Q & A
Does my Social Security estimate change if I stop working at 62?
Full Question: I am planning on retiring at 62 . My social security estimator claims I will get about 1800.00. If I wait till I’m 66 the number is much higher. My question is if I retire at 62 and do not continue to work at my current job will that number they have calculated be different at 66 because I have not contributed to social security for those past four years?
Answer: Yes, among other things, the main Retirement Estimator on the Social Security website assumes:
- You continue working until the age displayed in the estimator results table.
- You continue making the same amount you entered as last year’s income.
So if you stop working at 62 but don’t begin taking benefits until 66, the amount you’ll receive will very likely be less than the number shown in your estimator results for age 66. It may not be as bad as you think though because a lot of the difference between the 62 and full retirement age benefit is a penalty of sorts for taking your benefit early. Read more…
Source: Scott Halliwell, via USAA, 11/13/2014
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