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You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth, and outrageous generosity. Gordon is in Flint, Michigan.

Hi Gordon, welcome to the Ramsey Show.

Thanks for having me.

Sure, what's up?

Well, I'm still working.

I'm 61, soon to be 62 and was wondering if I should take myself security at 62

I'm debt free my homes paid for I'm just not sure if I should wait till I'm 67 I have

about 905,000 in my 401k.

Way to go.

So you're a millionaire, so this doesn't matter,

it's just a mathematical question.

Correct.

And it's just, I, knowing to do the right thing.

It took me a long time to do that.

Here's the way the math works on the calculation.

As you know, the sooner you take it, like 62 versus versus 65 the less you get per month for the rest of your life right correct but you get it for three years longer or whatever if you take it a 62 versus 65 you get an extra 36 checks that

you wouldn't have gotten okay so there's two factors that come into play here one

is the longer you live, the more it makes sense to take it later, because you're going to get a bigger check the whole time.

Okay? Also, there's the what's called the present value of money.

Would you rather have $10,000 today or $10,000 10 years from now?

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