Run the Numbers
It seems like simple advice, that of checking something out before diving in. This can be anything from a home improvement to investing in something: how long will it take to break even, will you break even, is it even worth the trouble? One example of this may be with those of you nearing the age of taking your Social Security benefits. And when you dive into the topic of when to take them, pretty much 95% of sites will advise you to wait, all in order to maximize your payments. So let's run the numbers (and here I use totally hypothetical numbers for ease of showing the figures). Suppose at 62 you would receive $1000 monthly, but by waiting until the full age maximum of 67 or 68, you would increase that amount by 50%, or $1500 per month (again, these are hypothetical, and you can wait until 70 to get "even more"). Now, that $1000 per month at age 62 equals $12,000 per year, and multiply that figure by the 5 years you would wait ...