I’m thinking of retiring at age 65

Golly. There are multiple assumptions going on in what first seems like a simple question. Let’s see if we can deal with them in bite-sized parts. First, I am assuming you know that Social Security won’t fund a very full retirement. For example, the maximum a person who is currently 44 years old can expect is about $1,500 a month. So, unless your needs are going to be extremely modest, once you stop work, Social Security should be just part of the way your fund retirement. Second, you need to be aware of something called “full retirement age,” the Social Security Administration’s phrase for when you get your full Social Security benefits. That’s age 65, right? Probably not. Recognizing that people are living longer, and the resources of the Social Security administration are finite, full retirement age has been pushed back. Look at the following table: Age To Receive Full Social Security Benefits Year of Birth Full Retirement Age 1937 or earlier 65 1938 65 and 2 months 1939 65 and 4 months 1940 65 and 6 months 1941 65 and 8 months 1942- 65 and 10 months 1943-1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 and later 67 If your full retirement age is older than 65 (that is, you were born after 1937), you still will be able to take Social Security early—as early as age 62 if you wish—but the reduction in your benefits will be greater than it is for people retiring now. Here's an example. If your full retirement age is 67, the reduction for starting your benefits at 62 is about 30%; at age 63, it's about 25%; at age 64, about 20%; at age 65, about 13.33% and at age 66, about 6.33%. As a general rule, early retirement will give you about the same total Social Security benefits over your lifetime, but in smaller amounts to take into account the fact you will be receiving them over a longer time. This is something to keep in mind if you are thinking of retiring early. With all that by way of background, only you can decide if it worth working past age 62, or 65 or some other age.