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I will be turning 62 on Nov 23. I am working making about $24K a year at my present job. I plan on working only 4 days instead of 5 day shifts in the next 2 to 8 months. Would I be better off filing in Jan 2016? If I file before November I wouldn't get paid for that month. Then in Dec I would had made over the $1310 per month so I wouldn't get paid for that month. If I file before or in January can I get full benefits for that month or Feb? I plan on making only $16K in 2016 if I put that on my application will I get full benefits for each month. I would even consider working full time 6 to 8 months in 2016 before I reach my $15720.00 yearly limit, If I am able to collect my $925 a month benefit.
It depends. Do you have any lump sums come at retirement. If so you want to retire so that the payment to you is next years tax wise. That is if your income will be lower then, I retired Dec 31 and my sump sums payments came January of next year tax wise.
I only have money from my current job and savings for my retirement. I plan on having my income around $16K for 2016 and keep working. Then if I have the SS benefits payments I can put that extra in savings. I would keep working full time if I knew I could still collect my full $925 benefit to put that extra in my savings. But only making less the $16K then stop working for the rest of the year (2016).
It depends. Do you have any lump sums come at retirement. If so you want to retire so that the payment to you is next years tax wise. That is if your income will be lower then, I retired Dec 31 and my sump sums payments came January of next year tax wise.
I did much the same. I retired on Dec. 30. Had I retired on the 31st my first pension COLA wouldn't have come until the second year of retirement. By retiring on the 30th it came four months later.
One caution, Social Security tried to ding me and withhold payments for a number of months after I received my lump sum payout but I sent them proof that it was for vacation time accrued in former years, not anything earned during my first year of retirement, just paid-out then. Problem solved!
I received my SS account statement in the mail yesterday. I turn 62 at the end of the year and am deciding what to do. I've been retired for three years and am just adding 0's each year to my average or however they come up with their numbers. I'm trying to figure our whether to take it at 62 1/2 or FRA.
Reading through the statement, I came across this paragraph:
Social Security benefits are not intended to be your only source of income when you retire.. On average, Social Security will replace about 40 percent of your annual preretirement earnings. You will need investments, pensions or retirement account to live comfortably when you retire.
The bolded part was theirs, not mine. The 40% part surprised me, I don't think I've seen an actual percent before.
I received my SS account statement in the mail yesterday. I turn 62 at the end of the year and am deciding what to do. I've been retired for three years and am just adding 0's each year to my average or however they come up with their numbers.
They take the 35 highest years, so it depends on whether or not you have 35 non zero years or not as to whether the 0s make any difference. I have over 35, but each additional knocks out a low one and replaces it with a high one. Still, when I play with the calculator and say I will earn no more it doesn't impact the numbers all that much.
They take the 35 highest years, so it depends on whether or not you have 35 non zero years or not as to whether the 0s make any difference. I have over 35, but each additional knocks out a low one and replaces it with a high one. Still, when I play with the calculator and say I will earn no more it doesn't impact the numbers all that much.
I have 38 working years. They give my estimated amount for age 62 and then the higher amount at FRA, at your current earning rate. That's where I'm confused and trying to figure out how not working will affect the later FRA amount.
I have 38 working years. They give my estimated amount for age 62 and then the higher amount at FRA, at your current earning rate. That's where I'm confused and trying to figure out how not working will affect the later FRA amount.
It will affect it some but not much. I take it you are considering using other resources and retire from your current position. It will amount to a few dollars difference in a month. I am planning on that myself. I have resources that I will use until FRA or beyond.
I have 38 working years. They give my estimated amount for age 62 and then the higher amount at FRA, at your current earning rate. That's where I'm confused and trying to figure out how not working will affect the later FRA amount.
What does your Earnings Statement show as income for the last few years ? If they are zeros because you quit working, as you say, 3 years ago, then that is your "current earning rate", ie, zero.
So then the estimated benefits shown at 62, FRA, and 70, will be very close. Subject to any future adjustments, like COLAs, if any.
I received my SS account statement in the mail yesterday. I turn 62 at the end of the year and am deciding what to do. I've been retired for three years and am just adding 0's each year to my average or however they come up with their numbers. I'm trying to figure our whether to take it at 62 1/2 or FRA.
Reading through the statement, I came across this paragraph:
Social Security benefits are not intended to be your only source of income when you retire.. On average, Social Security will replace about 40 percent of your annual preretirement earnings. You will need investments, pensions or retirement account to live comfortably when you retire.
The bolded part was theirs, not mine. The 40% part surprised me, I don't think I've seen an actual percent before.
The "replacement rate" is done on a sliding scale, or curve. Lower income retirees get a higher % replacement than higher income retirees. The "bend points" ( kind of like the income tax "brackets") are given on page 2, Step 5, of SSA's brochure at http://www.socialsecurity.gov/pubs/EN-05-10070.pdf
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