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Level 1
posted Jul 15, 2021 12:19:18 PM

Collecting and still working at 62 is it worth it

Is it worth it in the long run if I collect at 62 and continue working full time at my job with the benefits the job provides?

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1 Replies
Level 15
Jul 15, 2021 12:23:22 PM

You would need to see a financial planner to run the numbers for your exact situation.

 

Taking SS before your full retirement age will reduce your benefit for the rest of your life.  Then, until you reach full retirement age, every $3 you earn will reduce your SS benefit by $1.  You could very easily be in a situation where declaring early gives you a reduced benefit for the rest of your life, but you never actually collect any benefit until you reach full retirement age or actually stop working.  

 

I can't imaging the numbers work for many people, but you would have to evaluate your own situation with a financial planner.