Question

1.Social Security laws allow you can collect full social security benefits at age 67 however; the law allows you to retired early at age 62 with a 30% reduced rate of benefits. If your full benefits were $1,000 a month, what would your reduced amount be at 62?
You would have 700 a month .


2.Social Security laws might change soon and the retirement age may go from 67 to 69. How would this change affect you?
You would have to save a lot more money . Or work a couple more years longer.
how would i show all my work?

Answer 1

1. 100%-30% = 70% Received.
0.7 * 1000 = $700 / mo. Received.