Social Security at 66 vs waiting until FRA (66 and 10 months) - any downsides to filing now?

Yes, there is a downside. If you file before your FRA of 66 and 10 months, your benefit will be permanently reduced by approximately 0.56% for each month before your FRA that you claim. So filing at 66 means you'd take about a 5.6% permanent reduction in your monthly benefit amount. You're correct that the earnings test no longer applies once you reach age 66, so your work income won't cause any benefits to be withheld. But the reduction for filing early still applies until you reach your exact FRA. If maximizing your monthly benefit is important, waiting until November would be better. If you need the money now, you need to weigh if that 5.6% reduction for the rest of your life is worth getting payments sooner.

i filed at 66 exact and my FRA was 66 and 8 months. nobody told me about the reduction and i was SHOCKED when i got my first payment. about $120 less per month than what the SSA estimate said id get. wish i had waited those extra months!!

If you're trying to maximize your lifetime Social Security benefits, you should consider a few things: 1. The reduction for filing before your FRA is 5/9 of 1% per month for the first 36 months and 5/12 of 1% for months beyond that. In your case, filing 10 months early means approximately a 5.6% permanent reduction. 2. With an average retirement benefit around $1,900 in 2025, that 5.6% reduction could mean approximately $106 less per month for the rest of your life. 3. The earnings test doesn't apply after FRA, but it also doesn't apply in the year you reach FRA for earnings after the month you reach FRA. Since you're already 66, you're correct that the earnings test no longer applies to you. 4. If you're still working, consider whether you need the money now. If not, waiting even those 10 months will give you a higher monthly benefit for life. 5. Don't forget that your benefit amount will still receive COLA increases regardless of when you file.

wait till november!!! i didn't wait and regret it every month when i see my deposit. once you take the cut its FOREVER

I was in a similar situation last year and wanted to share what I learned. The reduction is permanent if you file before your exact FRA. For me, waiting those extra 8 months meant about $90 more per month for the rest of my life! The problem is, the SSA is nearly impossible to reach by phone to ask these questions. I spent DAYS trying to get through. Finally found a service called Claimyr (claimyr.com) that got me connected to a real SSA agent in under 15 minutes. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU The agent confirmed everything about the reduction and helped me calculate exactly what I'd lose by filing early. Made my decision much easier. If you need specific numbers for your situation, I'd recommend trying to actually speak with SSA.

For what it's worth, I was in EXACTLY your position last year! My FRA was 66+8 months but I started at 66. I figured "close enough" LOL. I didn't realize it would reduce my benefit at all since I was past 66. No one explained this to me! Now I'm getting $137 less EVERY MONTH than if I'd just waited those 8 months. That's over $1,600 a year I'm missing out on. AND IT NEVER GOES AWAY! Even when they do the COLA increases, it's a percentage on my already-reduced amount. WAIT THE 10 MONTHS! Future you will thank you!!!!

What if you need the money NOW though? Everyone's saying wait wait wait, but what if you actually need the income right now? Sometimes we don't have the luxury of waiting for the "perfect" time. I filed 7 months before my FRA because I had unexpected home repairs. Yes, I'm getting less, but I NEEDED that money then. Just saying that sometimes the mathematically perfect answer isn't the right one for everybody's situation.

One more thing to consider: if you wait until your FRA in November, you'll also have the option to file a restricted application for spousal benefits only (if you're married and your spouse is already collecting), while letting your own retirement benefit continue to grow until age 70. This strategy isn't available if you file before your FRA. It could potentially be worth tens of thousands of dollars over your lifetime if you're in a position to use it.

guys wait what about delaying past FRA?? nobody mentioned that yet. doesnt your benefit grow 8% per year until 70? maybe OP should consider waiting even longer than just til november??

As someone who's been working in benefits counseling for years, I want to emphasize something that might not be obvious: the decision isn't just about the math - it's about your overall financial strategy. Since you're still working part-time and earning $24K annually, you have some flexibility. Here's what I'd consider: 1. **Cash flow needs**: Do you actually need the Social Security income right now, or can you live comfortably on your work income plus any other savings/investments? 2. **Health factors**: If you're in excellent health with family longevity, waiting could pay off significantly. If you have health concerns, getting benefits sooner might make sense. 3. **Tax implications**: Your work income plus Social Security might push you into higher tax brackets or make more of your benefits taxable. 4. **Spouse considerations**: If you're married, your filing decision affects not just you but potentially your spouse's survivor benefits. Given that you're only 10 months away from your FRA, and the reduction is permanent, I'd lean toward waiting unless you have a compelling reason to file now. That 5.6% reduction compounds over potentially decades of payments. Have you run the numbers on your total expected lifetime benefits under both scenarios?

I'm seeing a lot of great advice here, but wanted to add one more perspective as someone who recently went through this decision process myself. The 5.6% permanent reduction everyone's mentioning is absolutely real and significant. But there's also a psychological factor to consider - once you start receiving those monthly payments, even if they're reduced, there's a sense of security and "locked in" income that can be really valuable for peace of mind. That said, given that you're still working 25 hours a week and seem financially stable, waiting those 10 months until November probably makes the most sense. You're so close to your FRA that it would be a shame to take that permanent hit when you're almost there. One thing I haven't seen mentioned yet - make sure you understand exactly when in November your FRA hits. It's not just "November 2025" but a specific date. You can claim benefits starting the month you reach FRA, but if your birthday falls later in November, you might want to wait until December to start receiving payments to ensure you're not accidentally filing early. The SSA website has a retirement age calculator that can give you your exact FRA date if you haven't already checked that.

I just want to echo what everyone else is saying - WAIT until November! I made the same mistake of filing at 66 when my FRA was 66 and 6 months. I thought "eh, 6 months, what's the big deal?" Well, that "small" reduction has cost me about $85 every single month for the past 3 years. That's over $3,000 I've already lost, and it'll keep adding up for the rest of my life. The worst part is seeing friends who waited just those extra few months getting noticeably higher payments than me. It's a constant reminder of that decision. Since you're still working part-time and seem to be managing financially without the SS income, those 10 months will fly by. Future you will be SO grateful you waited for that full benefit amount. Trust me on this one!

As someone who's been following this thread closely, I want to add one more consideration that might be helpful. Since you mentioned you're working part-time at 25 hours per week, have you thought about whether your current earnings might actually help increase your future Social Security benefit? Social Security benefits are calculated based on your highest 35 years of earnings. If your current part-time job is earning more per year than some of your earlier lower-earning years, continuing to work could potentially bump up your benefit calculation slightly. This is especially true if you had any years with zero earnings or very low earnings early in your career. You can check this by looking at your Social Security statement online - it shows your earnings history. If your current $24,000 annually is higher than some of those earlier years, then working while delaying benefits until November could give you a small double benefit: avoiding the 5.6% reduction AND potentially increasing your base benefit calculation. Just another reason why waiting those 10 months seems like the smart play in your situation!

I'm new to this community but have been following this discussion with great interest as I'm approaching a similar decision point myself. The consensus here is really clear - wait until your FRA! What strikes me most is how many people have shared their real experiences of filing early and regretting it. The fact that multiple people are talking about losing $85-$137 per month FOREVER really puts the stakes in perspective. That's not just a small inconvenience - it's thousands of dollars per year for potentially decades. Emma, you seem to be in a good position to wait since you're still working and don't desperately need the Social Security income right now. Ten months really isn't that long when you think about it in the context of a 20+ year retirement. Plus, as others mentioned, you might even be increasing your base benefit calculation by continuing to work. I think this thread should be required reading for anyone approaching their FRA! The personal stories and detailed explanations have been incredibly helpful for understanding why those extra months matter so much.

As someone who just went through this exact decision last year, I can't stress enough how important it is to wait until your actual FRA! I was 66 and 3 months when I was debating whether to file, with my FRA being 66 and 11 months. I'm so glad I waited those extra 8 months. The reduction really is permanent and it affects everything going forward. What helped me make the decision was calculating the total impact over my expected lifespan - that "small" monthly reduction adds up to tens of thousands of dollars over 20+ years of retirement. Since you're still working part-time and seem financially stable without the Social Security income, those 10 months will pass quickly. Plus, you might find that having that higher monthly benefit starting in November gives you more flexibility with your work situation if you decide you want to cut back hours even further. One practical tip: mark your exact FRA date on your calendar now and maybe set a reminder for a month or two before to start the application process. The SSA recommends applying about 3 months before you want benefits to start, so you could potentially start the paperwork process in August for November benefits. You're asking the right questions at the right time - that's going to save you a lot of money in the long run!

This thread has been incredibly informative! As someone new to the Social Security system, I had no idea that filing even a few months before your exact FRA could result in a permanent reduction. The real-world examples from community members who lost $85-$137+ per month for life really illustrate the long-term financial impact. Emma, based on everything shared here, waiting until November seems like the clear winner. You're still working part-time, don't seem to urgently need the SS income, and those 10 months will pass quickly. That 5.6% permanent reduction would cost you thousands over your retirement years. One thing I'm curious about - for those who did file early and are now getting reduced benefits, is there any way to "undo" that decision or are you truly locked into the lower amount forever? I'm wondering if there are any options for people who realize they made a mistake. Thanks to everyone who shared their experiences - this is exactly the kind of community knowledge that can save people from costly decisions!

As someone who works in retirement planning, I want to emphasize how fortunate you are to be asking this question BEFORE filing rather than discovering the reduction after the fact like so many others in this thread have shared. The math is pretty straightforward in your case: waiting 10 months until November will save you approximately 5.6% on your monthly benefit FOR LIFE. Given that you're still working part-time and earning $24K annually, it doesn't sound like you urgently need the Social Security income right now. One additional point I haven't seen mentioned - since you're continuing to work, make sure you understand how your benefits will be taxed once you do start collecting. With your part-time income plus Social Security, you might find yourself paying taxes on up to 85% of your benefits depending on your total income. This is another factor that might make waiting until your exact FRA more beneficial, as the higher monthly benefit amount can help offset some of the tax impact. The stories shared here about people losing $85-137 per month permanently really illustrate why those extra 10 months are worth waiting for. That reduction compounds over decades of retirement!

As someone who's been lurking in this community for a while but just created an account to respond to this thread - WOW, what an education! Emma, you are SO lucky to have found this advice before making your decision. Reading through all these personal stories of people losing $85-$137+ per month FOREVER because they filed just a few months early is honestly shocking. I had no idea the reduction was permanent and affected everything going forward, including COLA increases. The consensus here is crystal clear: wait until November! Ten months might feel long when you're thinking about it, but it's nothing compared to potentially 20+ years of reduced benefits. Plus you're still working part-time so you have income coming in. One thing that really stood out to me from all the responses is how many people said they wish someone had explained this to them before they filed. The SSA really should do a better job making this clear - the difference between "turning 66" and "reaching your exact FRA" seems to trip up a lot of people. Thank you to everyone who shared their experiences, even the painful ones. This thread should be required reading for anyone approaching retirement age!