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Old 05-07-2014, 09:24 PM
 
Location: Wisconsin
17,017 posts, read 17,335,191 times
Reputation: 41293

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Quote:
Originally Posted by Cali BassMan View Post
So for seven more years of hard labor, you'll receive an additional $132.00 a month???? I'll go at 55........
What about the extra $420,000 that you would get for working those extra years (if you make $60,000 a year)?

Maybe $132 a month sounds like chicken feed but almost a half a million dollars sounds like big money. Even an extra quarter of a million dollars (if you make $30,000 a year) could provide for a lot of extra vacations and fun during your retirement.
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Old 05-08-2014, 02:43 AM
 
Location: Northern VA
511 posts, read 631,490 times
Reputation: 621
Quote:
Originally Posted by germaine2626 View Post
What about the extra $420,000 that you would get for working those extra years (if you make $60,000 a year)?

Maybe $132 a month sounds like chicken feed but almost a half a million dollars sounds like big money. Even an extra quarter of a million dollars (if you make $30,000 a year) could provide for a lot of extra vacations and fun during your retirement.
BINGO! Seven more years of full time earnings is a large sum of money (I make more than $60,000). I could probably get by on just my military retirement at 55 but I'd probably need to supplement it with savings until I could draw SS. That would also give me 12 additional years at max wages to replace lower earning years from my younger days (even with indexing I figure my SS should go up with each additional year).

Another possibility - if I kept working until 62 I should be set financially and could probably wait until FRA to file, then not only would my benefit be higher but so would my spouse's.

Here's the real key point - I don't plan to need SS. My plan is to be set financially so that anything I do get from SS is extra.
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Old 12-19-2015, 08:07 AM
 
3 posts, read 2,625 times
Reputation: 12
Quote:
Originally Posted by germaine2626 View Post
What about the extra $420,000 that you would get for working those extra years (if you make $60,000 a year)?

Maybe $132 a month sounds like chicken feed but almost a half a million dollars sounds like big money. Even an extra quarter of a million dollars (if you make $30,000 a year) could provide for a lot of extra vacations and fun during your retirement.
I think it depends on how much money he has in the bank or side income. Also, how important is it to retire and what are your plans? I'm in a similar position but have cash in the bank and some rental properties. So it looks like I will FINALLY be able to retire. I have a good job but I'm oh so tired of it. And I'd rather travel when I'm relatively young.
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Old 12-19-2015, 08:42 AM
 
Location: Hiding from Antifa?
6,394 posts, read 4,173,557 times
Reputation: 5695
The last post by the OP is over a year and a half old, but reading the thread, it is no wonder that the OP will get more at age 62 if he keeps working. He retired from the military, so it's obvious that he had 20 years of lower than average income. Every year he works until he starts drawing SS, he will be replacing one of those low income years.
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Old 12-20-2015, 06:37 PM
 
3 posts, read 2,625 times
Reputation: 12
Yes, it's old but this is the only thread I could find on the topic of stopping work before 60 and how much social security I'd get at 62. I'm surprised this isn't brought up more being that so many people want to leave the work force early.
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Old 12-20-2015, 06:40 PM
 
3 posts, read 2,625 times
Reputation: 12
BTW, I'm a newbie. What does OP stand for? Originating Person?
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Old 12-20-2015, 07:19 PM
 
466 posts, read 290,403 times
Reputation: 1809
So, I will have 40 years in the work force when I quit, and will not be able to collect SS for an additional 4 years. I understand that SS is based on your highest 35 years. so, the 4 zero years won't count against me, yes? Other than that they would have replaced 4 lower earning years that happened at the start of my career. Is this correct?
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Old 12-20-2015, 09:03 PM
 
Location: SoCal
13,203 posts, read 6,313,926 times
Reputation: 9820
I'm in this scenario and I believe last time I run the SS I got exactly what OP has in one post. Not much difference since 2011 to 2015. I think as long as you have 35 years, you will be in the ballpark.
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Old 12-21-2015, 03:29 AM
 
71,501 posts, read 71,674,131 times
Reputation: 49079
Quote:
Originally Posted by Kgryfon View Post
So, I will have 40 years in the work force when I quit, and will not be able to collect SS for an additional 4 years. I understand that SS is based on your highest 35 years. so, the 4 zero years won't count against me, yes? Other than that they would have replaced 4 lower earning years that happened at the start of my career. Is this correct?
it may count a little if your last years were the peak. it makes the assumption that if your last years were the peak then you will earn that peak level for the next few years bouncing out some lower years .

those lower years may end up being part of the 35 years if you are not working right up to the expected date
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Old 12-21-2015, 05:04 AM
 
Location: Washington State
18,462 posts, read 9,561,235 times
Reputation: 15752
I did the calculator and added my current year income but then when I tried to show no income starting next year, it would calculate the age 62 income but not the FRA income, it continued to calculate all of the years from now till FRA at this year's high income.
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