Thinking about early retirement? If you take full retirement you get more money per month but you have to wait more years before you start getting your retirement payments. In one hand you get less money per month but start getting paid right away. On the other hand you get more money per month but you run the risk of cheating yourself out of several years of getting paid. So which is better?
Look at the following example:
Tom’s retirement is 1500 per month at the age of 66, but has the option to retire at 64 and only get 1100 per month. If Tom waits until 66 years old he misses 2 years worth of retirement payments. But by waiting until 66 years old, Tom makes 400 more per month. Which choice gives Tom the most money?
The answer is different for everybody; this app will help you answer that question.
This app will let you see how you retirement income adds up over the years so that you can make a wiser decision on which gives most money at the end.
Do not cheat yourself out of your retirement money; get all the facts you can before you make this very important decision of your life.
Tested on iOS 3.x
Tested on iOS 4.x