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Thanks in advance for your help. I applied for Social Security at 62 (yep, went against common recommendation on here, etc.) and received a "Notice of Award" letter today. The amount it says I will receive in November (my 62nd birthday is in Sept) is the same amount that the estimate I've done before a few times indicates I'll get in Nov.
However, the estimate indicates it's based on working until 62. I actually retired Oct. 1, 2015 and have no FiCA earnings after that.
Is the Award letter accurate? Can it change? I didn't read anywhere where it would necessarily change, but rather the letter has other info such as when I will be paid, how to appeal, etc.
Can anyone shed any light on if the Award letter amt. is accurate or will it likely change?
I asked the same or similar question not to long ago and the answers varied.
It could change but probably be small amount lower if it does at all.
Ah, thanks. You would think they would have the final salary info, but maybe not. If they are assuming I worked from Oct. 1, 2015 until my 62nd birthday in Sept. 2016, then certainly it will be lower. You would think they would have the salary info indicating that no SS was deducted from Oct. until now, but maybe not.
I think it will change. Either they did not ask the date you stopped earning SS wages or you did not enter a date so they assumed you would work up until your birthday.
I think it will change. Either they did not ask the date you stopped earning SS wages or you did not enter a date so they assumed you would work up until your birthday.
They don't ask the date that you quit working when you apply.
They don't need to ask when you quit working. They know because your employer does not send them the money they would ordinarily receive if you had worked longer. The SS calculation is based on how much you put in over your top 35 yrs. By not working this past year, that year would be zero. But if you worked a lot of years and not too many at low pay, it will affect your SS payout, but not terribly much. So the short answer is yes you will receive less.
They don't need to ask when you quit working. They know because your employer does not send them the money they would ordinarily receive if you had worked longer. The SS calculation is based on how much you put in over your top 35 yrs. By not working this past year, that year would be zero. But if you worked a lot of years and not too many at low pay, it will affect your SS payout, but not terribly much. So the short answer is yes you will receive less.
But since I just applied a couple of weeks ago and the Award Letter I received today is the same amount as the estimate from five months ago (when it was based on working until 62 according to the estimate verbiage), then they obviously don't have all the soc security wages calculated yet.
Bumping this up hoping for others to weigh in. Let's assume the estimate and award letter said 1850 per month but the estimate assumed I would work between 61 and 62 and I didn't. I am assuming my actual Social Security pension will be less than the estimated amount even though the award letter said it would be the same. Do you think it will be $25 less? $50 less? Etc.
Thx.
Bumping this up hoping for others to weigh in. Let's assume the estimate and award letter said 1850 per month but the estimate assumed I would work between 61 and 62 and I didn't. I am assuming my actual Social Security pension will be less than the estimated amount even though the award letter said it would be the same. Do you think it will be $25 less? $50 less? Etc.
Thx.
Data entered: B-day 9/3/1954, retiring age 62 (9/3/2016), 35 years (1981-2015) wages of $60K/year, and $30K for 2016 resulted in a benefit of $1883/month.
Zeroing out the 30k in 2016 only, resulted in no change.
Zeroing out the 30k in 2016, and changing 2015 to 30K, resulted in a decrease of $8/month to $1875
Using your actual yearly earnings may result in a slightly different difference.
Data entered: B-day 9/3/1954, retiring age 62 (9/3/2016), 35 years (1981-2015) wages of $60K/year, and $30K for 2016 resulted in a benefit of $1883/month.
Zeroing out the 30k in 2016 only, resulted in no change.
Zeroing out the 30k in 2016, and changing 2015 to 30K, resulted in a decrease of $8/month to $1875
Using your actual yearly earnings may result in a slightly different difference.
Thank you so much for your work. I really appreciate it. I wasn't able to locate that planner. Since quit working Oct. 1, 2015, I'm assuming maybe just that small amt. of $8 mo. would be close. Thanks, again.
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