Should you start Social Security at 62? (book 2)

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Status: In Progress  |  Genre: Non-Fiction  |  House: Booksie Classic
This is a continuation of my essay about the best age to start collecting your Social Security benefits. It has a chart that easily lets you see the outcome of choices that you make.

Submitted: March 03, 2017

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Submitted: March 03, 2017

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The monthly benefit column on the chart below shows the monthly benefit a person would receive at different retirement ages if his full monthly benefit amount was $1,000 at age 66. The age columns show the annual amount he would receive at different starting ages. As you go down each column it shows the cumulative amount he would receive at different ages up to age 72  For example, if his full benefit would have been $1,000 a month at age 66, it will be reduced to $750 if he starts at age 62 and increased to $1,320 if he waits until age 70. $750 a month equals $9,000 a year, which is shown at the top of the column for age 62. At this rate he would have received a total of $99,000 by age 72 and $207,000 by age 84. *  If he started receiving benefits at age 70, he would receive $15,840 the first year and a total of $237,600 by age 84.* This chart does not take into account COLA increases, which are uniformly received, or the effects of inflation, which reduces buying power as the years go by. It should be noted that by starting at age 62 it was more beneficial to receive benefits up to age 76 than starting at any other age. A person starting at age 70 does not receive more total benefits than the one starting at age 62 until they are both 80*. Beginning at ages 77 some of the other age groups become more beneficial.

*Page space does not allow me to show the chart up to age 84

 

 

 

       

AGE WHEN BENEFITS BEGIN

                     

 MONTHLY

AGE

62

63

  64

  65

 66

67

 68

69

70

 BENEFIT

                   

750

62

$9,000

               

800

63

$18,000

$9,600

             

866

64

$27,000

$19,200

$10,392

           

933

65

$36,000

$28,800

$20,784

$11,196

         

1000

66

$45,000

$38,400

$31,176

$22,392

$12,000

       

1080

67

$54,000

$48,000

$41,568

$33,588

$24,000

$12,960

     

1160

68

$63,000

$57,600

$51,960

$44,784

$36,000

$25,920

$13,920

   

1240

69

$72,000

$67,200

$62,352

$55,980

$48,000

$38,880

$27,840

$14,880

 

1320

70

$81,000

$76,800

$72,744

$67,176

$60,000

$51,840

$41,760

$29,760

 $15,840

 

71

$90,000

$86,400

$83,136

$78,372

$72,000

$64,800

$55,680

$44,640

 $31,680

 

72

$99,000

$96,000

$93,528

$89,568

$84,000

$77,760

$69,600

$59,520

 $47,520


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