Will waiting until FRA for Social Security still increase benefits if I've stopped working completely?
I'm confused about how stopping work affects my Social Security retirement benefits. I'm 63 and had to stop working last year due to some health issues (nothing that qualifies for disability though). I won't be returning to work at all. I was planning to wait until my full retirement age (66 years and 8 months) to claim benefits, but someone told me that since I'm not contributing to Social Security anymore, I won't actually get any benefit increase by waiting. Is this true? Will my benefit amount still grow if I wait until FRA even though I'm not working and adding more earnings? I've worked for 37 years total if that matters. Really appreciate any help!
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Emma Wilson
Yes, you will still get a higher benefit by waiting until your Full Retirement Age even if you're not working anymore. The increase from waiting is not dependent on continued contributions. Your benefit is calculated based on your highest 35 years of earnings, which you've already completed. By claiming at 63, you'd get approximately 80% of your full retirement benefit, whereas waiting until your FRA (66 years, 8 months) will give you 100% of your calculated benefit amount.
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Javier Cruz
•Thank you! That's a huge relief. So my benefit will still be about 20% higher if I wait? Even with no new earnings going in?
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Malik Thomas
Actually thats not entirely accurate info above. If u wait till FRA but not adding earnings ur benefit might be the SAME as now or even LESS!! Social Security recalculates every year and without new earnings u might LOSE money by waiting!!!
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Emma Wilson
•That's incorrect. The reduction for early filing and increase for delayed filing are separate from whether you're still earning. Not working doesn't reduce your benefit calculation - it simply means you're not potentially replacing lower earning years in your calculation. With 37 years of work history, waiting until FRA will absolutely provide a higher monthly benefit than filing at 63.
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NeonNebula
I was in an almost identical situation last year! Stopped working at 62 (health reasons too) and had the same worries. I did tons of research and here's what I learned: The benefit increases for waiting are BUILT INTO THE SYSTEM regardless of whether you're working or not. If your FRA is 66 and 8 months, you'll get about 6.67% less for each year you claim before that. This is completely separate from the calculation based on your earnings history, which is already set once you stop working. If you've worked 37 years, you likely have your 35 highest earning years already accounted for. So yes, waiting until your FRA will definitely give you a higher monthly payment for life compared to claiming now.
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Javier Cruz
•This helps so much! Thank you for sharing your experience - it's reassuring to hear from someone in the same boat. I've been stressing about this decision for months.
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Isabella Costa
I made a HUGE mistake rushing to file at 62 when I stopped working... my benefit is $437 less PER MONTH than if I'd waited til my FRA!!! Listen to these people telling you to wait. Unless you absolutely need the money now or have serious health concerns, waiting makes a BIG difference. Once you file early that reduced amount is permanent (except for tiny COLA increases).
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Ravi Malhotra
•But what about the years of payments you missed by waiting? Don't you have to live to like 80-something to break even? My uncle always says "bird in hand" is better...
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Freya Christensen
why is everything with SSA so darn complicated!! I spent 2 days trying to call them about this exact question last month when I turned 62. Couldn't get thru to ANYONE. busy signals and disconnects every time!
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Omar Farouk
•I had the same problem trying to reach SSA about my benefit calculation questions. After days of frustration, I found a service called Claimyr that got me through to a representative in about 20 minutes. You can see how it works at https://youtu.be/Z-BRbJw3puU and their website is claimyr.com. It was much easier than spending days trying to get through on my own. The agent I spoke with confirmed everything that the helpful folks above have said - waiting until FRA gives you a higher benefit regardless of whether you're still working or not.
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NeonNebula
One more thing I wanted to mention - while waiting until FRA will definitely increase your benefit compared to filing at 63, you might also consider waiting even longer. Each year you delay beyond FRA (up until age 70) adds 8% to your benefit amount. That's a guaranteed return you can't find anywhere else! Of course, this depends on your health, financial needs, and family longevity... but it's worth considering if you can afford to wait.
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Javier Cruz
•That's a good point about waiting beyond FRA. I honestly hadn't even considered that option. I do have some savings I can live on, and longevity runs in my family (both parents lived past 90). I'll have to do some calculations to see if I could manage to wait even longer. Thank you!
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Malik Thomas
my sister just went thru this she stopped work at 60 and waited till 67 to claim and she got WAY more!!! so waiting is definitely better trust me on this
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Ravi Malhotra
•But what about inflation? Doesn't that eat up any gain from waiting?
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Emma Wilson
Regarding the inflation question - Social Security benefits receive annual Cost of Living Adjustments (COLAs) whether you've claimed benefits yet or not. Your calculated benefit at FRA includes all COLAs that occurred since you turned 62, even if you haven't started receiving benefits yet. So inflation doesn't reduce the advantage of waiting. The break-even analysis (when the total benefits received by waiting equals what you'd get by filing early) typically occurs in your early 80s. If your family has longevity as you mentioned, waiting is statistically advantageous.
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Javier Cruz
•This has been so helpful, everyone! Based on your advice, I'm going to stick with my original plan to wait until my FRA. Honestly, this has taken a huge weight off my shoulders knowing that I'm not losing money by waiting even though I stopped working.
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