chinaco
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Feb 14, 2007
- Messages
- 5,072
DW stopped working at 53. I intend to FIRE at 55. Has anyone determined the impact of stopping working at 55 on the SS payments?
For example, when I FIRE, at 55 I will have 35 years of work which is the max number of years used to calculate the SS benefit. However, since I will be stopping about 11 years before FRA, there must be some sort of inflation factor that will come into play since my 35 years will be calculated about 11 years before FRA (which is the basis for calculation).
When I get my projection from SS it states an amount. I assume that the basis for that amount is calculated assuming I continue working using the same income levels.
What will that do to my benefit when it is eventually calculated? I am assuming that the statements I receive will show an amount that is higher than I will actually receive in today's dollars.
For example, when I FIRE, at 55 I will have 35 years of work which is the max number of years used to calculate the SS benefit. However, since I will be stopping about 11 years before FRA, there must be some sort of inflation factor that will come into play since my 35 years will be calculated about 11 years before FRA (which is the basis for calculation).
When I get my projection from SS it states an amount. I assume that the basis for that amount is calculated assuming I continue working using the same income levels.
What will that do to my benefit when it is eventually calculated? I am assuming that the statements I receive will show an amount that is higher than I will actually receive in today's dollars.