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Hello everyone, I'm a newbie in this forum and I have a question about the maximum Social Security retirement benefit payable.
Here is my case:
I am 63 years old, currently working and receive the Social Security Statement indicating this: “At your current earnings rate, if you continue working until... your full retirement age (66 years), your payment would be about... $2,000 a month”.
If I were to retire at this age 63 and NOT withdraw any benefit from Social Security, but instead use my own 401k and saving money for living expenses for the next THREE years until I reach age 66, would my Social Security payment still be about $2,000 a month at that age? Or would it be significantly less?
Thank you in advance for your response.
All answers and suggestions are welcome and appreciated.
Last edited by phonam; 10-22-2016 at 04:46 PM..
Reason: To say Hello
from 62 to your fra it goes up a bit less than 6% a year . from your fra to 70 it goes up 8% a year .
there can be a 70% difference between 62 and 70
But the OP isn't actually planning to take SS payments until age 66 so does that still apply? He/she wouldn't get the same amount at 66 that he/she would get at 63; correct? Otherwise, why advise people to retire at their FRA but wait until 70 to take SS benefits?
correct . for each year they delay from 62 they get about 6% more plus colas . that rate holds until they hit fra . if they continue delaying it goes up 8% a year until 70 .
it is based on your 35 highest years . if you are currently at your highest pay rate then it does assume you will bump out a few lower years by continuing to work . but the difference is usually very tiny if that is the case
I'm in almost the same situation; I want to retire at 64 and a few months but wait until 66 to collect. There IS an advanced calculator on the SS website where you fill in all your yearly earnings (including your years at 0) to get a more precise $$ amount, but it's a pain in the a$$ to fill in.
Sorry mathjak, I'm new at this forum and retirement subject, hence I have to ask what is FRA meaning?
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