Can_I_Retire_Now
Dryer sheet wannabe
I retired recently and I must say I have been busier than ever - but its a good feeling to be busy and not be encumbered by the corporate world. I certainly don't miss w**k - in fact, I should have retired sooner!
Anyway, I'm having some difficulty getting a question answered. Maybe my best bet is to visit the Social Security office next week to get a definitive answer, but I figured I would post my question here to see who is in the know....
I'm 64. My original plan was to wait and take SS at FRA as I figured the monthly payout would be higher than if I took it now. But, from what I've read, and I don't know if this is true or not, but if you leave the workforce early, that your retirement monthly benefit will be no greater by waiting until FRA (another 2 years) since I'm no longer paying into the system. If this is true, there there is no sense in waiting until I arrive at FRA to begin taking SS.
I assumed my benefit would continue to increase until FRA, but that may not be the case. I cannot locate any SS calculator that accounts for this type of scenario. I have money set aside to tide me over until FRA, but now I'm not sure its worth the wait.
Anyone know the real skinny here?
Anyway, I'm having some difficulty getting a question answered. Maybe my best bet is to visit the Social Security office next week to get a definitive answer, but I figured I would post my question here to see who is in the know....
I'm 64. My original plan was to wait and take SS at FRA as I figured the monthly payout would be higher than if I took it now. But, from what I've read, and I don't know if this is true or not, but if you leave the workforce early, that your retirement monthly benefit will be no greater by waiting until FRA (another 2 years) since I'm no longer paying into the system. If this is true, there there is no sense in waiting until I arrive at FRA to begin taking SS.
I assumed my benefit would continue to increase until FRA, but that may not be the case. I cannot locate any SS calculator that accounts for this type of scenario. I have money set aside to tide me over until FRA, but now I'm not sure its worth the wait.
Anyone know the real skinny here?