How will retiring early impact my Social Security benefit?

Wondering how retiring early impacts your Social Security benefits? For long-term contributors to the Social Security system, retiring early may not drastically alter your benefits unless you’re skipping out on peak earning years. Withdrawing from Social Security before reaching full retirement age is generally not a good idea due to penalties, except in cases of financial necessity. For those looking to retire early (50-55 years old) or those part of the FIRE movement (aiming to retire by 40), the key is to have enough other resources to live off of before collecting Social Security benefits. Delaying Social Security until age 70 is a strategic move, offering the highest payout.

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Casey Smith
President, Wiser Wealth Management

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By Published On: March 29, 2024

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