3 dog nights wrote:
Just watched an "Expert" tell me about the pitfalls of drawing early. He said at 62 I get a 25% penalty and that if I wait till 70 I would actually draw 76% more than at 62. I ran some basic numbers to make it easy. Assuming I live to 80, not unreasonable based on my family history. And for the sake of math, using $100 as my benefit at 62.
100 x 12(months) x 18(years)= $21,600
176 x 12(months) x 10(years)= $21,120
Why should I wait?..... He had no answer, just kept running the numbers over and over.
Okay, but shouldn't your starting number for early SS withdrawal be $75 and not $100? (Based on your statement that there will be a 25% reduction for drawing SS early). Maybe I'm not following you, though.
