Hi, if I stop work at 62 with FRA of 66 and 10 months (3297 dollars) , but claim SS at 70. How much can I claim at age 70?

Hi,

If your full retirement age (FRA) is 66 & 10 months and if your primary insurance amount (PIA) is $3297, then your Social Security retirement benefit rate if you start drawing at age 70 would be roughly $4132 (i.e. $3297 x 1.25333). A person's PIA is equal to their Social Security retirement benefit rate if they start drawing their benefits at full retirement age (FRA). But, if you wait past your FRA start drawing, your benefit rate increases by 2/3rds of 1% for each month that you delay claiming benefits up until age 70.

However, if you stop working at age 62, your PIA may not be as high as you were planning on. Social Security retirement benefits are based on an average of a person's highest 35 years of Social Security covered wage-indexed earnings, so if you stop working at age 62 then there's a good chance that your 35 year earnings average may be lower than it would have been if you'd continued working. And, a lower 35 year average would result in a lower PIA and age 70 rate.

You may want to strongly consider using our software (https://maximizemysocialsecurity.com/purchase) to get an accurate estimate of your benefit rate, and to fully analyze the filing options available to you so that you can determine the best strategy for maximizing your benefits.

Best, Jerry