in a day.... Life is short, how short, we don't know, so retiring early while I was still healthy has allowed me to enjoy life and continue till the good Lord states otherwise.
I had planned to retire at 62, started my military retirement at 60, started SS at 62 but worked part time ( laboratory management ) did that till the first of this year. My wife also retired at 62 and started SS, just got sick and tired of the hospital (RN).
We do well but had planned on an early retirement. Basically if you planned on it, do it.
My father, who is 93, comments how happy he was taking retirement at 62 because he's been getting it for 30 years. I haven't told him he would have made out much better had he waited. Every year you wait, your monthly payment goes up about 8%. However, he's happy with his decision, and there's something to say for that.
Ah, retirement! The money sucks, but the hours are great.......
Seriously, much depends on what type of retirement set up you have already.......if retiring from a company with a retirement plan, then you can probably pull it off. If you have enough in the bank to last for several years, you can probably pull it off...carefully. Might be worth it to stick it out until your SS amount is greater.
The wisest thing you could do is see a retirement specialist and get some consultation. They can give you an accurate idea, over the well intentioned replies from others.
And a word of warning: your local Social Security office is NOT a retirement specialist. Most do not even know the specifics of "filing a restricted application". Most will tell you it can no longer be done. The truth is, that it has been severely curtailed, but in some cases is still available and viable.
And another word of warning: if you work past normal retirement age, your benefits become larger each year that you delay. Social Security office will no doubt try to tempt you into taking a lump sum of 6 months retroactive payments. DON'T fall for it. Your remaining life's monthly payout will be permanently reduced to the amount you would have received 6 months earlier. There are no free lunches.
Another way to look at things:
Instead of asking much SS you get, try asking yourself if it is enough.
for those considering early retirement and are worried about the effect of truncating earnings against Social Security benefits, know that there are "bend points" in the calculation.
The first few years of working, your projected benefits rise at a steep rate, followed by a "bend" where your projected benefits rise at a lower rate. I don't recall exactly where, but somewhere around 30 years of working, the final "bend" becomes very shallow and your projected benefit hardly grows at all. The extra years of work add little to the benefit.
I started drawing at 62. No regrets.
Logon to SSec and get your payouts at 62, 66, 70, and any other year your interested in..
Then make a spreadsheet to determine how much you will collect at each start point, and calculate how long after each age you will have to go to break even and how much additional you would make each year after..
Then decide where you will get the similar amount each year you wouldnít take it. Remember 401k withdrawals are taxed.
Do you need or want to use the money now, or forgo and hope you outlive your break even points ?
We took ours at 62.
Another thing to be aware of is your Medicare part B cost at 65 is based on your total income (including SSec, pensions, and any 401k withdrawls) 2 years prior to your filing for Medicare.
My wife and I retired from teaching at 55, living on our teacher pensions. At 60, we'd dip occasionally into our 401K's which are still healthy. At 62 we started taking Social security at the recommendation of our CPA. We saw no value in waiting and have no regrets. We're 69 now and enjoying retirement. There is more to life than making just a little more money...
AMEN to that
There is a devil in the details when considering retirement. Debt. Donít even think of quitting your job unless you are debt free. Thatís mortgage, car loans, student loans, credit cards or any thing that you donít have full ownership. Remember, every paid off debt is a tax-free raise.
Bottom line is this: no one knows the answer to your question. There are too many variables both known and unknown to be absolutely certain of making the right decision. No one on knows what a dollar will be worth in ten years. No one knows how long you will live. No one knows what medical expenditures you may have to bear. Fire, flood and on and on. You have to assess your particular situation as best you can based on what you do know, consider the averages on what you don't know, measure the amount of risk you are comfortable with and go from there. Your decision may be the best thing ever or an absolute catastrophe. Only time will tell. I will leave you with those words of comfort and wish you the best.
Both my wife and I retired at 66, which was a year ago. We took advantage of a little known rule that allows my wife to collect 50% of the amount that I collect. That equaled about $120 less per month than if she collected social security directly. When she turns 70, she will then start collecting social security directly, and because she waited, she will collect about $600 more per month, for the rest of her life. Most couples don't know about this rule, and Social Security will not tell you about it unless you ask. Assuming a normal lifespan, she will collect tens of thousands more that she would have if she just starts social security at age 66.
Going way back to Scott's original question - I think he is really asking should he retire. My choice was a resounding YES! But then I had many interests and things to keep me busy. Some have little life outside of work and see retirement as taking that away from them. There is also the loss of "face" when you are no longer a ______, just a retiree. It's a choice you have to make for yourself.
Many of the folks on this forum are older, myself included. You begin to realize that with the passage of time your ability to do certain things becomes limited and life changing events are almost a certainty. You must ask yourself would I be happier at work today or for example, Driving my T down a country road viewing the fall colors? Me, I enjoy the freedom and opportunities that retirement allows. After I retired people told me that I looked years younger and smiled a lot more...leaving stress behind will do that.
Can you afford retiring is one of the big questions, and it is very scary to take that jump from your working income to retirement. If you have planned ahead and have some savings and like Stan said, retired most of your debts, you should find that your retirement income does the job. In my case, I still have a mortgage and since retiring we've financed three vehicles without ending up in the poor house. You can make it work. Life is good...retired life is better. Get out and enjoy it while you can.
Tim J. summed it up very well.
I'll just add that retirement isn't necessarily a one way decision. If you find that you are coming up a little short financially (want to buy a new car, for instance), there is always the potential to get another job temporarily.
We have a family member who, along with her husband, decided that they wanted to make a grand road trip around the country. But the adventure promised to be a bit costly. So they both got jobs at Walmart for about 6 months. The jobs turned out to be fun and they put together sufficient dollars to realize their goal. They're about a month into their adventure now and having a ball.
I retired at 63 - "full" retirement was 65. The people at Social Security were great. The person with whom I spoke said that by taking it at 63 there would be an 11 year "break even" point; I would have to live to 74 before I would come out ahead by waiting another two years. My father died at 63, his father died at 64. I'm now 73 so am still ahead at this point. Fortunately SS isn't my only source of income (if it was, I'd still be working). My advice would be to have an honest conversation with yourself - ask yourself how long do you really think you will live? Sorry, but if you smoke and are 75 lbs overweight, you probably won't make 85.
Stan's advice about debt is good, but I think there are exceptions. When I retire - maybe in the next couple of years - I'll likely have a few more years to pay on a mortgage with an interest rate of 2.99% That doesn't bother me at all, and that interest is tax deductible. I can do better than that by leaving that money invested elsewhere. The last car loan I had was at 1.99%. I'd feel the same about that even though that is not deductible.
Credit cards, student loans, etc - they absolutely should be at 0.
I'm about to be 50. The plan was to retire at 62 using my 401K as the basis, then take SS at 67.
But...I just became an owner of the 40 year old business I've worked at for years. So that's sort of thrown everything out the window, partly because my savings is now almost all tied up in this business.
The potential is there to retire much wealthier than I predicted, but only if I sell this family owned business. I was given the ownership opportunity by the founder partly because he didn't want to accept one of the many offers from the big corporations because of what it would do to his long-time employees.
Corporate buyouts of long-established family-owned businesses almost never go well for the employees.
So...I'm working harder...have placed my savings into a business...but have the potential for a large payout in a decade or two. If I sell.
The business is demanding, but the people are like family and since we have less than 50 employees, we don't do a lot of the irritating things that big companies have to do.
Don - we know you didn't buy the business to get rich. It's a good man who assumes such a responsibility in large part to assure the welfare of others. I respect you for doing so and hope everything works out for you in the long run.
Excellent info guys. Thanks very much. Way more feedback than I expected. My wife had the foresight 30 years ago to have a good career at L.A. county and has a great retirement plan. I on the other hand was too busy with bikes, bars and ..........everything that goes along with it. I spent most of my time as a mechanic, not the highest paying job Available. We both have our own modest IRAs and I will have that and SS while my wifeís retirement will include a great salary, medical coverage for both of us and I also have VA. Everything is payed off except the house that We are planning to reverse mortgage at some point. My wife is 7 years younger that I So she will be working for a while after I retire. And I gotta tell you I am no good at home alone. Now for another consideration. I have insulin dependent diabetes, very serious inoperable and irreversible heart disease, and most recently Parkinsonís and prostate cancer. The heart disease and Parkinsonís are progressive and will only get worse, hopefully it will take a while to get crippling but everyone is different and there is no way to know. NOW. With all that crap out of the way I do not like setting around the house. I like driving my T. Exploring the local desert in my jeep and camping and traveling in our motor home. But that will not keep me busy everyday . I have a hard time making it through a weekend. I like working ok but I do not want to work till I drop. Your advice and insights are very valuable to me and I thank you all. I am leaning towards taking it early and continue working as much as I can without penalties. Thanks again.
Thank you Tim. I feel a profound sense of responsibility for the employees and I intend to do right by them. (it does limit my "T" time though!)
Sorry to have hijacked your thread Scott. It sounds like you have a workable plan.
My father retired at 50, and my goal was to retire at 49 for bragging rights.
I quit full time work at 49and never looked back. I waited until 65 for the ss. What really pissed me off you are mandated by law to sign up for their 1/2 assed medicare crap. My own insurance was far superior to the govt garbage but you ca not opt out,period.
Now for the best part I always let my daughter know how thankful I am for her working and contributing to the SS fund. I then tell her my ss check is deposited electronically into a saving account that I really don't need or use. I tell her how much I appreciate her contributions and how sad I am that the ss fund will be long broke before she will be able to draw.
I only do this over the phone as she has one very fast left hook!!!!!
Lots of calculations go into that decision. Do the math. Also the tax laws have changed as well. The rates are calculated based upon a lifetime of 78 yrs old for a male. In the end you probably get the same amount of money in your lifetime if you draw at 62 as opposed to 70. Your financial status could change dramatically if you have a healthy 401K/IRA. Some states tax SS, some do not. If you are required to take minimum distributions from your IRA 70.5 and waited for that big SS check by postponing retirement until later, you may find yourself at a tax disadvantage at least from the Feds. Drawing SS at any age requires a good talk with a tax professional first.
Today i'm 73 and that is a lot of living since i retired in 1996!! Often i wish i had worked a little longer at GM but the retirement was about only any good if you used it.Hindsight is 20-20 but no one is bullet proof.Bud.
I agree on the mortgage - if you can get a better interest rate by investing then your mortgage rate, leave the money in the investments. Do remember that the mortgage interest is tax-deductible and the investment may be taxed. I didn't retire until everything was paid for; the day your mortgage is paid off you get a raise equal to the mortgage payment.
My health had been questionable so I took early retirement when the company downsized. That was in 2001. I applied for SS as soon as I qualified.
From that point my health got better and better. We are frugal and can live comfortably on what we have.
If you enjoy life and have good hobbies the money is not always the important thing. Many folks in the car game will tell you the same.
I made the mistake to ďfollow your bliss.Ē I have had a very interesting life as a teacher, but taught at a Quaker boarding school for twenty years and then at a museum for the remainder. Neither job paid particularly well and both have TIAA.
At 63 I donít see my self retiring soon. I do like my job teaching historic photographic processes workshops but it gets harder every year, particularly the traveling. If I retired I would continue to do lectures, but not the hands-on workshops.
Excellent advice from many viewpoints, but no one seems to have addressed the effects inflation has on retirement income. In 1973 I bought a brand new Ford Ranchero for $5000. About 6 months ago, I bought a brand new tooth and it cost me half the price of my Ranchero!! Two teeth for the same price as a new car! When we walk out the door for the last time, whatever the income is, it will probably remain the same for the rest of your time here. Inflation on the other hand rises yearly. Stoves, furnaces, fridges etc can cause some serious sticker shock when they need to be replaced. Everyone on this forum knows and probably cusses when they get their yearly property and income tax bills because theyíve gone up, sometimes by very large amounts.
I retired at 65 in 2002 and am now 83. Life has been good and Iíve been able to become involved in Model Tís with no stress on the budget. However, we have no debt, including mortgages and we have enough stashed in the fruit jar in the backyard to cover unexpected expenses. As Rich said, we live a modest lifestyle and enjoy good health. Life is good!!
I have a question I can't seem to find the answer: Does SS count your years and months, or just your years? I'm 65-1/2 now, do they only consider me 65, so I have to wait for my 66th birthday to get the slightly higher rate?
Your "full retirement age" is 66. You can start now at a tiny reduction.
If you wait until FRA, then beyond that it will grow per this:
Your Social Security benefits increase by a small percentage each month you wait. Mine increased approx .66% per month. (Thanks Scott.)I kept a log of my monthly benefit increase and applied for SS when I hit the ďmagic numberĒ. One must keep in mind they will deduct Medicare from your SS monthly payment.
(Message edited by azbob on September 29, 2018)
it is actually .66% each month until age 70 and then it ceases to go up. You missed a decimal point.
David. Saw my financial advisor this month. He said they go 3 months either way, but i would double check with SS anyway if you are getting serious about retiring
With 401-K's making 20 plus percent the last couple of years, retire draw SS and dip into your 401 and buy another T, the one you really want.You won't regret it.
I buy antique cars as a place to park money. I was in a bank the other day and they were bragging of paying me 2.3 % interest on a 19 month cd minimum $1000.00 and penalties for early withdrawal.
So I buy cars with that money and so far those cars have appreciated far more than any bank interest. Now that said I have not needed or sold any cars for the invested money. With the present interest rate my cars don't have to appreciate very much to beat the bank. Of course its important to know the value of what you are buying and if you buy low and let the market appreciate the value of your car the return will exceed the bank rate.
That's my way of beating the bank. If I really needed fast cash there is always a 7 day listing on ebay. All said on told 2 weeks tops and cash in hand. So far have not needed to fire sale any cars. I do have a plan intact to take care of a financial need.
I "retired" at 55. However, next year I got a telephone call and went back to work until I was 72. I waited to 65 to file for SS because if you file too soon, you will have to pay back a large portion of what you receive if you go back to work. I had received a years salary for severance pay so didn't need supplemental income at 55. I set up a IRA and also had a 401K from my previous job. At 70 it was necessary to take minimum withdrawals from both those accounts so decided I didn't need to continue working because it just put me in a very high tax bracket.
To sum things up, it depends a lot on your health. If you expect to live to your 80's or 90's wait longer to draw SS. If you take it early you will have to pay back if you keep on working and you will also be stuck with a lower pension if you live a long time. Or if you wait till later you could be less fortunate and die early.
No one can predict how long he will live or whether SS will still be available in the future. So the final decision must be yours.