• Question
  • Stop work at 62 - defer SS payments until 66.

    Asked by someone from Mount Hood Parkdale, OR on 9/11/2019

    If I stop work at 62 and defer filing for SS until 66 will the payout be higher at 66 rather than 62? Clarification: I will not be working between 62 and 66.

  • Categories: How Calculated?, Social Security


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  • The payment will be high at 66 compared to 62 whether or not you work in the interim.

    Your Social Security benefit is based on your full retirement age, let's say that is 67. If you file at 67, you will receive your full benefit. If you file before 67, Social Security will reduce your payment because they are paying you over a longer period of time. The reduction is approximately 8% per year early you file. If your full retirement age is 67, you will not receive the full amount at 66, though you will receive more than if you filed at 62.

    In contract, for every year you delay your payment, it increases by 8% because you are receiving payments over a shorter period of time.

  • Login to rate this answer:   Answered on 10/4/2019
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.