This is so basic I am embarrassed to ask please redirect me to the right areas.
1) Was reading the "ER" webpage in SSA.GOV, heavy emphasis on the 9/12, etc. formulas but they are all based at 62. So yes it is abundantly clear that drawing at 62 or so is a lesser amount than full retirement age, BUT does that discounting scale applies to someone ER'ing in their 50's?
I'm guessing no and that the SSA.GOV universe starts at 62.
2) For a 50 year old, how should one interpret the estimate, IF one were to not work beyond that? Is there some scale on how it declines if there were no additional contributions?
Thanks and again sorry for the basics.
1) Was reading the "ER" webpage in SSA.GOV, heavy emphasis on the 9/12, etc. formulas but they are all based at 62. So yes it is abundantly clear that drawing at 62 or so is a lesser amount than full retirement age, BUT does that discounting scale applies to someone ER'ing in their 50's?
I'm guessing no and that the SSA.GOV universe starts at 62.
2) For a 50 year old, how should one interpret the estimate, IF one were to not work beyond that? Is there some scale on how it declines if there were no additional contributions?
Thanks and again sorry for the basics.