Social Security at 62 or 70

W represents income received starting at age 67

J represents income received starting at age 62

K represents income received starting at age 70

L represents income received from age 62 to age 70

M represents the number of months to break-even

Early Retirement Age of 62 = J

W*1.24% = K

J*96 Months = L (number of months from age 62 to 70)

L / (K-J) = M

Plug in any numbers that you choose and calculate that it will take more than 124 months to reach the break-even point (also, 124 divided by 12 equal over 10 years)

Age 70 plus 10 equals 80

Want to use various ages? Calculate them for yourself by clicking here.