Is There A Benefit For Me To Wait To Claim Benefits If I'm Not Working?

Dec 15 2017 - 6:40am

Hello,
My job was recently eliminated and I am considering just retiring. Is there still a benefit for me to wait and claim my SS at FRA (66 and 2 months) since I am not working if financially I am able to do so? My age is 62 and 2 months.
Thank you in advance.

Hi,

Yes. If you start drawing your Social Security retirement benefits at age 62 & 2 months, your benefit rate will be 25% lower than if you waited until full retirement age (FRA) to file. This is true even if you stop working at age 62.

Before filing, you should strongly consider using the maximization software available on this website to compare your options and determine your best filing strategy.

Best, Jerry