• Question
  • Retirement pay out

    Asked by a 66 year old man from Falls, PA on 11/18/2019

    I was due to retire in April 2020, I will be 66, however I recently had a stroke and was thinking of retiring now, December 2019. What would the difference in my monthly payment be?

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  • Your benefit is based on the highest 35 years of pay, quite a long time period compared to the handful of months you are considering. Likely, the difference in working longer will make a marginal difference, especially if you have many years where you earned a similar amount of income. Additionally, in April you would have only worked a 1/2 year, 2020 may not be one of your highest-earning years.

    When you retire from your job and when you take Social Security are actually two different questions. To get your full retirement benefit, you must wait until your full retirement age to file. If you file early, your benefit will decrease pro-rated to the number of months early. If you file after full retirement age, you'll see an increase pro-rated to the number of months delayed until you turn 70.

    To maximize your benefit, you may consider living off of savings until you reach full retirement age. You can call Social Security to get exact numbers or consider working with a retirement professional to help you answer this question in the context of your personal situation.


  • Login to rate this answer:   Answered on 11/20/2019
**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.