SOLUTION: My retirement pension at 62 will be $689/month. My retirement pension at 65 will be $771/month. What formula do I use to determine how many months it will take before the total a

Question 255129: My retirement pension at 62 will be $689/month. My retirement pension at 65 will be $771/month. What formula do I use to determine how many months it will take before the total amount of pension received is equivalent between the two options?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
689*36+ 689m=771m
302.488 months
25 years and almost 3 months
BTW The usual difference is 25% so these numbers very unrealistic. 689/771 is 89%
With real figures, it is only 10 years

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