I just read a decent book on maximizing SS benefits. "Get What's Yours" was the title and it is a 2015 publish date. They heavily advocate to wait -- to maximize payouts. If you live well past 80, you'll be very glad you did (supposedly). They eschew simple "break even" analyses and point to actuarial tables suggesting if you live to 80 you'll probably live well past and would need the extra money. If you don't, then it doesn't much matter anyway. They also advocate to keep working. Other interesting tips and strategies.
I also have a few friends who retired a little early because of an incentive package. They don't admit to regretting the decision but they frequently comment on what huge difference it feels like when money is going out instead of coming in.
Thanks for this recommendation. I borrowed the book from the library yesterday and in addition to being very helpful, it's a good read. Thanks to everyone else for their advice too. I'm 56 and my wife is 57, but it's never too early to start planning. My hope is to work until I'm at least 70. My parents both worked until they were in their mid 70s and their financial advisor tell them it was the wisest thing they could have done. But it seems the assumptions now are all based on both members of a couple having long work histories. My wife hasn't worked outside of the home in over 20 years and we're really confused on when she should start collecting to maximize her benefit and her security should something unexpected happen to me. Who would have thought you could get such good SS and Medicare advice on a cycling forum. I guess it's the people and not the venue that matter. Thanks again.