Tag #Fra

What factors determine the magnitude of benefit increases from working past age 62, and how do these factors vary among different income groups?

The impact of working past 62 depends on individual earning history. Those with fewer than 35 years of substantial earnings will see a more significant increase as additional years replace zero-income years. Conversely, those already having 35 high-earning years may see minimal benefit increases. The magnitude of the increase correlates directly with the difference between the new earnings and the earnings of the year replaced.