Social Security benefit estimate shows $1986 at 62 - will amount decrease if I stop working at 57?

Yes, that estimate on your statement assumes you'll continue to earn approximately what you're earning now until you reach 62. If you stop working at 57, your benefit will likely be lower than the projected $1,986. SSA calculates your benefit based on your highest 35 years of earnings (indexed for inflation). Since you've worked for 35+ years already, you have a full earnings record, which helps. However, those 5 years of zero income could affect your average. You can get a more accurate estimate by creating a my Social Security account online and using the retirement calculator where you can input future earnings (including zeros for those 5 years). That will give you a better projection.

I ran into this EXACT problem when i retired at 58 and then checked my benefits at 61. My estimate went down by about 13% from what it originally showed. If you worked 35 years already your not gonna see as big a drop as someone with less years worked.

The estimate on your SS statement is WRONG!!! It assumes you keep making the SAME income until you claim. I stopped working at 59 and when I finally claimed at 62 it was almost $300 less than what my statement had been showing for years! The SSA doesn't explain this clearly enough and thousands of people plan their retirements based on incorrect numbers. You should definitely call and get a real calculation done with your actual stopping date.

Your Social Security benefit is calculated using your highest 35 years of earnings, adjusted for inflation. If you've worked 35+ years already, stopping work at 57 will have less impact than if you had fewer years. However, the estimate does assume continued earnings. The impact varies based on your specific earnings history, but here's a simplified explanation: 1. If your recent years are among your highest-earning years (which is common), replacing them with zeros will lower your average. 2. If you have 35+ years of strong earnings already, and your recent years aren't significantly higher than earlier years, the impact will be smaller. 3. The exact calculation involves indexing your earnings to account for wage growth over time. You can get a precise estimate by using the detailed calculator at ssa.gov/myaccount that allows you to input future earnings as zero.

dont worry to much about it. social security pays basically the same to everyone anyway lol. my buddy worked way less than me and gets almost the same.

Your benefit estimate will change if you stop working before 62. The statement projection assumes you'll continue earning at roughly your current level until the age shown in the estimate. Since you mentioned 35+ years of work, you already have a complete earnings record (SS uses your highest 35 years). The impact of stopping at 57 depends on: 1. Whether your recent earnings are higher than earlier years in your record 2. How many of those 35+ years were at lower earnings levels that might still be in your top 35 Based on typical career progression, stopping 5 years early might reduce your benefit by approximately 5-15%. You can get an exact calculation using the detailed calculator in your mySocialSecurity account or by scheduling an appointment with SSA.

Thanks everyone for the helpful responses! I'm going to log into mySocialSecurity and use the detailed calculator to get a more accurate estimate based on stopping work at 57. Sounds like I should expect somewhat of a reduction from the $1,986 figure, but hopefully not too dramatic since I have a full 35-year work history already. I might also try calling SSA directly to get their calculation. That Claimyr service someone mentioned sounds worth trying if I can't get through on my own. This has been really eye-opening - I had no idea the estimates assumed continued earnings! Makes me wonder what other retirement planning assumptions I might be missing...