Can I Retire Early But Not Collect Social Security?

The concept of early retirement is an appealing one for many individuals. The idea of leaving the workforce ahead of the traditional retirement age to enjoy more leisure time, pursue personal interests, or simply relax is a dream for many. However, this decision often comes with a significant question: “Can I retire early but not collect social security?” In this blog post, we will explore this question in detail and provide some insights into the complexities surrounding early retirement and Social Security benefits.

Understanding Early Retirement

Early retirement refers to the act of leaving your job or stopping work before you reach the standard retirement age. This age varies depending on your country or region, but it’s generally around 66 or 67 years old. Many people consider early retirement due to various reasons such as health issues, job dissatisfaction, or having sufficient savings to support their lifestyle without needing to work.

However, retiring early can have significant financial implications. It means fewer years of earning income and potentially more years of spending down your savings. Therefore, it’s crucial to have a solid financial plan in place if you’re considering this option.

Social Security and Early Retirement

In the United States, you can start collecting Social Security benefits as early as 62. However, if you choose to do so before reaching your full retirement age (which ranges from 66 to 67 for those born after 1943), your benefits will be permanently reduced—a factor that discourages many from taking Social Security at an earlier age.

But what if you decide to retire early and delay collecting Social Security until later? Is that even possible?

The answer is yes—you can retire early and choose not to collect Social Security right away. In fact, there are several reasons why you might want to consider this strategy.

Benefits of Delaying Social Security

One significant advantage of delaying Social Security is that it can result in higher monthly benefits later on. For each year you delay taking Social Security past your full retirement age, your monthly benefit increases by a certain percentage until you reach 70. This increase is known as delayed retirement credits.

For example, if your full retirement age is 66 and you delay collecting Social Security until 70, your monthly benefit could be 32% higher. This increased income can be a significant help in covering living expenses in later years, especially if you have longevity in your family or are concerned about outliving your savings. Also, important considerations if you are married.

Moreover, if you have other sources of income (like a pension or investments), you might not need to tap into Social Security right away when you retire early. This allows your benefits to grow while you use other resources.

Considerations for Early Retirement

While there are benefits to retiring early and delaying Social Security, it’s not a decision to be taken lightly. It’s essential to consider several factors before making this move:

1. Health: If you have health issues that could limit your lifespan, it might make more sense to take Social Security earlier rather than later.

2. Savings: Do you have enough saved up to support yourself until you start collecting Social Security? Remember that retiring early means fewer years of saving and potentially more years of spending.

3. Investments: If the majority of your retirement savings are in risky investments, it might not be wise to rely on them entirely for income during the early years of retirement.

4. Lifestyle: Can you afford the lifestyle you want in retirement without Social Security? If not, early retirement may not be the best choice for you.


Retiring early but not collecting Social Security is indeed possible and can even be financially beneficial under the right circumstances. However, it requires careful planning and consideration of various factors like health status, savings amount, investment risk level, and desired lifestyle.

Before making any decisions about early retirement or when to collect Social Security benefits, it’s advisable to consult with a financial advisor. They can help you understand your options and make the best decision based on your unique circumstances and goals.