# Maximum Social Security retirement benefit payable.



## phonam (Oct 22, 2016)

Hello everyone, I'm a newbie in this forum and I have a question about the maximum Social Security retirement benefit payable.
Here is my case:
I am 63 years old and currently receive the Social Security Statement indicating this: “At your current earnings rate, if you continue working until... your full retirement age (66 years), your payment would be about... $2,000 a month”.
If I were to retire at age 63 and NOT withdraw any benefit from Social Security, but instead use my own 401k and saving money for living expenses for the next THREE years until I reach age 66, would my Social Security payment still be about $2,000 a month at that age? Or would it be significantly less?  
Thank you in advance for your response.
All answers and suggestions are welcome and appreciated.


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## Aunt Bea (Oct 22, 2016)

Have you tried to do an estimate using one of the benefit calculators on SSA.Gov.

https://www.ssa.gov/oact/anypia/index.html


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## Dennis K (Oct 22, 2016)

That is good question and like you I have been asking similar questions as I get closer, and for the most part have found answers on the internet.
The best place to check is the SSI web sight.    https://www.ssa.gov/
Click on the Retirement Estimator and fill in the questions.
After you get past the questions, it will ask you how much income you are currently making. From their it will show your current amount, amount at 66, and amount at 70
For myself, if I put in a dollar amount or put in zero, the amount I receive in 3 years if I wait until 66 remains the same.
This may not always be the case based on your work history, but probably will be.
I am the same age. So i guess your amount will not be reduced if you do not work anymore.
This is also a good way to keep on your benefits as you continue to work.
But then again, we have to count on the government giving us the right info. If in doubt, call SSI.


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## Butterfly (Oct 22, 2016)

I agree with Dennis K.  The only way to get the real true scoop is to call and talk with one of the advisors at the Social Security Administration (the 800 number, not your local office).


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## Ameriscot (Oct 23, 2016)

phonam said:


> Hello everyone, I'm a newbie in this forum and I have a question about the maximum Social Security retirement benefit payable.
> Here is my case:
> I am 63 years old and currently receive the Social Security Statement indicating this: “At your current earnings rate, if you continue working until... your full retirement age (66 years), your payment would be about... $2,000 a month”.
> If I were to retire at age 63 and NOT withdraw any benefit from Social Security, but instead use my own 401k and saving money for living expenses for the next THREE years until I reach age 66, would my Social Security payment still be about $2,000 a month at that age? Or would it be significantly less?
> ...



I did the calculator years ago and I would bet that the rate of 2,000 is based on you continuing to pay tax until 66 at your current rate.  If you stopped at 63 it would be less.  The calculator will tell you.


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## mathjak107 (Oct 23, 2016)

there will be a slight difference if your final years are your highest years . your payment is based on your highest 35 years inflation adjusted . the calculator assumes that if you are earning your highest pay that you will bump out a few lower years  and replace them . if you don't it can make a slight difference .


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## dpwspringer (Oct 23, 2016)

Sounds like you are not working and its a different situation if you are currently working. Basically if you are working and making a decent salary you wait to take SS payments because you get docked for making over a certain amount. 

If you aren't working then it goes something like this-- if you take it prior to 66 years of age, you get less per month than you would if you waited until you turn 66. When I looked at it, the break even age on the accumulated amount would be in my late seventies and I decided to take it early (age 62 I think) as I was a little worried about exhausting my nest egg. I also was thinking that in these uncertain financial times it wouldn't be a bad idea to be "grandfathered in" on getting SS payments, just in case the bottom drops out of it and there was a distinction in those who are getting SS and those that are about to get SS.


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## mathjak107 (Oct 23, 2016)

that wasn't the op's question .  they are questioning what happens when you delay ss and do not work up to that age . different situation .

the answer has nothing to do with  whether to delay or not .

ss is based on your 35 years of  highest inflation adjusted earnings . if you are at top pay , the system assumes you will continue to earn that higher rate of pay and you will bump out some  lower earning years from your 35 year record .

if you retire early and do not collect  ss then your estimated earnings will be a bit less since you will not actually replace those years they are calculating in .


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## bluebreezes (Oct 23, 2016)

(deleted)


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## phonam (Oct 23, 2016)

Thanks you all for answers my question. And if I understand your answers correctly then I'd still get  little bit less than $2000 a month since this amount is based on my 35 years of earnings, currently I'm at my top pay, and the system assumes I'd continue to earn this higher rate of pay for the next 3 years which I won't if I retire and like most everyone else my salaries of 30-35 years ago are smaller compare to current salary.
Anyway thank you all for your answers and your times.


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## Butterfly (Oct 23, 2016)

Do call the SS office to be sure your analysis is correct.  Perhaps not -- your top years would probably still be your top years, regardless of what you're making now.  SS told me that earlier salaries are adjusted for the rates of inflation since they were earned, anyway.


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## OneEyedDiva (Nov 16, 2016)

No Phonam: Because the key words are "At your current earnings rate". Your earnings will stop at age 63.  But you will collect the full retirement benefit if you wait until age 66 to start your benefit. I posted this in another thread...just to give you an idea of the percentage differences.  And I agree that for your personal circumstances, like others have said, go directly to the SS website and use their calculator for your personal estimate.
https://personal.vanguard.com/us/insights/article/social-security-timing-082013?opentranscript=true


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