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Individual #1

Social Security Calculator Input
This case is an individual who assumes the default Social Security COLA and inflation rates. There is also a 4% default investment return on those benefits since the calculator assumes the benefits accrue as savings. The charts at the right graph 3 retirement income streams generated by this individual: the accumulated Real Dollar Values (blue background) and accumulated NPVs (green background) at age 100 for retiring at 62, at Full Retirement Age and at 70. The break-even, or cross-over, age at which retirement options 62 and 70 offer equivalent NPV is between 87 and 88.
Real Dollar Chart
NPV Chart
Option 62: The data in the report directly below represents the red line in the above charts. You choose to start taking benefits at age 62. You receive 8 months of benefit in 2013 because you start receiving benefits in May.Option 70: The data in the report directly below represents the green line in the above charts. This option illustrates the case where you delay taking your benefits until age 70. The $21,600 represents 8 months of your age 70 benefit.
Retirement at 62 ReportRetirement at 70 Report



Individual #2

Social Security Calculator Input This case is the same individual from example #1 above. The difference in this case is a 0% investment return rate. Therefore, the calculator assumes that all Social Security benefits are spent when received and none are saved. The charts at the right graph 3 retirement income streams generated by this individual: the accumulated Real Dollar Values (blue background) and accumulated NPVs (green background) at age 100 for retiring at 62, at Full Retirement Age and at 70. The break-even, or cross-over, age at which retirement options 62 and 70 offer equivalent NPV is between 82 and 83. Real Dollar Chart
NPV Chart
Option 62: The data in the report directly below represents the red line in the above charts. You choose to start taking benefits at age 62. You receive 8 months of benefit in 2013 because you start receiving benefits in May.Option 70: The data in the report directly below represents the green line in the above charts. This option illustrates the case where you delay taking your benefits until age 70. The $21,600 represents 8 months of your age 70 benefit.
Retirement at 62 ReportRetirement at 70 Report



Married Couple #1

Social Security Calculator InputReal Dollar Chart
NPV Chart
This case is a married couple with an older worker and a younger non-worker (for purposes of Social Security only, of course). The charts at the upper right graph 3 retirement income streams generated by this couple: the high, low and median accumulated Real Dollar Values (blue background) and accumulated NPVs (green background) at age 100. Option 62/62 offers the lowest NPV at $1.663 million at age 100. Option 70/66 offers the highest NPV at $1.897 million. The break-even, or cross-over, age at which both options offer equivalent NPV is between 86 and 87 (age of the older spouse).
Option 62/62: The data in the report directly below represents the red line in the above charts. Both you and your spouse choose to start taking benefits at age 62. Your spouse's spousal benefit at 62 ($8,147) is 35% (plus a 1 year COLA adjustment) of your Full Retirement Age (FRA) benefit which you would have started at 66. The spouse benefit factor is 35% because your spouse chose to start benefits early at 62.Option 70/66: The data in the report directly below represents the green line in the above charts. This option illustrates the case where you, at FRA, can apply for benefits and then suspend payments up to age 70. This allows your spouse to start receiving a spousal benefit. Your benefits start at age 70 ($2,800 x 12 months). Your spouse starts benefits at his/her FRA of 66. Their starting benefit ($13,151) is equal to 50% of your FRA benefit at 66 and adjusted for 3 years of COLA. The spouse benefit factor is 50% because your spouse waited until FRA to start benefits.
Retirement Option ReportRetirement Option Report



Married Couple #2

Social Security Calculator InputReal Dollar Chart
NPV Chart
This case is a married couple who both have significant work histories. The older of the two has the higher Social Security benefit. The charts at the upper right graph 3 retirement income streams generated by this couple: the high, low and median accumulated Real Dollar Values (blue background) and accumulated NPVs (green background) at age 100. Option 62/62 offers the lowest NPV at $1.613 million at age 100. Option 70/70 offers the highest NPV at $1.863 million. The break-even, or cross-over, age at which both options offer equivalent NPV is between 87 and 88 (age of the older spouse).
Option 62/62: The data in the report directly below represents the red line in the above charts. Both you and your spouse start taking benefits at age 62. Your first year benefit ($1,400 x 9 months = $12,600) is a 9 month benefit because of the March 3rd birthday. Your spouse's benefit at 62 is $800 x 4 months = $3,200. For this example, the spouse benefit is based on the spouse's work record.Option 70/70: The data in the report directly below represents the green line in the above charts. Your first year benefit at age 70 ($2,800 x 9 months = $25,200) is a 9 month benefit because of the March 3rd birthday. Your spouse starts a spousal benefit at FRA of 66 based on your work record. Their first year benefit ($4,804) is equal to 50% of your FRA benefit at 66 and adjusted for 6 years of COLA. The spouse benefit factor is 50% because they waited until FRA to start benefits. Note that at age 70 your spouse elects to start taking benefits based on their work record since it will be greater than the spousal benefit they are currently taking. The year 70 benefit for your spouse is $1,600 x 12 months = $19,200.
Retirement Option ReportRetirement Option Report



Married Couple #3

Social Security Calculator InputReal Dollar Chart
NPV Chart
This case is a married couple, both with work histories. The younger of the two has a very high Social Security benefit and the older spouse has a much smaller benefit. The charts at the upper right graph 3 retirement income streams generated by this couple: the high, low and median accumulated Real Dollar Values (blue background) and accumulated NPVs (green background) at age 100. Option 67/62 offers the lowest NPV at $1.575 million at age 100. Option 70/66 offers the highest NPV at $1.774 million. The break-even, or cross-over, age at which both options offer equivalent NPV is between 84 and 85 (age of the older spouse).
Option 67/62: The data in the report directly below represents the red line in the above charts. Your first year benefit at FRA of 67 is $2,300 x 7 months = $16,100. Your birthday is 09/15/58 which means you are at FRA at 66 years and 8 months on May 15, 1959. Thus, you will get 7 months of benefit in year 67 (June-December). Your spouse's benefit at 62 is $500 x 11 months = $5,500 which is based on their work record. Starting in year 2025 they will start getting a spousal benefit based on your work record. Their benefit of $9,550 is equal to your FRA benefit of $2,300 x 12 months x 34.6%. The spouse benefit factor is 34.6% because they started benefits at 62 and were born in 1959.Option 70/66: The data in the report directly below represents the green line in the above charts. Your first year benefit at age 70 ($3,200 x 3 months = $9,600) is a 3 month benefit because of the September 15th birthday. Your spouse starts benefits at FRA of 66 based on their work record. Their first year benefit is $700 x 9 months = $6,300. They get 9 months of benefit because their birthday is 02/01/55 and they are at FRA on 04/01/55. Note that in 2025 your spouse transitions to a spousal benefit based on your work record. They get the maximum 50% of your FRA benefit because they waited until FRA to start benefits.
Retirement Option ReportRetirement Option Report


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