Exactly as it reads, I do not take SS yet but when I do it will be $$$, DW took hers at 62 per OpenSS and that is what she gets.
Freedomatlaast: SS Income Cap is just that. They stop collecting SS once you've paid in the max for that year. You probably already know this as you got a bump in pay each year when you had maxed out the SS income level / payment max.
If you want confirmation of the max payout, https://faq.ssa.gov/en-US/Topic/article/KA-01897
Straight from SS.gov sight. The maximum benefit depends on the age you retire. For example, if you retire at
full retirement age in 2021, your maximum benefit would be $3,148.
However, if you retire at age 62 in 2021, your maximum benefit would be $2,324.
If you retire at age 70 in 2021, your maximum benefit would be $3,895.
I am a married 62 year old building contractor. Like many contractors, I have had some very good years financially and some not so good. 2021 was a good year and I would like to retire. But I want to wait until after I submit our taxes to the IRS, so the 2021 earnings are on my SS record. I am curious, if anyone knows, how long it takes SS to update our earnings profile, after we file our taxes? And does this matter, or am I looking at this the wrong way?
This may be helpfulI struggle with some of the initials people use on these threads. Does DW = Divorced Wife?
I am a married 62 year old building contractor. Like many contractors, I have had some very good years financially and some not so good. 2021 was a good year and I would like to retire. But I want to wait until after I submit our taxes to the IRS, so the 2021 earnings are on my SS record. I am curious, if anyone knows, how long it takes SS to update our earnings profile, after we file our taxes? And does this matter, or am I looking at this the wrong way?
I'm 66.5 have not taken SS yet. At 70 it will be ~$3,650/mo. My DW took hers at 64 ~$1200/mo. She will exchange it for the spousal benefit, we think. Not sure what that will be since there is a discount from FRA.
Spousal is half other spouses FRA when claimer reaches their own FRA right?
Pronoun does not help. Spousal benefit is half of the other spouse's at "other spouse's" PIA at FRA. I suspect "other spousal's" PIA at FRA is likely to be between $2400 to $2700. Spousal benefit is discounted because he/she took his/hers early on own record.
Probably little difference. What is your PIA, i.e. SS at your FRA?
My PIA =$2,793. As for pronouns we are both she/her!
Most times, I would rather not hear how we are doing in comparison to others. As long as we're doing fine, that's all I really care about. It's why I stopped reading the threads that start out with "I don't know if I/we can retire on $X", when $X in many cases ends up being much more than what we have
This thread might have leaned in that direction, which is why I skipped to the bottom to partially answer the question. DW started SS on her own record at 65. It was her choice. Not much discussion took place about whether it would have been more beneficial to have waited.
I am 6 years younger, and half of my FRA would be less than her own record. I am still four years from FRA (66+10). Not sure if I will take it at 65, like DW, or wait until later. A lot can happen in four years. Imagine saying that just two years ago.