Originally Posted by Social Security2
Any of you who were in a similar situation? Can you tell me roughly what I can expect at 62 with $0 earnings in 2005 and 2006 with SS at 62 in early 2007?
Welcome to the board, SS! Yes, ERs can pile up a lot of zeros on their SS statements before age 62.
As you've noted the mailer assumes that you work right up until age 62 and it does that by projecting your latest annual income right up to age 62. When the latest annual income is less than before (e.g., zero) then it lowers your projected annual income and thus lowers your projected SS.
A better calculator, using your actual earnings history that you enter manually with zeros for the years after you ER, is their onlne calculator
. You need your entire earnings history (from your last SS mailer) and some time to do the data entry. (Now that I'm wearing reading glasses those little boxes have gotten a lot smaller.)
Since you're within 18 months your online estimate should be within a couple percent of the actual. The online calculator is less precise than a third calcuator that you download & install on your own computer, but at this point I've decided that I'm close enough.