Jun 27, 2009
Social Security: Is There A Downside To Not Working In The 5 Years Leading Up To Full Retirement?
I’ve already have enough credits to qualify for full benefits. If I decide not to work between the ages of 61 and 66, what happens to my social security benefits when I claim them at age 66. I don’t need the social security until then.
Tags: communities, city, town, retirement
it is cumulative, so if you have reached peak benifit, then any more work will not increase your benifit and any less work will not reduce it.
good luck
If you do not work the next 5 years, you will still get the maximum at 67. I retired at ago 60, and got the notified of the increase amount every year. I decided to apply at 62 instead of 66 in case I don’t make it to 67.
While you only need 10 years to qualify, Social Security calculates your benefits based on your top 35 years of income. No income means they use a $0 for that year.
You will collect less when you do begin to draw it.