Forgive my ignorance on this topic. Being part of the generation that never thought social security could be relied on, I've never paid attention to how the benefits work. (I'm 39, DW is 41.)
Under current rules, how are benefit levels decided?
Let me be more specific - we are going to retire quite early - within the next 5 years for sure. I've paid the max in SS tax for almost all of my career, DW has for maybe 10 years. If we call it quits in our 40s, will we still qualify for benefits in our 60s? And will they be full-size or reduced due to our lack of participation in the j*b market in the decades leading up to 'retirement'?
Of course I realize everything could change, I'm just wondering how the current rules would apply to folks like us.
Under current rules, how are benefit levels decided?
Let me be more specific - we are going to retire quite early - within the next 5 years for sure. I've paid the max in SS tax for almost all of my career, DW has for maybe 10 years. If we call it quits in our 40s, will we still qualify for benefits in our 60s? And will they be full-size or reduced due to our lack of participation in the j*b market in the decades leading up to 'retirement'?
Of course I realize everything could change, I'm just wondering how the current rules would apply to folks like us.
