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Old 03-28-2015, 10:22 AM
 
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Thanks in advance for assistance. So I'm going to take my public sector pension in Oct. I'll he 61 then. I've been going online periodically to get my soc sec statement and did so a few days ago as it has reported by 2014 earnings. Lets assume I won't have any earned income after I retire.

Of course there is quite a difference between the amount I will receive at 62, 66(FRA) and 70 as indicated on the statement. The figures given on the statement assume you will work up until those ages earning about what you are now with increases for inflation etc. and I have a chart that shows the effect of early or delayed retirement on retirement benefits from age 62 to 70 ( although I'm not sure if it applies if one isn't earning income up until those ages. I thnk it does).

However, I'm not sure what the effect would be if I take it at 62 or delay based on my having no earned income during the time I retire with public sector pension at 61 (other than pension income and possibly some equity distribution-which will be taxable but passive etc).

Will there be a significant difference from the numbers the soc security statement shows and assumes I will work until 62,66, and 70 or is there only a minor difference? Is there a calculator on-line that will help me? I understand the effect if I'm working and earning income up until those ages , but not sure the chart I have reflects the difference if I've stopped working, etc.

Thanks for the assistance.
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Old 03-28-2015, 10:34 AM
 
Location: Sierra Nevada Land, CA
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Your benefit increases 8% per year that you wait.
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Old 03-28-2015, 10:37 AM
 
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6% from 62 to fra than 8% from fra to 70 . but it is alot less when you figure in the checks you are not receiving.
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Old 03-28-2015, 10:43 AM
 
Location: Montana
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I actually went in to the SS office and asked a very similar question about my situation. I was a little surprised that stopping work before age 60 (late 50's) had a couple hundred dollars (between $200-$300) per month difference than what an online calculator predicted at FRA and 70. Not much difference at 62, but it was slightly lower.

I think if you have an online account with SS.gov you can get the specific data, but a trip to the SS office with your questions in hand might be very helpful. I know it was for me.
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Old 03-28-2015, 10:43 AM
 
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No, I have the chart and only after 66 is it 8%. But my question really relates more to the difference between my Social Security statement assuming that I will be earning up until 62, 66, and 70 and me quitting having any earned come once I start to take my public pension at age 61. Would the statement look much different if it assumed I planned on quitting at age 61?

I'm assuming the increase each year of waiting would be the same as the chart I have which is 8% beginning at age 66 but less than that once I reach 62 up until 66. I'm just trying to find a way to calculate what my payments would be assuming I quit working at 61 and take my pension but take my Social Security later.
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Old 03-28-2015, 10:43 AM
 
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if you retire and delay the amounts change just slightly, not enough to worry.
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Old 03-28-2015, 10:45 AM
 
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Quote:
Originally Posted by Tuck's Dad View Post
I actually went in to the SS office and asked a very similar question about my situation. I was a little surprised that stopping work before age 60 (late 50's) had a couple hundred dollars (between $200-$300) per month difference than what an online calculator predicted at FRA and 70. Not much difference at 62, but it was slightly lower.

I think if you have an online account with SS.gov you can get the specific data, but a trip to the SS office with your questions in hand might be very helpful. I know it was for me.
I do have an online account, of course, and that's where I have my information based on working up until 62, 66, and 70. Well, I'm assuming of course it would be less because you were not working during those years between in my case 61 and whenever I take Social Security. But I don't see that the Social Security online site has a way to compute that. There probably are some other sites that do or maybe I'm just not looking in the right place on the Social Security website.
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Old 03-28-2015, 10:48 AM
 
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Originally Posted by mathjak107 View Post
if you retire and delay the amounts change just slightly, not enough to worry.
Thank so much M! I know you are on top of these things and that's kind of what I thought but I wanted to hear it from someone who has done the research. I just can't find a place online to calculate it and I won't bother if it's not a huge difference. Thanks again. You contribute a lot to the site!
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Old 03-28-2015, 10:57 AM
 
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you are welcome. i am still learning myself. the more i learn the more my own plan is changing . i went from delaying to 70 to delaying to fra and now that i took a look at some workups figuring the lost checks in the equation along with lost gains on what i am spending down from my portfolio waiting i am looking at 63. i am retiring at 62 in july so i will likely take the first check in january..

waiting is a big benefit if you need ss to eat though. not such a big deal if you were going to spend down a portfolio and give up checks while waiting .

Last edited by mathjak107; 03-28-2015 at 11:07 AM..
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Old 03-28-2015, 11:04 AM
 
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Originally Posted by mathjak107 View Post
you are welcome. i am still learning myself.
Well, pros and cons of taking early of course but I also wanted to make sure it wasn't a big reduction if I quit working at 61 even though obviously I have to wait until at least 62 to take it and I'll possibly wait later. Going back and forth about what to do. Can afford to wait until after 62 but not sure I want to.
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