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SVTPerformance's Chain of Restaurants
Road Side Pub
Retirement and social security
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<blockquote data-quote="JeffsLightning" data-source="post: 16877290" data-attributes="member: 1347"><p>Here. I know this is long and the numbers will be different for you but the theory is the same.</p><p></p><p>Joe is getting ready to turn 62, the youngest age at which you can begin taking benefits. His full retirement age is 67, and if he waits until then, his benefit would be $1,000 per month. But he was thinking about starting right away instead. At 62, his benefit would be $700 per month (30% less than his full benefit would be). During those first five years, he would have received a grand total of $42,000 in benefits. But at what age would waiting until 67 mean he would eventually come out ahead?</p><p></p><p>The math looks like this: Take the full amount of benefits Joe would have received by age 67 ($42,000), divide that by what he would have forfeited each month by taking them early ($300) and you get 140 months. That’s 11 years and eight months beyond his full retirement age of 67 — meaning age 78 years and eight months. It would not be until that age that Joe would begin to come out ahead.</p><p></p><p></p><p></p><p>Sent from my SM-G781V using Tapatalk</p></blockquote><p></p>
[QUOTE="JeffsLightning, post: 16877290, member: 1347"] Here. I know this is long and the numbers will be different for you but the theory is the same. Joe is getting ready to turn 62, the youngest age at which you can begin taking benefits. His full retirement age is 67, and if he waits until then, his benefit would be $1,000 per month. But he was thinking about starting right away instead. At 62, his benefit would be $700 per month (30% less than his full benefit would be). During those first five years, he would have received a grand total of $42,000 in benefits. But at what age would waiting until 67 mean he would eventually come out ahead? The math looks like this: Take the full amount of benefits Joe would have received by age 67 ($42,000), divide that by what he would have forfeited each month by taking them early ($300) and you get 140 months. That’s 11 years and eight months beyond his full retirement age of 67 — meaning age 78 years and eight months. It would not be until that age that Joe would begin to come out ahead. Sent from my SM-G781V using Tapatalk [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Retirement and social security
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