Continue to Work to Increase Social Security Benefits?

FRA = 100% PIA. 🙂
My spouse had the benefit of working after receiving SS benefits. His increase was about $17/mo. The answer is "it depends" ... obviously, he was able to replace a lower earning year, but it wasn't significantly lower, after indexing. (He worked way more than 35 years, so the lowest early years, even after indexing, were long ago replaced.) So, when Josh tells you continuing working solely for a potential increase in SS benefits isn't really worth it - he's right! Extending a work life won't necessarily be worth it, in and of itself. (My spouse continued working NOT for a SS benefit income increase.)

How many millionaires do you know who have become wealthy by investing in savings account? No one

Josh is right and I tested it for myself using the SSA estimation tool. If I work making 100k for the next few years or quit working today and collect at full retirement age makes little difference. I need to work because I still have a mortgage and don't have enough invested... but not for bigger SS check.

Josh, I really enjoy the information , and your commentaries !!!!!

I think it is likely for the government to increase full retirement age again in the next 10 years, to 69 or even 70. I would not be surprised

Using the SS website estimator shows me that continuing to work doesn't improve my benefit much...even past 55. When I can start collecting pension at 55, and use tax benefits to assist with healthcare insurance it makes little sense for me to continue to work past 55(unless I do something to stop being debt free). I also do not see the benefit of keeping my 401k in place when I leave my job. I can cash it out and pay my penalty + taxes, and still come out ahead by re-investing it in tax free income investments that I'm not allowed to under the limited options in my plan.

Good video