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Location: In the North Idaho woods, still surrounded by terriers
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Quote:
Originally Posted by GLS
I am not sure if I am any better at math than you are, but 25 years to catch up seems an overestimate. If you earn $39,648 during the 4 years (48 months) between 62 and 66, it looks like you would start receiving $826/mo at 62. This should be 75% of what you would receive if you waited to 66.
Therefore, you would be getting $1101/mo at 66 or $275.33/mo more.
If you divide $39,648 by $275.33, it would take you 144 months or 12 years to offset starting at 62. You would need to live until 78 yo to breakeven. If you live past 78 you were better financially to wait until 66. NOTE: I have not calculated the interest or return on investment that you might make on the month to month investment of the $826 starting in month #1 after 62.
The above is just a fun calculation exercise. I am sure you have already thought of many more rewarding reasons to have an extra four years of freedom.
Yup...when I re-did the math using a calculator instead of pencil and paper I find you are right! (Told you I suck at math) But still...12 years? I think I'll opt for four extra years of freedom.
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