Cmarlin, I'd offer that the big question is not whether you need the money at 62, but what your money needs might be 20-30 years later (assuming you plan on even possibly sticking around). I'm fresh off some tedious number crunching and surprised at just how damaging inflation can be over a long time. Of course I knew inflation was a beast, I just didn't know it was quite that bad. And while Quicken Financial Planner says everything is fine and the Monte Carlo simulator says everything is fine, laying it out by hand and seeing our living expenses dollars double over 20 years and triple over 32 years was a bit shocking. (I used 3.5% for inflation.) Some of our income streams will be fixed and others, well, I'm not convinced the COL increases can really keep pace. Not to that degree. But every bit helps. In our scenario the numbers happen to work better over time with me taking mine early and for DH to take his (larger) as late as possible.

Anyway, the ability to withdraw, repay and re-apply has been taken away. Once you actually apply, you are more or less locked into your benefits. Jannie, it has not been taken away entirely. I learned from the video that there is still a 12 month window where you can "change your mind". I verified that from the SS.gov site which states: ..... " Recent change in the withdrawal rules.Effective December 8, 2010, you can only withdraw your application for retirement benefits within 12 months of your first month of entitlement and you are limited to one withdrawal per lifetime." Wildchild, I am glad you (& others) found the video so helpful. Not everyone will take the time to view it, to their possible detriment. I also looked @ the AARP website (as Franklin recommended) & they have an excellent current article with really good examples. I haven't looked to see what they might have in the way of archived articles. Chisue, I so agree with you that the argument for a *voluntary* SS-like system kind of flies in the face of how little $ soooo many people save towards retirement. I do understand that it is nearly impossible for some given their low wages. But as an example, one gal I worked with participated in the company's voluntary retirement savings plan... to the tune of $5 per month. No kidding!!!! She had no kids & was an educated woman... but obviously clueless as to how ineffective that amount was. She actually "threw money away" since the company would have matched her contributions to a much greater amount!

In Canada ... I can apply to begin to collect on my (contributory) Canada Pension Plan at any time past age 60 - with benefit reduced by 1% for each two months that I apply prior to age 65, or 6% per year, or 30% if I begin to receive just after 60th birthday. I must claim that I am "substantially retired" on my application. But - I can go back to work the next day, if I choose. Should I choose to continue working, and contributing, to the plan past age 65, they add 1% of additional benefit for every two months worked past 65. Once I begin to collect, no more deductions are taken out of my paycheques earned after that time. A number of financial advisers recommend that members begin to collect as early as possible after age 60. If one needs the income, there's little choice. The person who has a choice is thus able to invest a good portion of the benefit received. Under usual circumstances, many say that, should the person die prior to around age 80, they were ahead to request initiation of benefits early. If, however, the earner has studied a number of the parameters of the use of money, thus enabling receiving a better than average rate of return, or developing tax-reduction strategies, thus developing above average rate of after-tax return, it may be possible to push one's break-even point to the high 80's, possibly 90's, or even age 100. Most of us are dead before that time. Learning how money works - an interesting hobby. That pays well! Good wishes to you all. joyful guy

"I really hate how the government creates such havoc in people's lives!" Just thank your lucky stars there is even such an agency as Social Security to provide those who really need it with some sort of meager retirement income. I doubt it will be around long enough for our children and grandchildren to benefit from this program. Yes, it's bureaucratic and complicated to deal with but it sure as heck beats the alternative......which is nothing!!