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Old 09-24-2017, 11:04 PM
 
2 posts, read 1,220 times
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So this is what the website displayed. I am not understanding exactly what it means for my husband. It reads:


You have earned enough credits to qualify for retirement benefits. At your current earnings rate, your estimated payment would be:
At full retirement age (67) $1300 month
At age 70 : $1612 a month
At early retirement age (62) $915 a month

Your estimates are based on the assumption that you will earn $11,457 a year from now until retirement.


He is 57 and has been in construction since age 18. His body has so many issues..he is planning on stopping work in just two months by age 58. His doctor says he needs to stop now. We can get by ok (I am working f/t) until he files for SS. And he needs to have some surgery done thru my work place health plan. He consistently makes about $11, 457 per year.

My question is- if he stops work right now, what would he get at age 67, 70, & 62.

If he can, he wants to wait as long as possible to file. We have a garden, rent a room out in the back of the house to help make the house payment, it seems plausible we might be able to wait until he is 70 to file. If not, it would happen at 62.

Thanks for any help!
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Old 09-24-2017, 11:09 PM
 
166 posts, read 93,806 times
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Quote:
My question is- if he stops work right now, what would he get at age 67, 70, & 62.

will that website allow you to put in ZERO for future earnings? that will tell you what you will get if he stops working now.
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Old 09-24-2017, 11:21 PM
 
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Quote:
Originally Posted by flashlight View Post
will that website allow you to put in ZERO for future earnings? that will tell you what you will get if he stops working now.
There is an online calculator I could try....offhand not sure. I'll go check

This is what he will make for 2017 but we're thinking his body won't hold out until 2018 when he turns 58.
Our house is almost paid off, as is the car so we should be ok as long as I continue to work

Added- I'll try tomorrow. It wants me to list all earnings for each year and I don't have that onhand and the website is closed during these hours.
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Old 09-24-2017, 11:28 PM
 
6,904 posts, read 7,312,014 times
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Quote:
It wants me to list all earnings for each year and I don't have that onhand and the website is closed during these hours.
The calculator I use (on the SSA site) asks for LAST year's earrings, and then projected earnings until a given age.
You should be able to just put in 00,000 (if it let's you) and get a calculation that way.

Also there ae a few calculators.
One it says does NOT use your actual SS record. The other does.
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Old 09-24-2017, 11:40 PM
 
Location: Planet Woof
3,139 posts, read 3,517,388 times
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SS takes the top 35 years of earnings and calculates your 62, 66, and 70 amounts. He is 4 years to 62 and that's 4 zeros hence forward.
Those seem like big differences in amounts to me, at least compared to my own.
In my case 62-66 was 300 more and 66-70 was 200 more. I wasn't going to increase that because part of my issue was long-term unemployment, so I opted to retire at age 62.
He can work from 62-66, but has an earnings cap before he'd incur a penalty in benefits. At age 66 forward he can earn as much as he wants. This is something to keep in mind.
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Old 09-25-2017, 04:59 AM
 
1,137 posts, read 572,365 times
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If you downloaded his SS statement PDF, there will normally be a full work-history associated with it in the latter pages.
Next, download the SS anyPIA calculator, input the numbers from the work-history, zeroing out the numbers between now and 62. That gives a fairly accurate rending of ones retirement situation. Takes a little time to input, but planning at this moment when there is time to change before committing to a path is worth it.

Good luck!
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Old 09-25-2017, 06:07 AM
 
Location: Citrus Heights, CA
552 posts, read 641,559 times
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Quote:
Originally Posted by MissRobin View Post
So this is what the website displayed. I am not understanding exactly what it means for my husband. It reads:


You have earned enough credits to qualify for retirement benefits. At your current earnings rate, your estimated payment would be:
At full retirement age (67) $1300 month
At age 70 : $1612 a month
At early retirement age (62) $915 a month

Your estimates are based on the assumption that you will earn $11,457 a year from now until retirement.


He is 57 and has been in construction since age 18. His body has so many issues..he is planning on stopping work in just two months by age 58. His doctor says he needs to stop now. We can get by ok (I am working f/t) until he files for SS. And he needs to have some surgery done thru my work place health plan. He consistently makes about $11, 457 per year.

My question is- if he stops work right now, what would he get at age 67, 70, & 62.

If he can, he wants to wait as long as possible to file. We have a garden, rent a room out in the back of the house to help make the house payment, it seems plausible we might be able to wait until he is 70 to file. If not, it would happen at 62.

Thanks for any help!
I retired at 55 and earned $0 from age 55-62. I received the amount those early statements said I would get when I started collecting SS at 62.
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Old 09-25-2017, 06:46 AM
 
2,712 posts, read 1,554,869 times
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If he started working at a young age with an OK income, then it may not make any difference. In my case, I did not start working seriously until my early 30s (grad school etc.), so each of my later years of good earnings offset a year of weak or no earnings. Most people are not like me.

SSA seems to go out of its way to mystify the process, and parameters change every year. I have never seen anything close to a formula that would allow me to do my own calculations, for example.

Last edited by bigbear99; 09-25-2017 at 06:48 AM.. Reason: update
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Old 09-25-2017, 06:58 AM
 
Location: Grove City, Ohio
10,143 posts, read 12,413,259 times
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I may be wrong but from what I know his best bet would be to file for disability.

But don't hold your breath, the money will be a while coming but if he is truly disabled it will eventually happen. I would figure a minimum of six months waiting period and it could easily be a year long wait.

On the plus side if he does get disability he will start collecting from the day he filed and the amount he will get will be close to what he would get if he had held out to age 67. Not exact mind you but close enough.
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Old 09-25-2017, 10:23 AM
 
14,012 posts, read 7,465,102 times
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Quote:
Originally Posted by bigbear99 View Post
SSA seems to go out of its way to mystify the process, and parameters change every year. I have never seen anything close to a formula that would allow me to do my own calculations, for example.
With an Excel spreadsheet, your earnings history from the Social Security web site, and Social Security Publication 05-10070, you can calculate it with about 10 minutes of data entry. The worksheet on the form is for people born in 1955 turning 62 this year. The estimate will be off depending on how old you are. For someone born in 1962 like the OP's husband (my best guess of their birth year), it will under-estimate it a bit.

Link to Pub 05-10070: https://www.ssa.gov/pubs/EN-05-10070.pdf

I was using the spreadsheet mostly to see the difference between stopping work now and adding in some extra high earnings years that offset a few lower income years. In my case, it hardly mattered.
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