US Government Information/stop work age

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Question
Dear Ms. Oldendick, thank you in advance for answering my question. I'm about to turn 62, and have gotten statements from SS which always give an estimated benefit based on my income quarters, but PROJECTING that I will work till age 62-66-70 at that calculated earnings amount. Their retirement calculator doesn't allow for a stop work age of 42...the last time I worked and paid in to SS. I'm not planning on applying right away, but I'd like to know what kind of benefit I might receive based on only the actual period I worked, from age 16-42. Any way I can find this out without going ahead and filing? Or would you advise filing and suspending? Jan

Answer
Jan

You cannot suspend benefits until you are full retirement age. If you file now and are not working benefits will be paid at an aged reduced amount. Your statement shows the amount of projected earnings used in you benefit calculation. If you obtain a new statement at www.socialsecurity.gov/myaccount it should give an accurate amount. If you had no earnings covered by SS in the last two years, there will not be projected earnings used in your benefit computation.

Darlene

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Darlene Oldendick

Expertise

Social Security retirement planning and all questions about Social Security eligibility and entitlement.

Experience

Worked for the Social Security Administration for 33 years

Publications
http://www.socialsecurityadviceonline.com

Education/Credentials
33 years employment with the Social Security Administration

Awards and Honors
Many outstanding performance awards while employed at the Social Security Administration

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