Larry states "If you were born in 1959 then your FRA is age 66 & 10 months, so if you start drawing at age 62 & 6 months then your benefit rate would be reduced for age by roughly 26.67% (i.e. ((5/9ths of 1% x 36) + (5/12ths of 1% x 16)) = 26.666...%)."

I assume the software can show different projections based on different reduced benefit amounts? And do you recommend 85 as an actuarial or should the actuarial lifespan be longer for computation purposes?

Hi. You can input any benefit start date you choose and the software (https://maximizemysocialsecurity.com/purchase) will calculate your benefit rate accordingly. But, we do not recommend basing your decision on when to start drawing benefits using an assumed actuarial date of death. Larry feels that Social Security benefits should first be viewed as insurance against outliving your income. I would suggest reading the following article he wrote: https://www.pbs.org/newshour/economy/take-social-security-benefits-early....

Best, Jerry