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I have a question about the early retirement and social security benefits.
I got the social security statement this year. In the statement, it shows: if I retire at age 62, the social security benefit estimates will be about $1550/month; if I retire at age 65, the social security benefit estimates will be about $2140/month.
My question:
If I stop working (but not collect the social security benefits) at age 62 and start to collect the social security benefits at age 65, my social security benefits (at age 65) will be close to $1550/month or $2140/month?
The statement is an estimate that assumes you will work until you decide to collect, but knocking off 2-3 years wouldn't have much effect, just a few dollars per month, unless you don't have a full 35 years of work before you stop or 2-3 extremely low earning years that you might replace with 2-3 years of current wages.
The statement is an estimate that assumes you will work until you decide to collect, but knocking off 2-3 years wouldn't have much effect, just a few dollars per month, unless you don't have a full 35 years of work before you stop or 2-3 extremely low earning years that you might replace with 2-3 years of current wages.
That's what happened to me. I had a couple years back in the early 1980s that were low, really low. One year (1983) was $3000. Now, did that have that much of an impact on my final number? Probably not since my last ten years were fairly high (although with only three very, very small COLAs that totaled, cumulatively, 2.5%).
One thing I like about both Social Security and my pension, unlike my public employer, is that I don't have to worry if the check is going to bounce or if it will be late due to "technical issues" (they were able to screw up Direct Deposit).
Thank you both for the information! I started to work in US at little older age. If I stop working at age 62, I have only full 22 years of work in US. So, the stop-working early might have a little bigger impact on my social security benefits.
Thank you both for the information! I started to work in US at little older age. If I stop working at age 62, I have only full 22 years of work in US. So, the stop-working early might have a little bigger impact on my social security benefits.
Thanks again!
You are correct as you SS is based on 35 work years. If you have 22 then 13 years will have a zero.
Note you can sign up for Medicare at 65. You should not delay this as it will cost you more in the future if you do.
SS might have a mutual agreement with your previous country if you worked there for a while & if you were covered with their government "old age pension" for a number of years, worth looking into.
SS might have a mutual agreement with your previous country if you worked there for a while & if you were covered with their government "old age pension" for a number of years, worth looking into.
My employer [US Navy] forced me onto pension when I was 42. I have not had any further wages since that time, for the next 20 years I did not have any further wages nor contributions into my Social Security policy. When I reached 62yo I started my Social Security benefits. According to SSA my contributions for those 20 years were zero. The projections for my SS benefits pretty much held steady during those 20 years, with very minor fluctuations in the math.
SS might have a mutual agreement with your previous country if you worked there for a while & if you were covered with their government "old age pension" for a number of years, worth looking into.
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