I got my annual statement from the SS administration describing how much money I've contributed, and their forecast of my retirement benefits. There are words snuck in there that say your estimated benefits assume you will continue to contribute up to retirement age at the same rate you have been contributing.
I've always maxed out my contributions to SS (not by choice) every year for the last 30. Now, if I retire at age 55, and don't contribute for the last 10 years to age 65, then I assume this means my forecasted benefit will start to decline.
Is there any way to find out or calculate what my future benefit will be if I stop contributing at the rate I have been contributing...or stop altogether for a number of years?
Knowing my SS benefit has a big impact on how much I need to retire early, as when SS kicks in it likely will be a substantial percentage of my minimum living expenses (like 75%), and therefore affects how much I need to save, and how much I can withdraw in the pre-SS years.
I've always maxed out my contributions to SS (not by choice) every year for the last 30. Now, if I retire at age 55, and don't contribute for the last 10 years to age 65, then I assume this means my forecasted benefit will start to decline.
Is there any way to find out or calculate what my future benefit will be if I stop contributing at the rate I have been contributing...or stop altogether for a number of years?
Knowing my SS benefit has a big impact on how much I need to retire early, as when SS kicks in it likely will be a substantial percentage of my minimum living expenses (like 75%), and therefore affects how much I need to save, and how much I can withdraw in the pre-SS years.