Ask Larry

If I Retire A Week Before My 65th Birthday Will It Affect The Amount I Receive?

I've already applied for social security. I will turn 65 in about a week. If I go ahead and retire now a week before my 65th birthday will it affect the amount I receive?

Hi. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings. Stopping work now wouldn't affect your benefit rate at all unless your 2023 earnings will be higher than one of your previous highest 35 years of wage-indexed earnings. And, even it is, one week's earnings give or take is unlikely to make more than a minimal if any difference in your benefit rate.

More importantly, you should strongly consider using our software ( to fully compare and analyze all of your various options so that you can make sure that you're choosing your best strategy for maximizing your benefits.

Best, Jerry

Apr 1 2023 - 6:29pm
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