Social Security

[Dan]

Client asked me a question about social security, not sure if anyone would have the answer to this.

Gentleman is 54 retired, doesn't plan on working again. ( Must be nice) He plans on taking his Social Security at 62. His question is if he doesn't do a thing in the next 8 years, what will happen to his benefit, or would it help him by taking a part-time job.

Thanks

[Brian EA]

Client asked me a question about social security, not sure if anyone would have the answer to this.

Gentleman is 54 retired, doesn't plan on working again. ( Must be nice) He plans on taking his Social Security at 62. His question is if he doesn't do a thing in the next 8 years, what will happen to his benefit, or would it help him by taking a part-time job.

Thanks

Everyone of us receive an SS statement on our birth anniversary. It cleary states that if we are to continue earning as we have done we will receive so much at retirement.

Of course if we do not continue to work we will receive less or if we make less we will receive less.

[oceanlovin'ea]

Fully Vested

My neighbor worked for the telephone company for 30 years and then he retired. We were talking the other day and he said that he is fully vested and his social security benefits will not go down because he has not been working for the past few years. Well, he has just done odd jobs for people.

But his did lose his disability benefits. If he got disabled now, he would qualify for disability benefits.

Hope this info helps.

Linda F

[Unregistered]

I believe that they (SSA) average your 35 highest earning years. I think there is a ton of information at SSA.gov

[geekgirldany]

Yeah there is a good bit of information at the SSA website. Might take a while to wade through it but I found out the answer to some questions there.

[LawrenceGR]

SS Benifits

I checked on this once for a client and also myself since I left my full-time job a age 50. The person I talked to at SS told me that benefits are based on your 10 best working years, of course you mustt have enough years working. If you start receiving benefits at 62 you get less. Hope this helps.

[Bees Knees]

I checked on this once for a client and also myself since I left my full-time job a age 50. The person I talked to at SS told me that benefits are based on your 10 best working years, of course you mustt have enough years working. If you start receiving benefits at 62 you get less. Hope this helps.

The person at SS told you wrong. It is based on your best 35 out of 40 years. If you quit working at age 50, five of those zero years from age 51 to 62 get thrown out. The other zero years will bring down your average and lower your benefits when you do retire.

I could provide you with citations to prove it, if you don't believe me...

[Bees Knees]

P.S.

Don't ever call the IRS or SS or any other government agency to ask a question, if you prefer having a more than 50% chance they will answer your question correctly.

[LawrenceGR]

Just going by what they said

Knees,
I thought the person I was talking to knew their business but then again maybe they don't.
If anybody could provide cititions it would probably be you. So you are telling me I retired too early? I do income taxes as a supplement to my retirement income, maybe I better try to enlist more clients. Thanks Larry

[Bees Knees]

Well, maybe you did retire too early. I don't know. One way to prove my point is to look at your statement you get each year from SS. Notice it lists your earnings each year back to when you first entered the work force. If your recent years are lower because you retired, you may have noticed the estimated benefits have started to drop from prior year statements you received while you were still working.

Here is a link that gives you information on how they calculate your benefits.

http://www.ssa.gov/OACT/COLA/Benefits.html

[LawrenceGR]

Digging through my files

Knees,
There aren't many people who can get me digging through my files at 4:00 o'clock in the morning but you have, I haven't found many of those reports yet but, I going to keep looking. In the mean time thanks for the link.