• Question
• # Stop working at 62 but don't collect until 66

My social security statement shows the amount of my benefit if I stop working and collect at 62. Then how much I can collect if I keep working until full retirement age of 66 or 70. What if I stop working at 62 but don't collect until full retirement age? Will the amount still increase by delaying collecting and will it increase as significantly or will it be pretty much the same as if I started collecting at 62?

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• Categories: Work and Retirement, Delaying Retirement, Social Security, When to Start?

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For example, my full retirement age is 67. Once I enter the necessary information in the following link (for your retirement year, enter the year that you will turn 62. For the retirement month, choose the month right after your birth month).
http://www.ssa.gov/OACT/quickcalc/early_late.html
It calculates that my social security benefits will be 70.42% of my PIA if I choose to take benefits at 62. Your percentage may be different. Now if my social security benefits at age 62 are estimated to be 1,500 I can calculate what my PIA is by taking 1,500 and dividing it by 70.42% or .7042.
1,500/.7042 = 2,130 This is my PIA. This is what I will be receiving per month in social security benefits if I stop working at 62 and don’t collect social security benefits until my full retirement age. This amount is less than what my social security statement is estimating I will receive if I work until my full retirement age and it should be because my statement calculates my full retirement benefits assuming I will continue working past age 62
Hope this helps.

• ## NewRetirement User

### 72 year old from Houston, TX

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• Hello there,

The amount of money you stand to receive from social security benefits does increase over time if you choose to delay your benefits past the minimum age of 62. The full explanation of how the system works can be found here: https://www.newretirement.com/Services/Social-Security-When-To-Start.aspx

In short, if your full retirement age is 66, then the amount you qualify for at age 62 is roughly 26% less than your "full" retirement benefits, which you would receive at age 66. If you choose to delay the benefits beyond that point, then you will receive a bonus of between 3 and 8% (depending on your birth-year) to your social security for every year that you delay your benefits up to the age of 70.

We strongly suggest you try our our Social Security Starting Age calculator to determine what the best strategy for maximizing your benefits is. The calculator can be found here: https://www.newretirement.com/Services/Social_Security_Start_Age_Calculator.aspx