Sloan Center News
This Little-Known Social Security Strategy Can Boost Your Retirement Income — Money
21 October 2014—Philip Moeller, Center's research fellow, shared his opinion in Money about the effect of early retirement.
Whether you retire early or later, it's important to understand how Social Security calculates your benefits.
Q: I am 60 and planning on withdrawing Social Security when 62. Due to a medical condition, I am not making $16.00 an hour anymore but only making $9.00. Do you know how income level is calculated on early retirement? Thank you.
A. Social Security retirement benefits normally may be taken as early as age 62, but your income will be substantially higher if you can afford to wait. If you are entitled to, say, a $1,500 monthly benefit at age 66, you might get only $1,125 if you began benefits at age 62. Defer claiming until age 70, when benefits reach their maximum levels, and you might receive $1,980 a month. ...