Richard is a successful executive at a large company with headquarters in Houston, Texas. He celebrated...

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Richard is a successful executive at a large company withheadquarters in Houston, Texas. He celebrated his 58th birthday inthe current year. Richard has worked with the company for more than20 years. As a result, he has significant savings accumulated aswell as a company pension. He is considering retiring fromemployment early at age 60. Even if he retires early, he cancontinue the company paid health insurance as a retiree until hequalifies for Medicare at age 65. He would like to evaluate hisoptions for taking Social Security retirement benefits at age 62,at FRA, or at age 70. Based on his earning history, his SocialSecurity statement show`s that he will receive $2,946 per month atFRA. Inflation is expected to be 2.0% and his life expectancy is95. He has asked you to do an analysis of differences in hismonthly cash flow from Social Security at each age.
A: If you were Richard's financial advisor,would you recommend taking benefits at age 62, FRA, or 70? Give thereasoning for your recommendation. Your answer should be at least 2paragraphs in complete sentences.

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Realities Richard praised his 58th birthday celebration in year 2020which implies he was born in year 1962 Early retirement for Richard 60 yearsHis Medicare begins at 65 years till then he will haveorganizations paid health See Answer

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Richard is a successful executive at a large company withheadquarters in Houston, Texas. He celebrated his 58th birthday inthe current year. Richard has worked with the company for more than20 years. As a result, he has significant savings accumulated aswell as a company pension. He is considering retiring fromemployment early at age 60. Even if he retires early, he cancontinue the company paid health insurance as a retiree until hequalifies for Medicare at age 65. He would like to evaluate hisoptions for taking Social Security retirement benefits at age 62,at FRA, or at age 70. Based on his earning history, his SocialSecurity statement show`s that he will receive $2,946 per month atFRA. Inflation is expected to be 2.0% and his life expectancy is95. He has asked you to do an analysis of differences in hismonthly cash flow from Social Security at each age.A: If you were Richard's financial advisor,would you recommend taking benefits at age 62, FRA, or 70? Give thereasoning for your recommendation. Your answer should be at least 2paragraphs in complete sentences.