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ASK KIM
Calculate Your Social Security Benefits
by Kimberly Lankford

If I retire at age 63 and don't collect social security until I'm 65, will I get the same benefit I would have gotten had I worked to age 65?

It depends on how long you've worked, how much you've earned each year and how much you'd earn working the extra two years.

Benefits are based on your 35 highest earning years, indexed for inflation. If you retire before paying into the system for that long, the calculation includes a $0 for each missing year.

Even if you already have 35 years of credit, working the extra two years can boost your benefit by replacing low earning years in the formula with higher earnings.

To get a handle on your particular situation, dig up the social security statement you should have received around your birthday (or order a new one at the Social Security Administration's Web site). It lists your earnings history. Plug your numbers into the Social Security Administration's benefits calculator and add your best guess of what you'll earn in the future. You'll get a solid estimate of your benefits if you quit at 63 versus 65.