green night
Recycles dryer sheets
- Joined
- Sep 26, 2010
- Messages
- 77
Continual income from 27 to 45... Max soc sec payments from 29 to 45.
What would I draw?
Tia
What would I draw?
Tia
We can't give you that answer, you should go to ss.gov and enter your data for that. But in general, as I understand it...Continual income from 27 to 45... Max soc sec payments from 29 to 45.
What would I draw?
Tia
Wait until you get the annual SS statement, that includes the first year of zero earnings. The projection will assume zero earnings in all future years. If you have no further credits, the figure will only change according to the annual wage index published each October. It usually goes up a few percentages, but as with this year, it can also go down.
Thanks for the tip. I'll be on the lookout for this when I receive my first SS statement with a current zero wage earnings year (2009, it was not yet recorded in the 2010 statement) in 2011. I wonder how close to my spreadsheet estimate it will end up being?
I believe this is incorrect (note my post earlier), the standard SS statement assumes your future earnings will be the same as the most current. From ss.gov Calculating retirement benefit estimates on your Social Security Statement. It will make a significant difference to the OP, again you need to go online and enter all ZEROs to see the impact.Wait until you get the annual SS statement, that includes the first year of zero earnings. The projection will assume zero earnings in all future years. If you have no further credits, the figure will only change according to the annual wage index published each October. It usually goes up a few percentages, but as with this year, it can also go down.
Statements automatically issued: We assume that you will continue to work up to each of the potential retirement ages shown and that your earnings will continue at your current level. To determine your future earnings, we look at the last two years on your record. If you have earnings posted for last year, we use that amount for your current and future years' earnings. If your Statement is prepared during the first six to nine months of the calendar year, your earnings for last year may not be on record yet. In that case, we will use the amount of earnings you had in the year before as your earnings for last year, this year and future years.
Not just for those who ERed, your indexed wages will be lower too, so if you already have 35 years of good earnings, you could end up not replacing lower earning years because with inflation factor you salary of 25K in 1980 is worth more than todays deflated 2010 earnings.This table might help you with AWI projections:
Average Wage Index (AWI)
This is the first time it has been a negative number. If somehow we get a decade or so of declining wages, the benefit could go down significantly for someone who has 10-15 years to go until they're 62, who has ER'ed.
This is something I discovered with my annual statement this year. I always thought if AWI went down, it would just keep the benefit at the current level, like a negative CPI does for current beneficiaries. But that's not the case.
I believe this is incorrect (note my post earlier), the standard SS statement assumes your future earnings will be the same as the most current. From ss.gov Calculating retirement benefit estimates on your Social Security Statement. It will make a significant difference to the OP, again you need to go online and enter all ZEROs to see the impact.
Relax, I'm not looking for a fight. I took my info directly from the Soc Sec site. How do you reconcile these?You are wrong. I have figured this number every year for the last 15 years. And my calculations always match up with my annual statement. With the online calculator becoming available in recent years, it has matched up as well.
Mathematical coincidence? I don't think so.
Relax, I'm not looking for a fight. I took my info directly from the Soc Sec site. How do you reconcile these?
BLS53 Wait until you get the annual SS statement, that includes the first year of zero earnings. The projection will assume zero earnings in all future years.
Social Security Admin ssa.gov Statements automatically issued: We assume that you will continue to work up to each of the potential retirement ages shown and that your earnings will continue at your current level.
Certainly doesn't appear Soc Sec assumes zero earnings for future years.
Relax, I'm not looking for a fight. I took my info directly from the Soc Sec site. How do you reconcile these?
BLS53 Wait until you get the annual SS statement, that includes the first year of zero earnings. The projection will assume zero earnings in all future years.
Social Security Admin ssa.gov Statements automatically issued: We assume that you will continue to work up to each of the potential retirement ages shown and that your earnings will continue at your current level.
Certainly doesn't appear Soc Sec assumes zero earnings for future years.
green night said:What happens to my soc sec if I stop working at 45?
Continual income from 27 to 45... Max soc sec payments from 29 to 45.
What would I draw?
Where did the OP state he/she already stopped working? It reads as if he/she is still working to me.
If the OP's last year was already ZERO income I agree with you, just didn't appear to be the case.
Wait until you get the annual SS statement, that includes the first year of zero earnings. The projection will assume zero earnings in all future years. If you have no further credits, the figure will only change according to the annual wage index published each October. It usually goes up a few percentages, but as with this year, it can also go down.
I took it the OP wanted to know what the effect would be before quitting work. Asking him/her to quit and wait a full year (or more) to find out the impact wouldn't be much help to someone still working.This was my original response to the OP. Notice the "wait" part. I don't care whether they're working or not. But they do need a year of zero income to make the estimate. And the manual calculator has gone away, so this method is the best they can do.
Thanks for the tip. I'll be on the lookout for this when I receive my first SS statement with a current zero wage earnings year (2009, it was not yet recorded in the 2010 statement) in 2011. I wonder how close to my spreadsheet estimate it will end up being?
I just received my latest SS statement. But for some strange reason, it did not include my zero earnings for 2009, my first full calendar year of ER. All it had there was "not yet recorded" which is what was there in last year's statement. Why wasn't there a zero with all the projected benefit calculations based upon that zero in the latest year? Could they think I actually worked in 2009 but did not "find" my wage earnings yet?
I should probably call them up and tell them I did not work in 2009 and to please recalculate my projected benefits with a zero for the wage earnings included therein.
+1It takes a few years for SS to come to the conclusion that you aren't going to have income in future years. In the meantime, their projected benefits will continue to assume that you will have future income. Eventually, SS will conclude you won't have future income and they will change your projected benefits to reflect what you really will receive. At least that's the way it was for me.
If you are 50 or under, try attached SS.Is there a minimal amount you have to earn that could replace a "zero income" year and still max out your payment as if you were still earning what you did when you retired?
That's a bit confusing so let give an example. Suppose I quite working at age 50 after 28 years of qualified earnings years. (With the last 15 years of earnings being above the "max threshhold". )
Assuming no work at all after 50, they would give me 7 years of zero income years and thus my benefits would be less than current projections.
How much would I have to make per year from 50-57, to "get back" to the max payout amount of my earlier projection? For instance, would a part-time job making $10K per year do it or make any difference likely?
(The calculator in the linke did not allow me to enter actual income year by year)