Richard is a successful executive at a large company with headquarters in Houston, Texas. He celebrated his 58th birthday in the current year. Richard has worked with the company for more than 20 years. As a result, he has significant savings accumulated as well as a company pension. He is considering retiring from employment early at age 60. Even if he retires early, he can continue the company paid health insurance as a retiree until he qualifies for Medicare at age 65. He would like to evaluate his options for taking Social Security retirement benefits at age 62, at FRA, or at age 70. Based on his earning history, his Social Security statement shows that he will receive $2,850 per month at FRA. Inflation is expected to be 2.5% and his life expectancy is 93. He has asked you to do an analysis of differences in his monthly cash flow from Social Security at each age. What is the reduced monthly SS retirement benefit if Richard draws at age 62?