Those boomers that are retiring early out of necessity are also receiving permanently reduced Social Security benefits. Retiring at 62 means getting a 25% lower amount every month for the rest of their lives. This will really hurt them in their old age.
LOL...we won't make it that far.
Depending on your situation, taking SS early (62) may actually be better. Using your formula, if full monthly benefits at 66 1/2 are $2000 and early benefits are $1500, you will leave 54 months of benefits on the table. This amounts to $81,000. Divide $81k by the $500 difference and you get 162 months (13.5 yrs.) of unpaid benefits. Add 13.5 to 66.5 and you don’t break even until you are 80. I contend that you can use more money in your active 60’s than your sedentary 80’s.