Quick Little Trick for Calculating Social Security
/If you are thinking about taking Social Security (SS) early (before your full retirement age), here is a quick little trick to help you figure out how much your future SS checks will be reduced by.
Take the number of months (this is the number of months before your full retirement age) and divide it by 180.
So, if you plan on starting social security 18 months before your full retirement age, you will be giving up 10% (18/180 = 10%) from each future SS check. For example: If at full retirement age the Social Security Administration (SSA.gov) states you would receive $2,000 per month, then starting SS 10-months early would yield $1,800 per month. This is not an exact science, but it comes close. This formula can be used for up to 36 months before your full retirement age.
