Social Security: retire at 66 now vs. waiting until FRA at 66 and 10 months - what's the real difference?

The break-even calculation is important but not the only factor. At your age, claiming 10 months early means you'll receive approximately 5.6% less in benefits for life. The break-even point would be around age 82-83 typically. Beyond the money, consider: 1) Do you have other income sources? 2) How's your health realistically? 3) Do you have a spouse who might receive survivor benefits? If you're truly miserable working, that has value too - 10 months of freedom is worth something. Just remember that any COLA increases will be on a smaller base amount if you claim early.

i retired at 65 and 8 months even tho my FRA was 66 and 4 month. best desision i ever made!!! the money difference was like $220 a month but my blood pressure went down like crazy within 2 months of quitting. doctor said i added years to my life. somethings more important than $$$$

I waited until exactly my FRA (66+8mo) and honestly regret it. The extra money is nice, but I developed serious back problems during those last 8 months of working that I'm still dealing with 2 years later. If I could go back, I'd have retired the moment I turned 66. No one talks about the physical toll of pushing yourself those extra months. Just my perspective.

People obsess over the SS numbers but forget about Medicare! Since you're turning 66 and already eligible for Medicare, have you signed up yet? Make sure you're enrolled before you stop working or you might face penalties. Also, if you retire before your FRA, make sure you understand how the earnings test might affect your benefits if you decide to do any part-time work before reaching your FRA.

OMG the SSA makes this so complicated!!! I spent WEEKS trying to get someone on the phone to explain my options. Finally found a service called Claimyr (claimyr.com) that got me through to an actual person at Social Security in under 10 minutes! They have a video that shows how it works: https://youtu.be/Z-BRbJw3puU. I had SO MANY questions about my specific situation that weren't answered on the website and needed to talk to a real agent. Worth checking out if you want personalized advice about your specific situation!

One more consideration: tax implications. Depending on your total income in retirement, up to 85% of your Social Security benefits might be taxable. Sometimes waiting until FRA and drawing less from other sources can result in a more tax-efficient strategy. This is where a good financial advisor can really help optimize your overall retirement income plan, not just looking at Social Security in isolation.

Has anyone considered the survivor benefit angle? If OP's spouse will depend on survivor benefits, waiting until FRA would provide them with a higher benefit amount for potentially many years. This is especially important if the spouse has a longer life expectancy or lower benefit on their own record. Those extra 10 months of work might be a gift to your spouse decades later.

why not just retire from your job anyway and wait to claim SS? thats what my brother did. quit at 65, lived on savings for a year, then claimed at 66. best of both worlds!!

Based on all your responses, it sounds like the survivor benefit for your wife might be the most compelling reason to consider waiting. If your benefit will be substantially higher than hers, and she has a family history of longevity, those 10 months could provide her with thousands of extra dollars over her lifetime. However, if you truly need to stop working for health reasons, perhaps the hybrid approach of retiring but delaying your claim would work best. This is exactly why cookie-cutter advice doesn't work for Social Security - it's a highly personal decision.

Oliver, it sounds like you've found a really thoughtful path forward! The hybrid approach of retiring from your stressful job while delaying your SS claim is brilliant - you get the immediate health benefits while still maximizing your wife's future security. Just a couple of things to keep in mind with consulting work: make sure you understand the earnings limit rules (for 2024 it's $22,320 annually before your FRA), and consider whether you might want to set up quarterly tax payments since you won't have employer withholding. Also, don't forget to factor in healthcare costs if you'll be losing employer coverage - COBRA vs. marketplace plans can be a significant budget item during that bridge period. Wishing you the best with whatever you decide!

I've been following this discussion and wanted to add something that might be helpful - consider talking to a Social Security representative about your specific situation using the my Social Security online account. You can get a personalized benefit estimate that shows exactly what you'd receive at different claiming ages. Also, since you mentioned mild heart issues, you might want to factor in that Social Security has a "do over" rule - if you claim early and then change your mind within 12 months, you can withdraw your application (though you'd have to pay back what you received). This could give you some peace of mind knowing you're not 100% locked into an early claiming decision. The stress relief from leaving your job might actually improve your health enough that you feel comfortable waiting the full 10 months after all!

Oliver, your situation really resonates with me - I faced a similar decision 3 years ago at 65 with an FRA of 66 and 6 months. What ultimately helped me decide was creating a simple pros/cons list that went beyond just the dollars. On the "retire now" side: immediate stress relief, time with family, better health outcomes, freedom to pursue interests. On the "wait for FRA" side: higher lifetime benefits, better survivor protection for spouse, maximized COLA base. I ended up retiring from my stressful corporate job but took on some very part-time work (well under the earnings limit) to bridge the gap. Three years later, I can honestly say those extra months of earning delayed credits were worth it - not just financially, but for the peace of mind knowing I maximized my wife's future security. The key insight for me was realizing that "retiring" and "claiming Social Security" didn't have to happen on the same day. Your hybrid approach sounds perfect given your circumstances!

Oliver, reading through this entire thread has been so helpful - not just for you, but for those of us facing similar decisions! One thing I haven't seen mentioned yet is the impact of inflation on your decision. While the dollar difference between $2,850 and $3,100 might seem manageable now, remember that COLAs are applied as percentages. Over 20+ years of retirement, that 5.6% difference compounds significantly with each cost-of-living adjustment. For example, if we see 3% annual COLAs, that $250/month difference grows to about $450/month by the time you're 86. That said, your hybrid approach of retiring but delaying the claim sounds really smart - you're prioritizing your immediate wellbeing while still protecting your long-term financial security and your wife's survivor benefits. Sometimes the best financial decision isn't just about maximizing dollars, but about optimizing your overall quality of life!

Oliver, I've been following your thoughtful decision-making process throughout this thread and wanted to add one more perspective that might be helpful. As someone who works in elder care, I've seen how the "life happens" factor can completely change retirement plans in ways we never anticipate. Your hybrid approach of retiring from your stressful job while delaying your SS claim is really wise, but I'd also suggest building in some flexibility for unexpected health changes (yours or your wife's). Sometimes a spouse's health crisis can shift priorities dramatically - maybe you'll need to become a caregiver, or maybe your own health will improve so much from reduced stress that you feel comfortable taking on more consulting work. The beautiful thing about your plan is that it gives you options to adjust as circumstances change. Also, don't underestimate the value of having those 10 months to truly settle into retirement and figure out what your new normal looks like before your benefits kick in. Many people struggle with the identity shift from working to retirement, and having that buffer period could be incredibly valuable for your mental health and relationship with your wife. Best of luck with whatever path feels right for you!

This has been such an enlightening discussion to follow! Oliver, your journey from initial uncertainty to finding that hybrid approach really shows how valuable it is to think through all the angles beyond just the basic dollar amounts. As someone approaching my own Social Security decisions in a few years, I'm taking notes on so many of the factors people have raised here - the survivor benefits impact, healthcare transition costs, tax implications, the earnings test rules, and especially that psychological adjustment period Jackie mentioned. It's clear there's no one-size-fits-all answer, but your methodical approach of weighing immediate health benefits against long-term financial security (and your wife's future needs) seems really sound. The fact that you can separate retiring from claiming benefits gives you the best of both worlds. Thanks to everyone who shared their real experiences - it's so much more helpful than generic advice. Wishing you all the best with your transition, Oliver!

Oliver, what a fantastic thread you've started! As someone who just went through this exact decision at 65 (my FRA was 66 and 8 months), I wanted to share my experience. I was in a similar boat - stressed job, decent health but not great, and a wife depending on survivor benefits. I ultimately chose the hybrid approach you're considering: retired from my demanding job but delayed claiming SS until FRA. Here's what I learned: 1) The stress relief was immediate and profound - my doctor was amazed at how quickly my blood pressure improved, 2) I did some freelance work (staying well under the earnings limit) which kept me mentally engaged without the corporate stress, 3) Those extra months of delayed retirement credits really do add up over time, especially when you factor in COLAs, and 4) My wife has tremendous peace of mind knowing I maximized her future survivor benefit. The transition period gave me time to adjust to retirement identity and figure out what I actually wanted to do with my time. The only challenge was managing healthcare costs during the gap, but COBRA worked out fine for us. Your plan sounds incredibly well-thought-out - you're prioritizing both your immediate wellbeing and long-term financial security. Trust your instincts!