My brother's Teamster's Union pension was just cut....

[hfojvt]

54. I don't think it pays to wait

My 2008 report (I cannot seem to find a more recent one) said
$592 at age 62
$862 at age 67
$1,070 at age 70

8 years is 96 months so 96*592 = $56,832

leaving aside any interest that might be earned on that money (for one thing because most of it will probably be spent)

1,070 - 592 = $478
$56,832/$478 = 118 months = almost ten years

Granted, my dad is now 82 and my mom 80, but that's no guarantee that I will live that long. Second, you are money ahead until at least 80. Even for people who survive that long, quality of life can drop way off. For example, my dad's aunt lived to be 94. She died in 1991. Well, we visited her in the nursing home in 1984 and she was miserable.

So yeah, she got extra money for those 7 years, but that extra money didn't really do her any good at all. And both of her brothers died at 79.5 and dad's oldest brother was 73. (although his 2nd brother is now 85, and seems to be doing fairly well (although his 78 year old wife is having memory issues.)

Anyway, my plan is to collect at the first available opportunity - age 62.