Social Security benefits same at FRA whether I stop working at 60 or keep going?

sorry buddy but your wife is right. if u stop working at 60 those 7 years will be zeros in ur calculation and that can make a big difference in ur benefit

Wait really? Even if I have 35+ years of work already? I've been working since I was 17 so by 60 I'd have 43 years in the system. I thought they only count the highest 35?

There's a bit more to consider here than just the 35-year rule. Yes, Social Security uses your highest 35 years of indexed earnings to calculate your Primary Insurance Amount (PIA), which is your benefit at Full Retirement Age. But here's where it gets tricky:1. Those early years you worked (at 17, 18, etc.) likely had much lower earnings than your recent years, even after indexing for inflation2. If you stop working at 60, those 7 years between 60-67 would be zeros in the calculation IF they would have replaced lower-earning years3. Most people earn their highest wages (even adjusted for inflation) in their 50s and 60sSo while technically you have 43 years of work, if those final 7 years would have been higher than some of your early years, you are potentially leaving money on the table. It all depends on your specific earnings history.

Ah, that makes more sense. So it really depends on my specific earnings history? I definitely made peanuts in my teens and 20s compared to now. Is there any way to figure out exactly how much difference it would make in my case?

This EXACT question was driving me crazy last year! The SSA website is so confusing about this. I finally gave up trying to figure it out myself and called them directly. Took FOREVER to get through - I think I tried for 3 days straight and kept getting disconnected.

I had the same frustrating experience trying to reach SSA! After multiple disconnections and hours on hold, I found Claimyr (claimyr.com) which got me through to an agent in under 20 minutes. They have this service where they navigate the phone system for you and call you back when they get an agent on the line. Saved me so much frustration! They have a video showing how it works: https://youtu.be/Z-BRbJw3puU. Worth it when you need actual answers from SSA about your specific situation.

Let me add some practical advice here. Create a my Social Security account online if you haven't already. It will show your year-by-year earnings history and give you personalized benefit estimates. You can actually run what-if scenarios:1. Look at your earnings record and identify your 35 highest years2. See which early years would be replaced if you continued working until FRA3. Calculate the potential difference in your monthly benefitIn my case, retiring 5 years early would have reduced my benefit by about $400/month because my early years had such low earnings compared to my later career. That's $4,800/year or $96,000 over 20 years of retirement. It's really an individual calculation that depends on your specific earnings history.

This is super helpful, thank you! I didn't realize the mySocialSecurity site let you run scenarios like this. $400/month is definitely not insignificant... I better check my own numbers before making any decisions.

Just want to point out that it's not JUST about the SS benefits calculation! There's quality of life to consider too!!! My husband was MISERABLE at his job but kept working until 67

I'm so sorry about your husband, that's awful. You're absolutely right that there's more to consider than just maximizing benefits. There's always a balance between financial security and enjoying life. I hope OP considers that aspect too.

I was in a similar situation a few years back. My advisor showed me that because my early working years were mostly part-time jobs during college, those were the years that would be replaced by continuing to work in my 60s. For me, working just 3 more years full-time (until 63) and then taking a part-time position until FRA made a significant difference in my benefit amount while still giving me more freedom. Maybe a partial retirement could be a compromise between you and your wife?

That's a really thoughtful suggestion! I hadn't considered a phased retirement approach. My early years were definitely low-earning (lots of minimum wage jobs), so even part-time work in my 60s might replace some of those years. I'm going to look into this option - it might be the perfect middle ground!

dont forget taxes too, if u make too much$$$ while collecting SS they take some back

That's actually a separate issue. The original question was about retiring early but waiting until FRA to collect benefits. You're referring to the earnings test that applies if you claim benefits before FRA while still working. Since OP is planning to wait until FRA to collect regardless, the earnings test wouldn't apply.

Thanks everyone for the helpful answers! I've learned a lot. I'm going to: 1) Check my SS earnings record to see exactly which years would be replaced, 2) Calculate the actual difference in benefits for my specific situation, and 3) Consider a phased retirement approach as a compromise. Really appreciate all the insights - this forum is amazing!

Sounds like a solid plan. One more tip: when you log in to your mySocialSecurity account, look for the \