@HaroldB930596 Where did you read that break-even analysis is a fundamental error in evaluating when to elect SS Benefits? The Time Value of Money (TVM) is a critical concept in Discounted Cash Flow (DCF) analysis. It is an integral part of financial planning and risk management. It is critical when evaluating pensions that are actuarially reduced based on a participant's age or early start, when evaluating a lump sum settlement vs. a stream of payments (I.e., workers compensation, occupational disease, etc.), when evaluating a lump sum lottery award vs. a stream of payments, whether to delay social security benefits, and so on. DCF is used when evaluating the cost a new machine, a new computer system, and so on. And, as you indicated, investments. One of the factors that is needed is a discount rate (1%, 2%, 3%, etc.). Another factor is time. When evaluating SS Benefits the time factors are you and your spouse's (if married) longevity. Many folks will state that they do not know when they will decease. So, use an average or develop multiple time factors with different ages. The SSA provides an informative article to help folks with the decision to delay or not. https://www.ssa.gov/policy/docs/ssb/v76n2/v76n2p1.html I suggest carefully reading the article especially with regard to discount rates and longevity (time factor). It will help put the "when should I start SS Benefits" on a mathematical level field. Of course, folks will have unique circumstances such as their health status, lifestyles, dangerous habits/activities, etc. that may affect longevity. This is why using just an average life expectancy (i.e., ages 83 to 84) may not be appropriate in every case. The average is gender neutral which extends males and reduces females somewhat. I am including the SSA's Actuarial Life Table for your review https://www.ssa.gov/oact/STATS/table4c6.html It should be noted that approximately 68% of males and only 52% of females are deceased by age 84 which is the average. So, the females help increase the average life expectancy (gender neutral average).

One of the goals is to compare SS Benefits on as "level of a field" as you can develop. If you read the SSA article which I strongly recommend, you will learn that the SS Program uses a discount rate around 2.9%. I have always rounded this discount rate to 3% for the readers who elect to do their own calculations. I have known for years that the Survivor formula is extremely favorable when starting before FRA at 67. It is approximately 4% (.04) per year. In the hypo I included in my reply to fffred, I indicated that a Survivor at age 66 (FRA 67) has a choice to start a reduced Survivor Benefit of $2,880 or delay 1 year to age 67 and start an unreduced Survivor Benefit of $3,000 or $120 more. Using a 0% discount rate which is equivalent to placing the $34,560 (12 months at $2,880) in a non interest checking account or the "proverbial mattress", it will take that Survivor 24 years (288 months) to recoup/equal the $34,560 ($34,560 divided by $120/month) or approximately age 91. Another way of stating this (which may be confusing for some readers) is, the present value of $120/month for 288 months is $34,560 at 0% discount rate. If I used the same discount rate that the SS Program uses or approximately 3%, the Survivor will probably not live long enough to recoup the initial $34,560 which is growing year by year. Remember, the Survivor Benefit does not grow after attainment of FRA or age 67 outside of annual inflation adjustments (i.e., 2.5%, etc.) if applicable. Remember, inflation is payable on the reduced Survivor Benefit of $2,880 or the unreduced Survivor Benefit of $3,000. The difference using 2.5% for 2025 is $3.00 per month or $36.00 per year. I would consider this de minimis.

With regard to the trifecta (not the bet on horses and/or dogs). I can't offer a solution to getting old. As you know, everything is OK until it is not OK. However, you can buy supplemental Medicare coverage as well as Long Term Care coverage as opposed to self insuring. You can transfer some of your assets or buy annuities with guaranteed income provisions to avoid going broke. Good Luck.