• Question
  • Retire at 62, collect SS age 70, will benefit be higher?

    Asked by a 45 year old man from Pinehurst, NC on 7/2/2019

    hi, my date of birth is 10/1963. I started working in 1980 & have never been out of work. If I retire at age 62 (Social Security estimates my benefit would be $1695 per month) & never work again, but don't claim my SS until age 70, will my $1695 per month benefit increase? Thank you.

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  • Categories: How Calculated?, Social Security

Answers

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  • Your benefit should increase by about 8% a year for every year you delay taking Social Security. If you retire at 62 and and wait until 70, you will have 8 years to accumulate a higher benefit. The Social Security website will tell you your benefit at 62, full retirement and 70. You can use the NewRetirement calculator to estimate payments other ages.

  • Login to rate this answer:   Answered on 7/8/2019
**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.