|401k Extra, LLC|
Francis Gillis, AIF, QPFC, PPC
155 E Boardwalk
Fort Collins, CO 80525
|Social Security Break-Even Calculator
|Social Security Break-Even Calculator|
What is the best age to start receiving Social Security retirement benefits? To help make that decision, this calculator
compares the cumulative Social Security retirement benefits paid beginning at three different starting ages, and estimates
how long it takes for the cumulative benefits begun at a later age to equal or "break even" with the cumulative benefits
begun at an earlier age.
The total cumulative benefits you receive can be affected by a number of factors, including the age at which you begin
receiving benefits and how long you live.
You can use the Retirement Estimator calculator available at the Social Security Administration's website (www.ssa.gov)
to calculate your monthly benefit amounts. Full retirement age (FRA) is between 66 and 67, depending on your birth date. Refer
to the table below to determine your FRA. While your actual FRA may fall in the middle of a calendar year, for this calculator,
use age 66 if you were born between 1942 and 1957. If you were born in 1958 or later, use age 67.
|Full Retirement Age|
|If you were born in:||Your full retirement age is:|
|1955||66 and 2 months|
|1956||66 and 4 months|
|1957||66 and 6 months|
|1958||66 and 8 months|
|1959||66 and 10 months|
|1960 or later||67|
Advisory services offered through Dynamic Wealth Advisors.
|Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2020.