Millions of Americans retire each year to collect their Social Security benefits, but they have the choice to retire as early as age 62.
There are both benefits and consequences to choosing to retire at 62 instead of your full retirement age of 67.
Why retirement age matters for Social Security
When retiring at 62 instead of your full retirement age of 66 or 67, you can expect a 30% drop in benefits.
Your FRA depends on the year you were born.
Waiting for your FRA you can expect 100% of your full benefits.
You could also work until you turn 67 and choose to retire, boosting your salary or filling in gaps where you may not have been employed.
The Social Security Administration looks at your 35 highest earning years.
This means if you only have 33 years, two years worth $0 will be averaged into your Social Security benefits.
If you’re missing years or want to boost your highest working years, working from 62-67 could help with that.
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected]