Quote:
Originally Posted by thistrucksforyou
I was looking at the difference on my SS account statement ...I have a 437.00 difference between age 62 and age 66....That could make a huge difference later in life...
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Add the total benefits that would be paid to you over 48 months (or whatever the period until your full retirement age) and divide that total by the difference (i.e. $437). You will see that it will take 12-15 years (144-180 months) at the unreduced rate to break even.
If you were to invest that money every month (dollar-cost averaging) or annually, (or for some using it to pay off credit card\mortgage balances)--you'll see that a reduced SS benefit may for many make more sense than you originally thought. And assuming your investment pays off, you will be ahead indefinitely.