The Social Security Pathway

 Making the decision to turn on your social security is a big thing.  It's all about crunching numbers and figuring out where you are now and what you'll need in the future. 

The future? How can I know what to expect 5 or 10 or 20 years from now? Do I look like a psychic? 

So, if my full retirement age is 65 + 6 months I get a certain amount. You can go to the Social Security website and enter your info and they'll let you know what you could get now and that higher amount you could get if you wait.  

One of the issues I kind of struggle with is that yes, you'll get more money later each month if you wait.  If you take it now your check is less but the total amount will be a bigger total amount? 

I've been trying to crunch the numbers and I'm not really a math wiz. 

If your starting number now is like 1000 a month. Age 64.

Waiting until age 65 and your number is 1200 a month. 

12 months of $1000 = $12,000? 

So at what point when collecting the full amount of $1200 how many months would it take to make up the $12,000? 

Since the difference is $200. Would it be 60 months? Is that 5 years to break even? 

I guess it comes down to if that $200 will really be a deal breaker in the future? Now we come back to - are we psychic?  Where will we be in 5 years? In one year? 

Have you made this decision? Which way did you decide to go?