You are correct in that delaying SS results in higher monthly payments. The Big Unknown is Longevity....figuring out how long you will live and how much you will get is the Big Question. The best approach is to get out the calculator, and make several calculations based upon different life spans. I saw a report a few weeks ago that showed about 12 years as being the "crossover" point whereby you can get more money by taking SS early, vs. waiting for maximum benefits. If Longevity runs in your family, and you live well into your upper 80's or low 90's, you can get quite a bit more out of SS by taking the early option. Currently, the U.S. Male life expectancy is about 77.5, which means that if you delay payments until age 70, you will probably get back just about what you paid in, if you pass at that age. However, taking the lower payments, over a period of 25 or 30 years, results in far more benefits than you have contributed. It's a gamble, as no one knows for sure when they will pass, but looking at different options can certainly help make the best decision.
Personally, I got in as soon as I was eligible, and have already gotten substantially more than I paid in. Now, the wife gets a monthly payment, even though she never worked outside the home, and if we live to the ages of our parents, and most of their siblings, we will get at least 3 times...maybe 4 times...more than I paid in during my working career.
