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If this is that estimate thing they mail out each year, if you read the back it tells you that the future amount is based on you earning at least as much as you are making today. If you go part time, and make less, the monthly amount will also be less.
You sure you meant to say less and not won't increase? Also the longer you wait even if you don't work it continues to go up just not as much if you were working. Remember it is based on your 35 highest years not your last number of years.
In these scenarios I probably wait til 66 and get around $2800? That amount is allowing for no cuts in social security and I continue to earn at my current level at this point about $110/per year? Then if I want I can continue to work 1 day week and not have my benefits reduced/taxed.
Just as a side note though, I believe that Spousal Social Security (provided for spouses with low or no working income history) is capped at what would be received at normal retirement age.
I believe this does not increase if you delay receiving Social Security.
I have been told the same thing by SS. However, if you work past retirement age and continue to earn credits, wouldn't that raise your average and raise your survivor's benefit? I worked for foreign companies and have many zeroes on my SS record. Each year I work past 66 raises my 35 year average on which my "full retirement at 66" is based. Thoughts??
BTW, I'd like to address a statistical flim flam being used to raise the SS eligibility age. They claim Americans are living longer than in the past and trot out a higher average life span as evidence. The average is mostly reflecting a better infant mortality rate and that more of us are living to adulthood, not that we are living longer. Ben Franklin lived into his mid eighties and so will most of us.
I remember Susie Orman once adviced a caller to start receiving social security payment as early as he/she can, and never think it might be a better deal if wait a few more years.
If not aware of research the 62/70 strategy for working couples each with good SS benefits. It has been written about and discussed often. The-62-70-Solution: Personal Finance News from Yahoo! Finance
But now two sets of researchers have suggested in separate papers a novel strategy that should benefit many married couples: One spouse (usually the wife) claims at 62 to 66, while the other waits until 69 or 70 to collect. This pays off because of obscure Social Security rules and some facts about life expectancy that aren't obvious if you don't make your living as an actuary.
At a minimum read the paragraph about joint mortality and why for many couples this is the best option. Also following the correct procedure the spouse who delays taking benefits can draw spousal benefits at age 66. You have to follow the procedure to do it. Read the article in interested and many should be.
In these scenarios I probably wait til 66 and get around $2800? That amount is allowing for no cuts in social security and I continue to earn at my current level at this point about $110/per year? Then if I want I can continue to work 1 day week and not have my benefits reduced/taxed.
If you have 35 years in and your statement says if you retired today you would still get that amount if you stopped working now. What working will do for you is to replace your lowest year earnings with your current higher year earnings and increasing our benefits.
I have been told the same thing by SS. However, if you work past retirement age and continue to earn credits, wouldn't that raise your average and raise your survivor's benefit? I worked for foreign companies and have many zeroes on my SS record. Each year I work past 66 raises my 35 year average on which my "full retirement at 66" is based. Thoughts??
Yes it would. My comment only concerned spousal SS. I just wanted to point out that just because you may earn credits beyond the "normal" full retirement age, spousal SS (if applicable) wouldn't continue to grow too.
I realize this isn't a factor for many folks, but thought it was worth mentioning as a special situation.
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