I would like to stop working at 65 but not claim Social Security until my full retirement age of 67. However, I will have exactly 35 years of earnings on my record at 65, but two of those years are very low wage. If I work till 67 I would add $150,000 to my total earnings. How big of a drop in monthly benefits would I incur if I surrender those two highest income years?

Hi. The benefit formula for calculating retirement benefits is too complex for me to be able to give you any dollar estimates without knowing your full year-by-year Social Security earnings history. Social Security will base your retirement benefit rate on an average of your highest 35 years of Social Security covered wage-indexed earnings. So, your benefit rate wouldn't really drop if you stop working early, it just won't increase like it would if you replaced your lower earnings years with higher earnings years.

Our software (https://maximizemysocialsecurity.com/purchase) includes a benefit calculator that allows you to enter your Social Security earnings history and then add projected future earnings so that you can determine how much those earnings would increase your benefit rate. The software also analyzes all of your various filing options so that you can choose the best possible strategy to maximize your benefits based on your individual set of circumstances. It sounds like you should strongly consider using the software to do your Social Security planning.

Best, Jerry