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I wouldn't put it that way. If he started working again, the amount would increase only if the amount he is earning is sufficient to replace one or more of his previous 35 highest years. That may not be the case if, for example, he goes back to work part-time.
If a person has zeros (even a single one) - that is has less than 35 years of SS earnings, then working one more year even for a negligible amount would increase the benefit (perhaps by a very small amount) because one zero will be replaced by some number for the averaging. I have lots of zeros, and when I earned even as little as 7K or 8K a year after retirement doing special projects once in a while, my benefit went up two or three or four dollars a month the following year.
I understand. Well he will be relieved to know it won't go down! Thanks for the explanation!
this discussion has been a good one. I left my newly received statement at work. Am going to count the years and see what my 35 years look like.
I am seeing the out and out logic to work until 66. Math says the monthly amount will be higher than at 62.
But, I am coming to believe that not working will help me to regain or at least maintain my health better than working. I am single, so that isn't a factor. So I might live a longer and hopefully happier life retiring at 62. More to life than money - if you can retire comfortably.
Wow that would be terrible if they replaced the lower-paying years, such as the years he worked right after college, with the 0 years he is facing now. If they only counted the highest-paying 35 years, the 0 years shouldn't be counted at all. It's like adding insult to injury. I feel so bad for him, as COBRA just ran out and getting affordable health insurance is difficult.
No, it is the 35 highest years regardless of when earned. It is just that for most people their incomes 35 years or more ago are dwarfed by their incomes today. If you have worked 35 contributing years you have NO zero's. Thats why you should work a minimum of 35 years and any time after that full time can make a real difference.
One of the realities is and I don't mean to be stepping on toes but folks need to know all of this at least ten years prior to retiring so they can plan adequately. Many don't. It is like public employees who have pensions they are eligible for after thirty years who are planning to retire at that point and find this out year 29 or even after retiring.
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