The math - KJ Posted: Dec 12th, 2019 - 9:20 pm In Reply to: Thanks for all your stories on - Social Security
If you retire at 62 instead of 70, that's 8 years. Eight years times 12 months is 96 months.
If your benefit at 62 was $900 a month, multiply that times the 96 months and you would receive $86,400.
Now, if you had waited until 70, your benefit would be $1500 a month, so minus $900 a month, that is $600 a month more. So, how many years will you need to get $600 before you make the $86,400 you would have if retired at 62.
To figure that, divide the $600 into $86,400, and that equals 144 months, which is 12 years, which means you will be 82 years old when you break even for waiting until 70 to start and will then start to make $600 a month more. For that reason, I'll be drawing at 62.
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