As you already know, the earliest possible retirement age is 62. If you choose to retire at 62, your Social Security benefits will be significantly lower than if you retire at your full retirement age. The more months remaining between 62 and your FRA, the more monthly payments will be reduced. So, think twice and choose wisely before making a decision! Also, keep in mind that money isn’t everything, and in case you are dealing with health issues that don’t let you work properly, you should definitely put yourself first.
On the other hand, if you continue working, even though you achieved your FRA, you can increase future Social Security in 2 ways: each extra year you work adds another year of earnings to your Social Security record, and of course, higher lifetime earnings mean higher incomes as a retiree.
Benefits will grow from the moment you hit your full retirement age until you begin collecting them or until you are 70. For every year you postpone claiming Social Security benefits past your FRA, your benefits amount increases by %8.
4 Responses
Thank you for your information it was beneficial
Trump will fix it.
Every time Democrats are in office, the 3 months where the COLA is decided, suddenly prices come down ( lowering the COLA ) even the 2022 – 2023 8.9 % was lower than the Inflation before and after August to October ( before the 3 months its decided inflation was hitting 12 % and more. )under Obama in 2013 and 2014 there was 0 COLA, as Obama announced ” it will cost you nomore to live in the country this year, as it did last year ” 2 weeks later Gas was almost $4.00 a gal
Who wants to vote for Kamala since she has stated she will take money from Social Security to give to illegal aliens for health insurance and income.