7. You Already Have 35 Years of Service Credit
The benefit amount you’ll receive from the Social Security Administration is calculated based on your earned incomes in the 35 years in which you had the highest compensation. If you’re currently hitting your peak earning age, you could increase your benefits by working for a few more years and deferring your benefits.
However, if you think that your average earnings won’t go up, such as if you’re a part-time employee or you had your reasons to retire early, you won’t lose the opportunity to increase your benefits with higher earning years. You will, however, have your benefits reduced if you don’t wait until full retirement age.
Some basic information that every retiree needs to know in evaluating when to pull the trigger on Social Security Benefits. Thank you.
We tried but were denied.
Why can a widow not claim her husbands survior benefits if married 38 years if she worked for a City government and she only get $350 and she would receive $1000 on his side which would help her payoff the credit card debt he left her on her card-they say it is because of her City check is a little higher but that should not factor into it – she supported him for 38 years – WHY can’t she not get the beneft to help pay off the credit card?
I hope that people making the decision of when to take their social security payments know that it is taxable income(when you start receiving payments). I believe it is part of a formula, but just be aware it could increase your income taxes. So you may want to talk to/with your tax prep person or accountant????
I have worked past 16 yrs at fire depth and we do not pay into social security. So I imagine my mo benefit will be quite low even tho I made a good salary. If I wish to check my ex husband’s account to see which would be higher…how do I go about doing that? Seems they want you to do all online nowadays but don’t find where to check ex spouses numbers. (Married 16 yrs)