Thanks for the quick responses! I did do a break even analysis at age 63 and found that:
a) taking it at 63 vs. 66, the break even age would be 78 (meaning beyond 78, I’d be taking more monthly, 24% more, by waiting to 66), and b) the breakeven between taking it at 63 vs 70 would be age 77 (since at 70 I’d be taking 61% more than I would at 63).
I think if one had a pension, waiting would be the way to go. But, if one does not have a pension, in order to retain as much investment $'s as possible by not having to withdraw as much, taking it early may be the answer.
And at the risk of going way beyond the purpose of this board, sharing for those preparing for retirement, I calculated what my ‘breathing expenses’ would be. Meaning, what it would take to just sit in my paid off house and do nothing but breathe. It came to $30,000 ‘take home’ (net). This is expenses for income taxes (from IRA dist’s), Real Estate taxes (for my one house), Property Taxes (on two cars primarily), house/car insurance, and the bigee, Health Insurance since we are on our own until Medicare at age 65.
Now, if we want to eat (groceries), heat/cool our house (elec/gas), watch TV (e.g. cable), drive into town (gasoline), vacation, etc… that adds a whole lot more. Not complaining, just sharing to help people prepare (and I know there are other boards for this purpose).
Thanks again for your answers and for letting me interrupt the great conversations on this board!
Tim