| TABLE 2. Relative Present Values of Benefits for Singles When Benefits Begin at Ages 62 Through 70 | |||||||||
| FRA: 66 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 |
| PIA does not increase | |||||||||
| Female relative | 97.10% | 97.30% | 98.80% | 99.40% | 99.40% | 100.00% | 99.80% | 98.90% | 97.30% |
| Male relative | 99.50% | 99.10% | 100.00% | 100.00% | 99.30% | 99.10% | 98.10% | 96.30% | 93.80% |
| PIA increases 1% a year until benefits begin | |||||||||
| Female relative | 91.60% | 92.70% | 95.00% | 96.60% | 97.60% | 99.10% | 99.90% | 100.00% | 99.40% |
| Male relative | 95.60% | 96.10% | 97.90% | 98.90% | 99.20% | 100.00% | 100.00% | 99.10% | 97.60% |
| FRA: 67 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 |
| PIA does not increase | |||||||||
| Female relative | 97.60% | 98.10% | 98.10% | 99.40% | 99.80% | 99.70% | 100.00% | 99.60% | 98.40% |
| Male relative | 100.00% | 100.00% | 99.30% | 100.00% | 99.70% | 98.80% | 98.30% | 97.00% | 94.90% |
| PIA increases 1% a year until benefits begin | |||||||||
| Female relative | 91.40% | 92.90% | 93.70% | 96.00% | 97.30% | 98.10% | 99.50% | 100.00% | 99.80% |
| Male relative | 95.80% | 96.80% | 97.10% | 98.70% | 99.50% | 99.50% | 100.00% | 99.60% | 98.50% |
| This table compares present values of benefits at age 62 when benefits start at age 62, 63, and so on through age 70, assuming Full Retirement Age is attained at 66 (first panel) and 67 (second panel). It demonstrates that, for someone with average life expectancy, the present values are similar no matter when benefits actually begin. Female relative and Male relative denote present value percentages relative to the maximum present value. | |||||||||