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I realize you have a question about social security. My goal is to help you better understand your options.
How are you today?
I'm glad to hear that your husband has found work again in this economy.
When you suspend your social security benefits, and continue to work, your benefit will increase
Your benefit is based on your highest 35 years of earnings, so if this is one of the higher year of earnings, it will be used to determine his retirement amount.
Actually, he's making less than before he lost his job. This is a commission-only job and he loves it. Will probably earn a little more than $100,000 this year (made $97,000 last year). So he's contributing funds to the SSA with each paycheck. But we're confused. On one of the phone calls, they said he would still only receive the $1895 per month no matter what he contributes from now on and no matter for how long. Another phone call brought the response that after awhile, it would be like he had never collected. And the third response was so confusing, neither of us really understood it.
I understand. Your benefits are based on your highest 35 years of earnings
So, if this is one of the top 35 years, his benefit will go up. Likewise, his benefit will increase from his previous amount because he is once again delaying retirement
So, when he does retire at 66 his benefit will most certainly be more than $1,895 although I could not tell you by how much.
He is planning to work until he's around 70 (if no health issues) so your answer is that you think he will eventually get a higher benefit amount if he works for 6 more years?
yes, he most certainly will.
because of delayed retirement credits and the fact that he's still working. Although this may not be his top year of earnings, I'll bet it's higher than some of his other years from early in his career
Yes, it is. Of course, when he was just starting out in the business, he often made around $80,000 or so. I don't think he broke into $100k and above until probably 20 years ago. The year he lost his job, he made $173,000 and the only other year that was higher than that was one year when he made about $238,000. But the average would be around $145,000 or $150,000 I suppose.
Yes, so it should help you accrue more benefits
Thank you so much for your very detailed answer. I will certainly rate you as excellent so you get credit for this answer. Thank you again.
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It was a pleasure working with you, and you have a great day