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Early Retirement and Social Security
Early Retirement and Social Security

This article discusses adjusting your Social Security Benefit for reduced earnings due to early retirement.

Nancy Gates avatar
Written by Nancy Gates
Updated over a week ago

Are you wondering what impact retiring early may have on your Social Security Benefit?

The benefit projections on your Social Security Statement assume you continue to earn at your current rate until you claim your benefit. If you want to project your benefit with reduced earnings, follow these steps.

  • STEP 1: Head on over to SSA.gov. Log in to your existing account, or create an account. Use the Plan for Retirement Calculator to estimate the impact of decreased earnings on your Social Security Benefit. You have the ability to modify the entries for

    • Retirement Age

    • Estimated Future Annual Salary

    • Include a Spouse

  • STEP 2: Make the adjustment for any reduction in income you expect and note the Benefit at Full Retirement Age


STEP 3: Head on over to My Plan > Income > Social Security

STEP 4: Enter your Benefit at Full Retirement Age


Additional Resources

There are two additional resources that allow you assess your benefit.

Mr. Money Moustache's Case Study Spreadsheet has a tab for Social Security that allows you to enter your earnings history and any projected earnings - increased or reduced - in order to assess the impact on your benefit at Full Retirement Age.

Physician on Fire has a downloadable Social Security Calculator which is updated annually.

FI Tax Guy has a great blog post on the topic.

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