This tool answers the question: Should I take my Social Security Payment Early, perhaps at age 62, or late, perhaps at age 70? Tip: Social Security Benefit Statements are available online at http://www.socialsecurity.gov/mystatement |
No script is provided for this calculator. |
The following basic assumptions apply: •That the social security beneficiary lives to the "project to" age. •Inflation is not considered because it affects both the early and the late scenarios, thus it can be assumed to cancel out (since it has the same effect on both scenarios).
The year-by-year values are calculated using a worksheet with the following columns: Column 1 is the age. Column 2 is the annual early social security benefit amount. Column 3 is the cumulative value of Column 2. Column 4 is the annual late social security benefit amount. Column 5 is the cumulative value of Column 4. Column 6 is Column 3 - Column 5 Column 7 is elapsed years. |