U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-12-2015, 11:33 AM
 
71 posts, read 72,653 times
Reputation: 70

Advertisements

hello...i just retired from NYC fire dept and receive a tax free pension due to my lungs.. i'm 50 years old and was curious what happens to my SS benefit when i start collecting it in 15 years at 65 or so? is it reduced because of not contributing for the next 15 years or is it maintained at its present value? i have worked and paid SS for close to thirty years....any info appreciated.
Reply With Quote Quick reply to this message

 
Old 04-12-2015, 11:35 AM
 
71,781 posts, read 71,896,917 times
Reputation: 49345
they will look at your 35 highest years and inflation adjust and average it out .
Reply With Quote Quick reply to this message
 
Old 04-12-2015, 11:50 AM
 
1,227 posts, read 1,262,186 times
Reputation: 4310
Regarding the 35 highest years that Mathjak is talking about... if you haven't worked a total of 35 years, they will factor in zeros for the years you didn't work. Each zero that is included will reduce your average income and therefore, your social security benefit. If you worked 35 years they will use those years to average your income.
Reply With Quote Quick reply to this message
 
Old 04-12-2015, 06:22 PM
 
71 posts, read 72,653 times
Reputation: 70
Thank you for the replies.
Reply With Quote Quick reply to this message
 
Old 04-12-2015, 06:37 PM
 
519 posts, read 431,504 times
Reputation: 981
What each said above is true, but it is worth pointing out that notwithstanding you will have $0 income (assuming you don't have any more earned income) you will not see a substantial decline in your expected benefit.
Reply With Quote Quick reply to this message
 
Old 04-13-2015, 06:30 AM
 
71 posts, read 72,653 times
Reputation: 70
Quote:
Originally Posted by larsm View Post
What each said above is true, but it is worth pointing out that notwithstanding you will have $0 income (assuming you don't have any more earned income) you will not see a substantial decline in your expected benefit.
Larsm, thanks for clarifying...i logged into SS and opened a account...its showing:
1475@62
2095@67
2597@70....when the numbers get updated to include last years zero, it will be ineresting to see if it changes.
Reply With Quote Quick reply to this message
 
Old 04-13-2015, 04:11 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,176,472 times
Reputation: 6696
Those numbers you posted assume you will be making the same money between now and when you file for SS.

I was wondering since you said you were on pension for your lungs if you have considered filing for SS disabilty? Not easy to get but you never know, and if approved you would start collecting sooner and would receive clost to your Full age retirement amount meaning your age 67 amount. It can take years to get but if approved you receive benefits retroactively. Also at FRA your disabilty benefit would simply change name to retirement benefit and would stay the same.
Maybe something to think about anyway.
Reply With Quote Quick reply to this message
 
Old 04-13-2015, 04:31 PM
 
71 posts, read 72,653 times
Reputation: 70
Quote:
Originally Posted by arwenmark View Post
Those numbers you posted assume you will be making the same money between now and when you file for SS.

I was wondering since you said you were on pension for your lungs if you have considered filing for SS disabilty? Not easy to get but you never know, and if approved you would start collecting sooner and would receive clost to your Full age retirement amount meaning your age 67 amount. It can take years to get but if approved you receive benefits retroactively. Also at FRA your disabilty benefit would simply change name to retirement benefit and would stay the same.
Maybe something to think about anyway.
I've researched SSDI but it seems pretty difficult to collect with my form of asthma...i was more curious about SS because i paid into it and its a sure thing at 62/67/70, where SSDI is not....i have worked for thirty four years so hopefully my umbers wont drop based on what the others posters above have written.
Reply With Quote Quick reply to this message
 
Old 04-20-2015, 07:19 PM
 
Location: Cape Elizabeth
425 posts, read 388,445 times
Reputation: 745
Quote:
Originally Posted by twofourtythird View Post
hello...i just retired from NYC fire dept and receive a tax free pension due to my lungs.. i'm 50 years old and was curious what happens to my SS benefit when i start collecting it in 15 years at 65 or so? is it reduced because of not contributing for the next 15 years or is it maintained at its present value? i have worked and paid SS for close to thirty years....any info appreciated.
Were NYC firefighters always under the SS system and pay into SS? I thought they were under their own NYC/NYS pension and were "non covered". But, maybe my memory is failing me.

Also, if you were paying in, why don't you try to apply for SS disability? If you worked 5 out of the past 10 years before you became ill, you would meet the work requirement and then you would have to meet the medical requirement. But, it is worth a shot. If you do win, you get your "full benefit", meaning you don't have to wait until you hit full retirement age- there is no reduction for age and your benefits are "frozen", meaning the years of being on disability do not go against you.

I just read the comment above and they also asked you why don't you try for SS disability. You should never rule yourself out! You apply, let SS decide, if you are denied, you can appeal, and if you eventually win you are paid back all your benefits. You should try. The definition of what is disabling is the inability to perform "substantial gainful activity" for a period of a year or more due to a condition that will keep you out of work for a year, or result in your death.
Reply With Quote Quick reply to this message
 
Old 04-20-2015, 07:39 PM
 
48,516 posts, read 84,010,700 times
Reputation: 18050
Yes; you likely qaulfify for disability if you retired as a frire fighter because of your lung problems. Yours likely would be a easy case to file supported by your retirement type from fire dept.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top