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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?

 May 17, 2015

Best Answer 

 #1
avatar+128055 
+5

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.......!!!

 

 May 17, 2015
 #1
avatar+128055 
+5
Best Answer

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.......!!!

 

CPhill May 17, 2015

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