Let's look at that situation.
Let's say your full SS would be $2,000 a month. If you retire at 62, you'd get around 30% less depending on other factors. That's $600 less, so you'd still get $1,400. If you waited until age 70, you'd get the full amount of $2,000.
So that's $1,400 a month for 8 years , which is $134,400. It would take 18.66 years ($134,400 divided by $7,200 a year) for you to start losing money on that deal. That does not include the interest/growth from the $1,400 a month you didn't take out of your retirement account from age 62 to 70. Basically, you'd be 88.66 by the time you would have made a bad decision on that.
Even if your SS is only $1,000 a month, the math still works out to take it at age 62. You'd get $700 a month instead of the full $1,000. That's $67,200 a month for 8 years. That's still 18.66 years before the money evens out.
Take the SS money at age 62.
|
(
In response to this post by statmanfromHCyrs)
Posted: 03/18/2021 at 10:43AM