Hi folks, trying to get some clarity on an estimated benefits question which a friend is confusing me about.
I will be 63 in April. SSA estimated my monthly payout at approx. 1510 if I took SS at 62., and 2082/month at age 66. (2638/mo at 70).
I'm a sole proprietor and have scaled back pretty substantially on work income as of this year. My friend says that if I continue to show income from this point forward, it could lower the estimated benefits amount(s) depending on how much the income per year figure might be.
I guess he means it could skew the overall lifetime income average that the aforementioned estimated benefits are based on. IOW if I earn significantly less per year than my established annual earned income average for 2 or 3 more years before I might take SS at 66, could that significantly lower the averaged income and the current SSA's projected estimated benefits.
Hope this Q make sense. Guess I could call SS but figured someone here might've already dealt with this and could explain.
Thanks!
I will be 63 in April. SSA estimated my monthly payout at approx. 1510 if I took SS at 62., and 2082/month at age 66. (2638/mo at 70).
I'm a sole proprietor and have scaled back pretty substantially on work income as of this year. My friend says that if I continue to show income from this point forward, it could lower the estimated benefits amount(s) depending on how much the income per year figure might be.
I guess he means it could skew the overall lifetime income average that the aforementioned estimated benefits are based on. IOW if I earn significantly less per year than my established annual earned income average for 2 or 3 more years before I might take SS at 66, could that significantly lower the averaged income and the current SSA's projected estimated benefits.
Hope this Q make sense. Guess I could call SS but figured someone here might've already dealt with this and could explain.
Thanks!