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An individual is required to make an irrevocable decision to begin receiving Social Security Benefits. That individual can elect to take early retirement, or wait until normal retirement. The age of early retirement and normal retirement will depend on their date of birth. Electing to retire at the early retirement date will result in a lesser monthly benefit then retiring at the normal retirement age. You receive less per month, but over a longer period of time. This is the rule that needs to be explored in order to decide which is the better option for each recipient as there are many variables to be considered, and once the election is made, it cannot be changed. The Social Security Break Even Analyzer will calculate the present value of the social security benefits your receive under early and normal retirement and determine in what year you will break even. |
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Precision Financial Services, Inc. P.O. Box 40, Duvall, WA. 98019 Send mail to
webmaster@precfin.com with
questions or comments about this web site.
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