@SteveS2020
You are correct that the values reported on "My Social Security" are based on the assumption that work is continuous to the indicated age. So this information is not useful for someone who wants to delay taking benefits after they "retire"...in the sense of not working any longer.
You are working with the "gold standard" if you are using the anypia32.exe software. The introduction says it's not the same program used for "official" calculations but it is highly accurate and reflects their interpretations of relevant laws and regulations.
It seems that you are very familiar with the rules, etc. So you understand that your benefit is based on your "PIA" -- the primary insurance amount, at your normal retirement age (your "Full Retirement Age", I noticed that sometimes the SSA alters their nomenclature to refer to "normal retirement age" instead "full retirement age").
...Then if you take benefits early the PIA is subjected to a reduction based on the number of months "early". Similarly, if benefits are delayed you get "delayed retirement credits" for each month of delay.
For many people (my cohort, with FRA at 66) this comes to 8% per year from age 66 to age 70, a total of an extra 32% added to the PIA (plus any cost of living increases in the meantime). As the FRA varies with birth year the total increase will vary as well, but currently age 70 is the oldest age to which you can delay taking benefits.
Bear in mind that the COLA is determined each year, so the anypia32 program from any given year will not "know" what the COLA will be in the future.
You can enter your earnings data into the anypia32 program (and I assume you have), then enter the data for your early retirement at age 62. The program will report your PIA and then reduce the benefit based on the number of months "early" (and the rules for early and deferred benefits are all on-line). You can also run for your FRA and for delaying benefits until age 70. You should see differences in these three amounts (though the PIA will remain the same...EDIT: see my follow up post for minor correction).
Should you be really interested, you can delve into how the PIA is determined, with the average factored income, the "bend points", etc. This is all there in the program report.
I like the anypia32 program but it seems that it's also a bit tricky to get the inputs set up properly for what I want to do.
Really, once you know your PIA you can calculate your benefit at ages 62 and 70 quite easily just by applying the proper factored amount for the months "early" or "delayed". This will give you a good check that the program inputs are correct.
The SS system is supposed to be actuarially neutral, meaning that to them the overall amount paid out in benefits is essentially the same regardless of individual people taking benefits early or later. But those individual persons may have other thoughts and may want to take benefits early or later depending on their individual circumstances. I, for one, plan to take at age 70 in order to maximize the potential survivor's benefit for my wife, who is 11 years younger than me. But someone who is single will not have this concern, and they may want to take benefits earlier rather than later. Each person has to consider their situation. I don't think though that the decision need take into account any possible issue with solvency of the system or overarching political issues.
