Rayvt you have a very pretty spreadsheet that in my view is very misleading. You have some rather odd assumptions -#1 You assume 3% on a savings account - where do you get that? When was the last time any bank paid 3% on a savings account?#2 You assume a COLA of 2.8% --- on what basis? #3 You do not appear to have applied to COLA to the benefit you would start collecting at age 70. Applying your 2.8% over the 8 years would increase the initial monthly benefit from $1,320 to $1,646 by my calculator.While deciding on a future COLA is guess work and one could project 2.8% assuming inflation happens as in the past - it is grossly wrong to apply COLA for 8 years to the age 62 withdraws, but not increase the withdraw beginning at age 70.And with regard to inflation/COLAs - just keep in mind Japan had a nice economy with normal inflation from the 1950s until roughly 1990. They have had at first significant deflation and than no inflation. Oddly that results with darn near zero returns on bank accounts, bonds, etc. I am not saying that will happen, but there was pretty good agreement such a mess could not happen to Japan up until the early 1990s.
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