Why are there so many media articles telling people to wait to retire until they are 70+? (65+, spouses)
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Money can't buy your health. Everyday is a gift...live it up, retire as early as you can.
Some of us like what we do for a living. I changed careers in my early 50s. I purposely picked something I love and that I knew I could continue to do part-time for years past FRA, if I so choose. I don't regret that decision at all. I'm also not sure why so many are worried about being dead or half-dead in their 60s. I have many, many patients in their late 60s, 70s and 80s who are still in very good health and enjoying life.
But as always, each of us has to decide what is best for us. If retiring at 62 is what you want to do and it makes sense financially, that's what you should do. If you want to wait until you're 70 and you think your health will hold out, then that's what you should do. There is no "one size fits all" advice on this topic.
I was always looking forward to "retiring" at 55 from a state government job I really disliked and I figured I'd just "do what I want" whether it be another job or just "enjoying" life. When I was 49 (5 years ago), a special "out" was passed and I took it, a sudden change from my expectations but it included a livable (not large) pension with health benefits. I knew I'd need another job sometime, probably part-time, but wasn't desperate. Enjoyed the first few months of time off and just doing what I wanted but the novelty wore off pretty quick.
All in all, my biggest failure was, I had no great hobbies to fall back on to keep from getting bored. Found a great full-time job within 9 months that I really enjoy doing which has also helped fund me to a point I'm flexible enough to step away if it ever goes south to the point I don't enjoy it any longer. Otherwise, I don't have a fixed-age goal for my retirement...I'll stick with this until I don't want to anymore.
Best decision I made in the past was to heavily fund a 401K starting when I was 27 (starting earlier would have been even better) that sits there and gives me even greater financial confidence. Most people that young or younger don't give enough credence to the delayed gratification but, believe me, the time flies by where that time for the gratification shows up!
The health thing is critical. You certainly won't be able to do at 70 what you could at 62 or 55. If you want to travel, it might make a difference on your enjoyment of such...
Most people collect Social Security at age 62. it's always been that way. People are all about immediate gratification. Less than 5% wait until age 70 to begin collecting.
The average retirement age has been increasing, not decreasing. With FRA going from 65 to 67 for the late-boomers, that trend is going to continue.
Income stratification has had a big impact on Social Security revenue. The wealthiest people have a cap to contributions. It doesn't matter if they earn more since they don't contribute more to the program. We're seeing a gradual erosion of the middle class and it's middle class wages that fund this program.
I'm planning to defer collecting until age 70 but I have the assets to support myself until I get there. Most people don't.
actually the numbers at 62 are very skewed because they contain folks collecting even pre 62 because of kids . here is the actual breakout . once you do you see the majority are actually after 65
Agree with OP, it's in the government's best interest to encourage people to wait until 70. IMO many will die and never collect a penny.
We retired at 62 and have NEVER regretted it. Decided while we are physically able to do things and enjoy it we'll take the money now. When I'm 70 who knows if I'll be physically able to spend it?
This is exactly correct! Can someone promise me I'm going to live on to be healthy and live to 85-90? They want you to retire later so your money can go to someone else and continue to fund social security. It's that simple.
I'm taking my SS at 62. Maybe I'll live to 90 and maybe I'll die at 65. Either way, I'm going to get some of this money back that I've been paying into for the last 40 years. I'm leaving as little as possible of it to the government to use.
My grandfather retired at age 65 (1952); my grandmother never worked outside the home, so she was considered "retired" when he was. They both went on to live another 20-25 years, and did fine.
My mother retired at age 67 (1992) against her wishes; she lived another 20 years, and did fine. My dad died at 32 from unusual causes, so he cannot be counted.
I retired at age 65, and my wife at age 63 (2012, same time). I am in better physical health than my ancestors were. I'm hoping to live another 20-25 years, but it's always a crap shoot!
for many working until 70 is their silver bullet . as i pointed out above it can make up as much as an 800k shortfall and can turn a miserable under funded retirement in to a pretty decent one if you have little choice .
although they may not like working so long , as i said above it is a lot easier to find a job and work at 62 then at 82 and in poor health if the money is gone . .
Just today learned of three relatives who have terminal
cancer.
All of them not collecting, but in early 60s.
Here's a case they should have signed up asp.
The claim and suspend strategy is a good one to give a payout in case you stumble across bad news before age 70. I know it doesn't work if you suddenly die and can't let Social Security know to release but it should work fine in other cases.
singles can do that too , not just couples . they can then request retroactive money going back until their fra . so if at 68 you need a new roof or are diagnosed with cancer , you can ask for a lump sum .
not many know file and suspend can be done by a single person .
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I changed careers in my early 50s. I purposely picked something I love and that I knew I could continue to do part-time for years past FRA, if I so choose. I don't regret that decision at all. I'm also not sure why so many are worried about being dead or half-dead in their 60s. I have many, many patients in their late 60s, 70s and 80s who are still in very good health and enjoying life. 
