Poorman & beltim, thanks for the double checks.
Rather than program the ssa.gov calculations for age 62 vs. 70, the calculations below use actual results from the ssa.gov website for one set of earnings and birth date: $1425/mo at age 62 and $2530/mo at age 70. Also, rather than do a quick 'n' dirty interest calculation the Excel FV function is used. Results are in between what the two of you posted, but closer to Poorman's. beltim, how do your calculations differ?
Age | Monthly62 | BoY1 | EOY1 | 0.06 | Monthly70 | BoY2 | EOY2 |
62 | 1425 | 0 | =FV($E$1/12,12,-B2,-C2,1) | | | | |
=A2+1 | =B2 | =D2 | =FV($E$1/12,12,-B3,-C3,1) | | | | |
=A3+1 | =B3 | =D3 | =FV($E$1/12,12,-B4,-C4,1) | | | | |
=A4+1 | =B4 | =D4 | =FV($E$1/12,12,-B5,-C5,1) | | | | |
=A5+1 | =B5 | =D5 | =FV($E$1/12,12,-B6,-C6,1) | | | | |
=A6+1 | =B6 | =D6 | =FV($E$1/12,12,-B7,-C7,1) | | | | |
=A7+1 | =B7 | =D7 | =FV($E$1/12,12,-B8,-C8,1) | | | | |
=A8+1 | =B8 | =D8 | =FV($E$1/12,12,-B9,-C9,1) | | | | |
=A9+1 | =B9 | =D9 | =FV($E$1/12,12,-B10,-C10,1) | | 2530 | 0 | =FV($E$1/12,12,-F10,-G10,1) |
=A10+1 | =B10 | =D10 | =FV($E$1/12,12,-B11,-C11,1) | | =F10 | =H10 | =FV($E$1/12,12,-F11,-G11,1) |
=A11+1 | =B11 | =D11 | =FV($E$1/12,12,-B12,-C12,1) | | =F11 | =H11 | =FV($E$1/12,12,-F12,-G12,1) |
=A12+1 | =B12 | =D12 | =FV($E$1/12,12,-B13,-C13,1) | | =F12 | =H12 | =FV($E$1/12,12,-F13,-G13,1) |
=A13+1 | =B13 | =D13 | =FV($E$1/12,12,-B14,-C14,1) | | =F13 | =H13 | =FV($E$1/12,12,-F14,-G14,1) |
=A14+1 | =B14 | =D14 | =FV($E$1/12,12,-B15,-C15,1) | | =F14 | =H14 | =FV($E$1/12,12,-F15,-G15,1) |
=A15+1 | =B15 | =D15 | =FV($E$1/12,12,-B16,-C16,1) | | =F15 | =H15 | =FV($E$1/12,12,-F16,-G16,1) |
=A16+1 | =B16 | =D16 | =FV($E$1/12,12,-B17,-C17,1) | | =F16 | =H16 | =FV($E$1/12,12,-F17,-G17,1) |
=A17+1 | =B17 | =D17 | =FV($E$1/12,12,-B18,-C18,1) | | =F17 | =H17 | =FV($E$1/12,12,-F18,-G18,1) |
=A18+1 | =B18 | =D18 | =FV($E$1/12,12,-B19,-C19,1) | | =F18 | =H18 | =FV($E$1/12,12,-F19,-G19,1) |
=A19+1 | =B19 | =D19 | =FV($E$1/12,12,-B20,-C20,1) | | =F19 | =H19 | =FV($E$1/12,12,-F20,-G20,1) |
=A20+1 | =B20 | =D20 | =FV($E$1/12,12,-B21,-C21,1) | | =F20 | =H20 | =FV($E$1/12,12,-F21,-G21,1) |
=A21+1 | =B21 | =D21 | =FV($E$1/12,12,-B22,-C22,1) | | =F21 | =H21 | =FV($E$1/12,12,-F22,-G22,1) |
=A22+1 | =B22 | =D22 | =FV($E$1/12,12,-B23,-C23,1) | | =F22 | =H22 | =FV($E$1/12,12,-F23,-G23,1) |
=A23+1 | =B23 | =D23 | =FV($E$1/12,12,-B24,-C24,1) | | =F23 | =H23 | =FV($E$1/12,12,-F24,-G24,1) |
=A24+1 | =B24 | =D24 | =FV($E$1/12,12,-B25,-C25,1) | | =F24 | =H24 | =FV($E$1/12,12,-F25,-G25,1) |
=A25+1 | =B25 | =D25 | =FV($E$1/12,12,-B26,-C26,1) | | =F25 | =H25 | =FV($E$1/12,12,-F26,-G26,1) |
=A26+1 | =B26 | =D26 | =FV($E$1/12,12,-B27,-C27,1) | | =F26 | =H26 | =FV($E$1/12,12,-F27,-G27,1) |
=A27+1 | =B27 | =D27 | =FV($E$1/12,12,-B28,-C28,1) | | =F27 | =H27 | =FV($E$1/12,12,-F28,-G28,1) |
=A28+1 | =B28 | =D28 | =FV($E$1/12,12,-B29,-C29,1) | | =F28 | =H28 | =FV($E$1/12,12,-F29,-G29,1) |
=A29+1 | =B29 | =D29 | =FV($E$1/12,12,-B30,-C30,1) | | =F29 | =H29 | =FV($E$1/12,12,-F30,-G30,1) |
=A30+1 | =B30 | =D30 | =FV($E$1/12,12,-B31,-C31,1) | | =F30 | =H30 | =FV($E$1/12,12,-F31,-G31,1) |
=A31+1 | =B31 | =D31 | =FV($E$1/12,12,-B32,-C32,1) | | =F31 | =H31 | =FV($E$1/12,12,-F32,-G32,1) |
=A32+1 | =B32 | =D32 | =FV($E$1/12,12,-B33,-C33,1) | | =F32 | =H32 | =FV($E$1/12,12,-F33,-G33,1) |
=A33+1 | =B33 | =D33 | =FV($E$1/12,12,-B34,-C34,1) | | =F33 | =H33 | =FV($E$1/12,12,-F34,-G34,1) |
=A34+1 | =B34 | =D34 | =FV($E$1/12,12,-B35,-C35,1) | | =F34 | =H34 | =FV($E$1/12,12,-F35,-G35,1) |
=A35+1 | =B35 | =D35 | =FV($E$1/12,12,-B36,-C36,1) | | =F35 | =H35 | =FV($E$1/12,12,-F36,-G36,1) |