toedtoes wrote:
autorot8 wrote:
toedtoes wrote:
Another thing to remember is the age you stop working. You can stop working at a different time than you start receiving SS. It will effect your final calculations.
Please explain further what you mean. The Primary Insurance Amount is based on the year you turn 62, and does not depend on when you stop working. Calculations are based on the highest 35 years of employment.
Go to the SS site and use their calculator. The year you stop working DOES affect the amount you get at 62 or later. If I retire from my work at 55 (earliest I'm eligible), but don't take SS until 67, I will get about $600 less per month than if I continue to work until 67 and take starting that year.
I believe that there is a "max input" that you have to put into the system before the stop work date no longer affects your benefits - but I'm not positive.
The comment from toedtows is what happened to me. No longer able to handle the stress from my job my doctor told me to retire. Did so at 57. For 6 years I added nothing to S.S. before I started drawing so my S.S. was lower (forever) . The final years are considered the highest earning and if you retire before 62 you loose that contribution.
