If I can retire at 62 and draw social security of $1700 a month or retire at 66 at $2400 a month, how long would it take to make up the difference if I retire early?
Let x be the number of months where the total amounts will be equal.....we have a 48 month head start at 62.....so we have....
1700(x + 48) = 2400x simplify
1700x + 81600 = 2400x subtract 1700x from both sides
81600 = 700x divide both sides by 700
x = at about 117 months after you're 66 (about 9.75 years) you will have equal amonts of money
After that.....the $2400/month is the better deal.......!!!
Let x be the number of months where the total amounts will be equal.....we have a 48 month head start at 62.....so we have....
1700(x + 48) = 2400x simplify
1700x + 81600 = 2400x subtract 1700x from both sides
81600 = 700x divide both sides by 700
x = at about 117 months after you're 66 (about 9.75 years) you will have equal amonts of money
After that.....the $2400/month is the better deal.......!!!