tominboise
Recycles dryer sheets
I was reviewing my SS statement this morning and have a question regarding the impact of the retiring this year as opposed to full retirement. I am 60 and retired this fall. My full SS retirement age is 67. I have 40 years of earning records in the system. If I had kept working, I am estimating that my income per year for the last 7 years would be $135k/year. By retiring early, those 6 years will be replaced by years where my earnings average around $10k/year.
My question is, how to calculate the approximate impact be on the SS payments when I turn 70? I already understand that at 70, my payment will be ~124% of what the payment at 67 will be. I am just wondering the approx $$ amount.
My question is, how to calculate the approximate impact be on the SS payments when I turn 70? I already understand that at 70, my payment will be ~124% of what the payment at 67 will be. I am just wondering the approx $$ amount.