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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.
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.
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.
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.
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.
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.
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.
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.
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