?? about soc sec

garden_graphic_galSeptember 11, 2006

My DH is planning on retiring at age 60(in 5 months). He has pensions in 2 states and I will continue to work. I am wondering how much he will lose in social security by doing this. I know that the last few years of working income affect what your SS payments will be.

Does anybody know if there is a formula or something that will help me to figure out what his SS payments might be if he does not work those last 2 years before retiring at age 62 ?? TIA

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devorah

From the SS web site:

Q. Are my benefits figured on my last five years of earnings?
A. No. Retirement benefit calculations are based on your average earnings during a lifetime of work under the Social Security system. For most current and future retirees, we will average your 35 highest years of earnings. Years in which you have low earnings or no earnings may be counted to bring the total years of earnings up to 35.

Here is a link that might be useful: social security benefits

    Bookmark   September 12, 2006 at 12:48PM
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garden_graphic_gal

devorah~ Thank you so much for your answer. I kept trying the SS website last night and I had trouble accessing it.

    Bookmark   September 12, 2006 at 2:20PM
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jannie

Garden Graphic, the biggest "hit" your husband will have to take is the reduction of taking early benefits at age 62 rather than waiting for "full retirement", which used to be age 65 but is being gradually raised to 67, depending on the year of birth. Make sure you get this information when you use the SSA website.

    Bookmark   September 14, 2006 at 12:26PM
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