Can I stop working at 62 and collect SS at 67?

Yes, you can stop working at 62 and start collecting reduced Social Security benefits, then switch to your full benefit amount (or higher) at your full retirement age (FRA) of 67, but you generally can't "collect early and then switch later" to a higher amount for the same benefit, only for new earnings if you return to work. Claiming at 62 means a permanent 30% reduction (around 70% of full), while waiting until 67 gives you 100% of your benefit, and delaying past 67 (up to 70) increases it further with delayed credits.

What happens if I retire at 62 but delay Social Security?

If you stop working at 62 but delay Social Security, your monthly benefit grows significantly (up to 8% annually) past your Full Retirement Age (FRA) until 70, replacing lower-earning years in your calculation, but you won't get any money until you claim; you'll need other income to bridge the gap, and crucially, you must sign up for Medicare at 65 to avoid penalties. 

Can you collect Social Security at 67 and continue to work?

You can get Social Security retirement or survivors benefits and work at the same time.

Do social security benefits decrease if you stop working?

If You Stop Work Before You Start Receiving Benefits

Years with no earnings reduce your retirement benefit amount. Even if you have 35 years of earnings when you stop working, some of those years may be low-earning years.

What is the highest amount you can make on Social Security at 67?

What is the maximum Social Security retirement benefit payable?

• If you retire at full retirement age in 2026, your benefit would be $4,152.
• If you retire at age 62 in 2026, your benefit would be $2,969.
• If you retire at age 70 in 2026, your benefit would be $5,181.

Working while Receiving Social Security

What is the average Social Security check for a 67 year old?

The average Social Security check for a 67-year-old retired worker is around $2,000 to $2,500 per month, depending on the data year, with figures ranging from roughly $1,880 (Dec 2023) to over $2,500 (late 2025 projections), reflecting different claiming ages and economic factors, though your actual benefit depends on your earnings history and claiming age, with age 67 often being the Full Retirement Age for many. 

Who qualifies for an extra $144 added to their Social Security?

You qualify for an extra ~$144 on your Social Security check if you have a Medicare Advantage (Part C) plan with a "Part B Giveback" benefit, which refunds some or all of your Medicare Part B premium, appearing as extra cash in your check, but eligibility depends on living in the plan's service area and paying your own Part B premiums. The "144" figure was common when the Part B premium was around that amount, but the actual refund varies by plan and location, potentially exceeding the full premium. 

How much do you have to make to get $3,000 a month in Social Security?

To get around $3,000/month in Social Security, you generally need a high earning history, around $100,000-$108,000+ annually over your top 35 years, but waiting to claim until age 70 maximizes this amount, potentially reaching it with lower yearly earnings, say under $70k if you wait long enough, as benefits are based on your highest indexed earnings over 35 years. The exact amount depends heavily on your specific earnings history and the age you start collecting benefits. 

What is one of the biggest mistakes people make regarding Social Security?

Claiming Benefits Too Early

One of the biggest mistakes people make is claiming Social Security benefits as soon as they're eligible, which is at age 62. While getting money sooner can be tempting, claiming early has a significant downside: your monthly benefit will be reduced.

What does Suze Orman say about taking Social Security at 62?

Orman explained that you can start Social Security as soon as 62, but that you shouldn't. She said: "Don't settle for a reduced Social Security benefit. If you are in good health, the best financial move you can make is to not claim Social Security before you reach your full retirement age."

When you retire at 67 how many hours can you work?

There's no specific limit on hours you can work while receiving Social Security benefits, but your earnings might affect your benefits if they exceed the annual limit before full retirement age.

What is the best age to retire?

“Most studies suggest that people who retire between the ages of 64 and 66 often strike a balance between good physical health and having the freedom to enjoy retirement,” she says. “This period generally comes before the sharp rise in health issues which people see in their late 70s.

What is the difference between taking Social Security at 62 and 67?

Claiming Social Security at 62 gives you money sooner but permanently reduces your monthly benefit (by up to 30%), while waiting until age 67 (your Full Retirement Age or FRA) provides 100% of your benefit, offering a significantly larger check for life, though you miss out on early payments and need to consider life expectancy and break-even points. Choosing 62 makes sense if you need the cash urgently or have a shorter life expectancy, while 67 offers more money for longer, balancing early cash flow with maximizing lifetime benefits before age 70, notes Fidelity Investments and AARP. 

How to get $3000 a month of Social Security at age 62?

Only workers who consistently earn at or above the Social Security wage base limit for 35 years and strategically delay their benefits can approach this level. Key Requirements to Reach $3,000 Monthly: Maximum earnings history – Earn at or above the wage base limit ($160,200 in 2024) for 35+ years.

How much money will I lose if I retire at 62 instead of 65?

If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.

What is the $1000 a month rule for retirement?

The $1,000 a month retirement rule is a simple guideline stating you need about $240,000 saved for every $1,000 of monthly income you want from your investments in retirement, based on a 5% annual withdrawal rate ($240k x 0.05 / 12 = $1k/month). It's a motivational tool to estimate savings goals (e.g., $3,000/month needs $720k), but it's one-dimensional, doesn't account for inflation, taxes, or other income like Social Security, and assumes steady 5% returns, making a personalized plan essential. 

What is the number one regret of retirees?

Among the biggest mistakes retirees make is not adjusting their expenses to their new budget in retirement. Those who have worked for many years need to realize that dining out, clothing and entertainment expenses should be reduced because they are no longer earning the same amount of money as they were while working.

What are the three ways you can lose your Social Security?

You can lose Social Security benefits by working while collecting early, leading to earnings limits; incarceration, which suspends payments; or through garnishment for federal debts like taxes, student loans, or child support, along with other factors like remarriage or changes in disability status. 

How many people have $500,000 in their retirement account?

While exact numbers vary by source and year, recent data suggests around 7-9% of American households have $500,000 or more in retirement savings, though many more have significant savings in the $100k-$500k range, with a large portion of the population having much less, highlighting a big gap between the average (which is higher due to wealthy individuals) and the median (typical) saver. 

What is a good monthly income for retirees?

A good monthly retirement income is often considered 70-80% of your pre-retirement income, but it truly depends on your lifestyle, location, and expenses, with benchmarks ranging from $4,000-$8,000+ monthly for a comfortable life, factoring in needs like housing, healthcare, and travel. Financial planners suggest calculating your specific "income gap" by subtracting guaranteed income (like Social Security) from your estimated needs to see what you need from savings. 

How much Social Security will I get if I make $20,000?

If you consistently earn around $20,000/year over your career, you can expect a monthly Social Security benefit of roughly $900 to $1,200+, depending heavily on your full retirement age (FRA) and if you work for 35 years, with a lower salary meaning a higher percentage of your earnings returned, but a smaller total check than high earners, best checked on the official SSA calculator at ssa.gov/myaccount/. 

What to do when Social Security is not enough to live on?

When Social Security isn't enough, supplement your income by exploring other government programs like SSI, SNAP, and Medicaid, working part-time, using retirement savings (401k, IRA), considering annuities for guaranteed income, delaying benefits to increase payments, and seeking help from non-profits like the National Council on Aging (NCOA) BenefitsCheckUp tool. 

Does everyone pay $170 for Medicare Part B?

Costs for Part B (Medical Insurance)

$185 each month ($202.90 in 2026) (or higher depending on your income). The amount can change each year. You'll pay the premium each month, even if you don't get any Part B-covered services.