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I'm 51 years old, seriously thinking of retiring within the next few months. I went out to the social security web site and estimated my social security benefits if I quit working today. They were about $1314/month (in today's dollars) at age 62. Then I estimated my benefits assuming I worked until 62 and then retired. My benefits were then about $1470/month. This is a difference of about $150 per month less by retiring now. Does this sound about right? (I know it depends alot on each individuals income situation over the years.)
Have any of you run the numbers to see how much you would lose by retiring early? And have any of you decided to work longer to increase your social security payments? Have any of you decided that the difference wasn't enough to make it worthwhile? I'm mainly asking people that either retired or considered retiring before age 55 because they have/had the most to lose.
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