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What will happen if I retire early?

Posted by New_Zealand (My Page) on
Fri, Feb 22, 02 at 20:45

I plan to retire at age 59 1/2 in seven more years. I am wondering how that will affect my SS payments at age 62? I have made enough money over the years to get the maximum benifits if I worked until I am 62, but will that monthly amount drop if I quite working early? I know I have time yet to find this out, but I have been planning to retire early for many years now, sell the stick built house and buy a nice motorhome and travel this big beautiful country of ours.

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RE: What will happen if I retire early?

You can get a statement from SS as to what your benefits will be when you retire. At 62 or at full term.
I retired at 59 and took early SS at 62. I got and get only 1/2 of what I would have received if I had waited until 65 to take the SS. I think whatever you have built up stays in your account until you actually take the SS. It depends on whether you claim SS early or wait the full time. But give the office a call I found they were very helpful.

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