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[–] irregularverb ago 

Early retirement is at 62. Late retirement is at 70. I figure that waiting until 70 only pays off if you live until 80. This is because by NOT retiring at 62 you are missing out on 8 years of payments (albeit "reduced"). By waiting, it will take almost a decade to make up for those missed payments. So you have to ask yourself would you rather have some extra money at 62 when you may still have some spark in your life or would you prefer to wait until you are knocking of death's door. Either way is a gamble. I lean towards taking my money back from the government as soon as possible. Bottom line we all better figure out a way to fund our retirements besides social security.