Suppose you turn 62 in 2020, your full retirement age is 67, and your monthly benefit starting at full retirement age is $1,000. If you start getting benefits early at age 62, you would reduce your monthly benefit 30 percent to account for the longer time you receive benefits. If you choose to delay getting benefits until age 70, you would increase your monthly benefit by 25 percent. Furthermore, suppose that your life expectancy is age 90. In addition, cost of living adjustments (COLA)/inflation are expected to be 2.5% per annum and retirement savings options provide after-tax returns of 7% per annum. What is the present value of future cash flows if you claim retirement early at age 62 and live to 90