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Taxtom, Accountant
Category: Social Security
Satisfied Customers: 2364
Experience:  Tax Preparer and acountant for over 25 years
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How will it affect my Social Security if I take a lower paying

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How will it affect my Social Security if I take a lower paying job? I am 55 and having worked full time since 17, I have earned enough credits to qualify for benefits with 100% eligibility at age 66 and 2 months. After working at the same company for over 30 years I earn $90,000 annually, but I am so burned out that I want to do something different. Unfortunately, I want to do something fun that will likely pay much less. How will it affect my Social Security benefit if I take a much lower paying job at this time? Or should I quit working on my 56th birthday in mid-January next year to retire without taking a lower paying job?

Taxtom :

Hello, Since Social Security takes your best 35 years and apply a formula based on price index's it will have a small effect. If you do not work at all they would enter zero's in the calculation so working would be better. Here is how Social Security explains it Thanks Tom


What about the calculation based on "stopped working" age? Does it matter if I stop working at year's end December 31, 2011 while still technically 55 or should wait two more weeks to quit on my 56th birthday January 14, 2012 so that i'll be officially 56 years old for the calculation?

Taxtom :

The stop work date will not make a significant difference. Thanks Tom

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