Timing on Taking Social Security

If you retire at age 64, you will not have reached your full retirement age.  Your benefit will be reduced.  You can contact the Social Security Administration to calculate your benefit both at age 64 and 67.

Also, Medicare doesn't kick in until age 65, so you will have to arrange for medical coverage.

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@rb26934814 wrote:

It seems like a simple question, but I cannot get a straight answer, arrg!!! Help! If I retire at 64, and no longer work, and I decide not to take SS benefits until 67, will the SS amount continue to grow by waiting those 3 years? If it does not, I should just start taking it at 64, right?

 

 

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Your benefit will change some if you stop working at 64 (no further contributions) and not take your benefit until 67   The reason it will change SOME is that the Average Wage Index (AWI) will change every year at least some and this is where those who are not YET receiving a SS benefit are included in the annual COLA (cost of living adjustments).  The AWI is important in figuring your SS benefits.

SSA.gov- National Average Wage Index

However,if you decide to take your (REDUCED) benefits at 64, you would still get any annual COLA but it would be based on your REDUCED SS benefit - 

The bigger difference is gonna be in the actual benefit and at what age you decide to begin it - at 64, your are younger than your full retirement age (FRA), thus a reduction in benefits.  

OR even waiting until later than FRA (put to a max of 70 years old ) to begin.  OVER FRA you get a “Delayed Retirement Credit” that boost your FRA benefit at a rate of about 8% a year.

So the longer the money stays untouched up to a maximum age of 70 years old - the higher the amount it is gonna be - SSA gives no more $$$$ increases in the benefit past 70 years old.