Will my Social Security PIA increase between age 62 and FRA if I stop working completely?

Yes, if you stop working at 62, your PIA will only increase with COLA adjustments until you reach your FRA. There's no other mechanism to increase your PIA without additional earnings. Whether you should take benefits at 62 really depends on your overall financial situation, health status, and life expectancy. Remember that claiming at 62 means a permanent reduction of about 30% compared to FRA. Suspending at FRA to earn DRCs might be smart if you can afford it and expect to live long, as each year you delay past FRA increases your benefit by 8% until age 70.

i took mine at 62 and havent regretted it for a second. lifes too short to wait around for moeny that might not even keep up with real inflation anyway

This is something I've researched extensively for my own retirement planning. Once you stop working, your PIA will indeed only increase by annual COLA adjustments. But here's something important to understand: your PIA is calculated based on your highest 35 years of indexed earnings. If you've worked less than 35 years, or if some of your earlier years have very low earnings, stopping work means those zeros or low-earning years will remain in your calculation. As for claiming strategy, I'd suggest running calculations with different scenarios. The SSA website has a good calculator, or you can use more sophisticated ones online. Generally speaking, if you have health issues or short family longevity, claiming earlier makes more sense. If you're healthy with long-lived relatives, waiting provides insurance against outliving your savings.

I was in a similar situation and I waited until 65 to claim because I wasn't sure if I might go back to part-time work. But then I got bored in retirement and took a consulting gig that pushed me over the earnings limit! Such a headache dealing with SSA to pay back benefits. Make sure you really are done working if you claim early!!!

I tried calling Social Security like 10 times to ask this EXACT question and kept getting disconnected or put on hold forever! It's IMPOSSIBLE to reach them! I finally found this service called Claimyr (claimyr.com) that got me connected to a real SSA agent in under 5 minutes. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU. The agent I spoke with actually walked me through my specific situation with calculations for claiming at different ages. MUCH more helpful than trying to figure it out alone.

One thing nobody has mentioned yet is the tax implications. If you have other income sources (pensions, 401k withdrawals, etc.), starting Social Security early can push you into a situation where up to 85% of your SS benefits become taxable. This is another factor to consider in your decision. Also, if you're married, the implications for survivor benefits should be part of your calculation. If you're the higher earner, your spouse would receive your benefit amount as a survivor benefit if it's higher than their own. The longer you delay claiming, the higher that potential survivor benefit would be.

Based on the information you've provided, here are some specific considerations for your situation: 1. With 33 years of solid earnings, you're close to the 35-year calculation period. Any additional years of work would likely replace zeros or very low earning years in your calculation. 2. Since your recent earnings are your highest at $85,000, even working part-time for a couple more years could potentially increase your PIA beyond just COLA adjustments. 3. The reduction for claiming at 62 versus 67 is permanent and substantial. 4. If your health is good and you have family history of longevity, the mathematics generally favor waiting. 5. If you need the income now, consider whether a part-time job plus limited 401(k) withdrawals might bridge you to a later claiming age. Have you run a break-even analysis to see at what age the higher monthly benefit from waiting would exceed the total benefits received from claiming early?

A few additional points to consider: 1. If you're completely done working, your PIA will only increase with COLA adjustments between 62 and FRA. 2. However, if you have less than 35 years of earnings, even working part-time could improve your PIA by replacing zeros in your calculation. 3. The reduction for early claiming is calculated monthly - approximately 5/9 of 1% for each month before FRA (up to 36 months) and 5/12 of 1% for each additional month. So even waiting a few months can make a difference. 4. If you claim at 62 but later regret it, you do have a one-time option to withdraw your application within 12 months of claiming. You'd have to repay all benefits received, but it essentially gives you a do-over. 5. Another strategy is to claim at 62 but suspend at FRA to earn delayed credits until 70. This can be useful in certain situations. For personalized advice, I'd recommend speaking directly with a financial advisor who specializes in Social Security claiming strategies.

dont forget those crooks in congress could change the rules anytime!! bird in hand better than 2 in bush thats what my grandpa always said