Yes, Baz, you are correct in all your assumptions. I just decided that I'd rather have the income when I was younger than when I was older. Because of certain health issues, I'm guessing I will not even make it to 77, so there was no reason to wait for me...
Quote:
Originally Posted by Baz
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......
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