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The Water Cooler
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<blockquote data-quote="OKRuss" data-source="post: 3990038" data-attributes="member: 41777"><p>Dennis, can you share with me the "easy math"? Here's how I "thought" it would work. These are actual numbers from ssa.gov.</p><p></p><p>Early retirement(62) - $1,370/mo or $16,440/yr.</p><p>Full retirement(67) - $2,072/mo or $24,864/yr.</p><p>Delayed retirement(70) - $2,640/mo or $31,680/yr.</p><p></p><p>Hypothetical situation. You are going to live until 90. That's 28 years. </p><p>Early retirement(62) - $16,440/yr x 28 years = $460,320</p><p>Full retirement(67) - $24,864/yr x 23 years = $571,872</p><p>Delayed retirement(70) - $31,680/yr x 20 years = $633,600</p><p></p><p>Are you investing the early retirement $16,440/yr at age 62 until hit full retirement age at 67 in order to "recouping the extra money made while starting at 62.5..."??</p><p></p><p>Am I making some incorrect assumptions in how SS works? Wife will be eligible for early retirement in 2 years so need to better understand.</p><p></p><p>THANKS!!!</p></blockquote><p></p>
[QUOTE="OKRuss, post: 3990038, member: 41777"] Dennis, can you share with me the "easy math"? Here's how I "thought" it would work. These are actual numbers from ssa.gov. Early retirement(62) - $1,370/mo or $16,440/yr. Full retirement(67) - $2,072/mo or $24,864/yr. Delayed retirement(70) - $2,640/mo or $31,680/yr. Hypothetical situation. You are going to live until 90. That's 28 years. Early retirement(62) - $16,440/yr x 28 years = $460,320 Full retirement(67) - $24,864/yr x 23 years = $571,872 Delayed retirement(70) - $31,680/yr x 20 years = $633,600 Are you investing the early retirement $16,440/yr at age 62 until hit full retirement age at 67 in order to "recouping the extra money made while starting at 62.5..."?? Am I making some incorrect assumptions in how SS works? Wife will be eligible for early retirement in 2 years so need to better understand. THANKS!!! [/QUOTE]
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