Retirement

PeoplesElbow

Well-Known Member
Could use some clarity on this: Does the SS Admin base your monthly amount on the average of your salary in the 5 years before retirement?
If so....for a Boomer (Jones?) who decides to go part time before quitting,...this could seriously hurt their monthly SS payment. Any folks encounter this situation?
Lifetime earnings, your highest 30 years average.

It also skews greatly toward the lower earners. My dad was a machinist, so he was solidly a middle income earner, he died at 55, my mom took survivor benefits when she was 60, gets 1800/month roughly. Really not bad at all, before she had a stroke and came to live with me she lived comfortably entirely off SS.
 

vraiblonde

Board Mommy
PREMO Member
Patron
I have a hard time understanding why one would wait until 70 for SS. What is the reason you were told not to go a 66 1/2 at 100% ? Thats alot of checks from then until age 70.
Say at 2 grand a month for 3 1/2 years thats 84 thousand. Thats a bunch of years at the positive at age 70 to the break even point.

Will one live that long??????

And if one still wants to work,
Plus at 100% you can then make more than 18 grand a year without being penalized...
See, now you're just mathing and making everyone's head splode.
 

frequentflier

happy to be living
I have a hard time understanding why one would wait until 70 for SS. What is the reason you were told not to go a 66 1/2 at 100% ? Thats alot of checks from then until age 70.
Say at 2 grand a month for 3 1/2 years thats 84 thousand. Thats a bunch of years at the positive at age 70 to the break even point.

Will one live that long??????

And if one still wants to work,
Plus at 100% you can then make more than 18 grand a year without being penalized...
The advisor said the longer you wait, the more you get monthly. He said at this point, we don't need it. A lot can happen in the 7 1/2 years between 62 1/2 and 70. Since I don't think I will follow in the footsteps of people on both sides of my family that live into their late 80's and 90's, the song by Janis comes to mind: "Get it while you can"
My grandfather solo canoed in his wooden canoe until he died at 88, one of my uncles (his son) is 92 and still works transporting people for a Cadillac dealer and my grandmother smoked two cartons of Marlboro 100's a week until she died in her late 80's. My great grandmothers both lived into their late 80's. This won't be me :lmao:
 
Top