Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Does the SSA define it as a standard 40 hour work week? Does the SSA define it as a set amount of money earned in a week? Month? Year?
In my scenario I plan on quitting my 40 hour a week job. But, I do plan on picking up odd jobs here and there as the need arises. So, let's say that, in my scenario, I cut my working hours from 40 per week to 10 per week.
How would that affect SSDI based on your response? I'm still "working", but will that be enough to build up quarters in order to retain current benefits?
Re: Disability benefits. You will want to earn 4 quarters of coverage each year. This year, one quarter of coverage is awarded for $1120. The specific amount required is announced every year.
Re: retirement benefits. Play around with the SSA Benefits calculator. Using your actual earnings record, you can input different amounts for your remaining years to estimate the potential benefit you will receive under different earning scenarios. Benefits Calculators: About the Social Security Retirement Estimator
Re: Disability benefits. You will want to earn 4 quarters of coverage each year. This year, one quarter of coverage is awarded for $1120. The specific amount required is announced every year.
Re: retirement benefits. Play around with the SSA Benefits calculator. Using your actual earnings record, you can input different amounts for your remaining years to estimate the potential benefit you will receive under different earning scenarios. Benefits Calculators: About the Social Security Retirement Estimator
What if there are, say, 20 years of good earnings up to age 61, but before the 20 years there are years with zeros or near-zeros due to being a stay-at-home mom -- in that case, an additional five years of part-time income (up to age 66) might wipe out some zeros but might also lower the benefit from what is estimated today. Is that correct?
Yes, I would say correct. Note, of course, that replacing even one zero with a small amount, providing you have less than 35 years, will increase your eventual benefit compared to if you didn't replace that zero, because it would increase the average wage over the 35-year span.
Yes, I would say correct. Note, of course, that replacing even one zero with a small amount, providing you have less than 35 years, will increase your eventual benefit compared to if you didn't replace that zero, because it would increase the average wage over the 35-year span.
Thanks, got it now. As always, you've been very helpful. I've tried to rep you a couple times lately, but I keep getting the spread-it-around message.
But what if the OP already has 35 years of relatively high earnings under Social Security? In that case (it seems to me), adding some years of low earnings should not make the estimate in the annual statement go down because retirement benefits are based on averaging the 35 highest earning years. Am I right or wrong?
Well, it would depend on what you call "relatively high earnings." I don't know anyone who started out at the top of their profession and/or salary structure at the beginning of their career. How exactly would your scenario take place?
Theoretically, if someone had 35 years of exactly the same or similar earnings (on an indexed basis of course), that would be true. However, most people over a 35-year career will have progressed into positions with more responsibility and/or authority, leading to higher corresponding salaries. Even just longevity in the same position leads to higher pay. I don't know anyone whose salary was higher earlier in their career rather than later (again, even on an indexed basis).
But the OP clearly stated he is continung working full time or even at the same job. He will be picking up the odd job not a career path to incrased income.That is what Escort Rider based his response on;I beleive. Your coment is a general statement on careers and does not apply in this instances.
But the OP clearly stated he is continung working full time or even at the same job. He will be picking up the odd job not a career path to incrased income.
No he didn't. He specifically asked how quitting his job in three years would affect the Social Security estimate statement he receives each year.
Quote:
Originally Posted by ron1999
In three years, if I quit my 40 hours a week job to hit the road, and I only work enough hours to keep the pantry and gas tank filled, how will that affect my SS retirement earnings as it applies to the statement that I receive every year? Provided that I don't apply for SS until I reach my maximum retirement age of 67.
what's your plan for health ins coverage...that gets expensive on your own. If your daughter is just graduating from high school, then you're still probably pretty young. Most people's highest income years are from 40-60 so if you quit now, you might not be taking best advantage of SS. And you might want to collect at 62 since, if you're not working all those years, the difference might not be that great to wait until 67. Course who knows by then that SS will be like.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
