Quote:
Originally Posted by icemann427
I think the biggest determining factor in when to start Social Security is when you want to stop working. Prior to being 66, your maximum income can only be about $16k before it affects you. Within the year you turn 66, that amount goes up to about $45k.
With that being said, I did a cash flow based upon how much I would get when I turned 62 vs. waiting until 66 to find the break even point. The break even point, for me, was 77 years old.
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So you're saying as long as you reach the age of 77......you would make up the difference in dollars you did not get by starting your SS at 62?
Which means if you live to be 97.......you could calculate the upside of additional income you will make by waiting (difference x 20), right?
Say for the sake of discussion it's $400 per month. That's $4.8K/year (x 20) = $96K.
Quite a difference!
My Mom turns 95 next Tuesday so reaching the age of 97 is not unreasonable......