Social Security benefits still grow between stopping work at 64 and claiming at FRA?
I'm trying to figure out if I should keep working or not. I just turned 64 and I'm exhausted at my job, but I'm worried about my Social Security. If I quit working now at 64, but don't actually start collecting Social Security until I hit my full retirement age at 66 and 10 months, will my benefit amount still grow during those nearly 3 years even though I'm not contributing anymore? Or would I just get the same benefit at 66 that I would have gotten if I claimed at 64 while still working? I'll have some annuity income and might pick up part-time work, but nothing substantial. My financial advisor wasn't clear on this point and I'm getting mixed info online. Thanks for any help!
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Madison Tipne
Same question here!!! I stopped working at 63 last year and I'm waiting till 67 (my FRA) to claim. My neighbor said my benefits are FROZEN at what they were when I stopped paying into the system 😱 but that can't be right???
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Finley Garrett
•That's exactly what I'm worried about! I hope your neighbor is wrong.
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Holly Lascelles
Your Social Security benefit WILL still grow between age 64 and your Full Retirement Age even if you stop working completely. The increase comes from delayed retirement credits - basically the SSA rewards you for waiting to collect. Your benefit amount is calculated based on your highest 35 years of earnings, and those years are already locked in if you stop working. As long as you don't claim early, you'll get your full PIA (Primary Insurance Amount) at your FRA of 66 and 10 months. And if you wait even longer (up to age 70), you'll get additional delayed retirement credits of about 8% per year after FRA.
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Madison Tipne
•So if I understand right, the SSA looks at my work history through age 63, calculates my benefit, and then that amount GROWS just by me waiting? Even with no new earnings? That's fantastic news!!!!
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Holly Lascelles
•That's correct, but with one clarification - between 64 and your FRA, your benefit doesn't actually "grow" - you simply avoid the reduction that comes with claiming early. From FRA to 70 is when you get the actual growth (those 8% delayed retirement credits per year). But yes, stopping work doesn't freeze your benefit as long as you have your 35 years of earnings already.
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Malia Ponder
i quit at 62 and started collecting right away. regret it now cause i'm getting like $400 less than my sister who worked the same job but waited till 67. something to think about. if u can afford to wait its totally worth it
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Kyle Wallace
•But did u actually do the math? I did. If u claim at 62, you get smaller checks but MORE OF THEM. My breakeven point was like 83 years old! Not everyone lives that long, so taking early can actually give you MORE total SS money over your lifetime if you don't live to be super old. Just sayin.
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Holly Lascelles
•The breakeven analysis is important, but it doesn't account for survivor benefits. If you're married and you're the higher earner, waiting to claim can provide your spouse with a higher survivor benefit if you pass away first. Also, with increasing longevity, many people are living well past their breakeven points.
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Ryder Ross
When I hit 64, I tried calling Social Security about this exact question and spent THREE DAYS trying to get through. Eventually used a service called Claimyr (claimyr.com) that got me through to an agent in 20 minutes. They have a video demo here: https://youtu.be/Z-BRbJw3puU. The agent confirmed what others are saying - your benefit calculation uses your top 35 earning years, and you avoid early retirement reductions by waiting until FRA. Just sharing since talking directly to SSA gave me peace of mind.
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Finley Garrett
•That's good to know about that service. The SSA phone lines are impossible lately! I might try that if I have more questions. Thanks for confirming what others have said about the benefit calculation.
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Gianni Serpent
•I tried calling SSA last month and gave up after being on hold for an hour and a half!! Thanks for this tip about Claimyr, definitely going to give it a try.
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Henry Delgado
The SSA benefit calculations are MORE complicated than people realize. Your benefit at Full Retirement Age is based on your highest 35 years of indexed earnings. Each year, even zero-earning years, can affect this calculation. Sometimes stopping work early DOES reduce your eventual benefit IF you don't already have 35 solid earning years. If you have less than 35 years of earnings, zeros get averaged in. If your recent earnings are higher than earlier years (adjusted for inflation), you might be giving up the chance to replace lower-earning years in your calculation. The AIME (Average Indexed Monthly Earnings) is what determines your PIA (Primary Insurance Amount), which is your FRA benefit.
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Finley Garrett
•Oh, that's a good point I hadn't considered. I've worked full-time for 41 years, so I do have more than 35 years of earnings. But my last few years have been my highest earning. Would stopping now still potentially lower my benefit compared to working until FRA?
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Henry Delgado
•If you've worked 41 years and only the last few were your highest, then stopping now will have minimal impact. The calculation uses inflation-adjusted earnings, so early career earnings are indexed upward. You can create a my Social Security account at ssa.gov and see your earnings history. Compare your recent earnings with your inflation-adjusted early earnings to see if continuing work would significantly improve your 35-year average.
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Kyle Wallace
THE SSA IS A TOTAL SCAM!!! They penalize you for claiming "early" but it's YOUR MONEY that YOU PAID IN!!! And now they tell us the trust fund is running out?? After the government BORROWED from it for decades?? The whole system is rigged against us hardworking Americans!!
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Holly Lascelles
•Social Security isn't a personal savings account - it's social insurance. The early claiming reduction isn't a penalty, it's an actuarial adjustment because you'll likely receive benefits for more years. The system is designed to be roughly equivalent regardless of when you claim. The Trust Fund issues are real but Social Security won't disappear - even if no changes are made, it would still pay about 78% of promised benefits after the projected depletion date.
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Madison Tipne
Has anyone actually calculated how much difference there is between stopping work at 64 vs 66? Like actual dollar amounts? I'm in a similar boat and trying to decide if pushing through another 2 years is worth it financially...
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Holly Lascelles
•The impact depends entirely on your specific earnings history. The SSA calculator at ssa.gov/OACT/quickcalc/ can help estimate this. Generally, if you're replacing lower-earning years with higher-earning years, continuing to work could increase your monthly benefit by $50-$150. If you're already maxed out on earnings or would only replace similarly-paid years, the difference might be minimal.
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Finley Garrett
Thank you everyone for all this helpful information! I think I understand better now. I'll definitely check my earnings record on my Social Security account to see if working longer would significantly improve my benefit. But it sounds like quitting at 64 and still waiting until my FRA to claim wouldn't hurt me too badly since I already have 41 years of work history. This community is so helpful - I really appreciate all the responses!
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