How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask retirementlawyer Your Own Question
retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17216
Experience:  13 years experience in social security
16356563
Type Your Social Security Question Here...
retirementlawyer is online now
A new question is answered every 9 seconds

I had to retire at age 58.5 in order to keep medical insurance

This answer was rated:

I had to retire at age 58.5 in order to keep medical insurance I did not work for 9 months .I went back to work for another company at a lower annual salary . Will the lower annual salary affect my social security benefits . I started work in 1970. I never collected social security

retirementlawyer :

Hello and welcome. My name isXXXXX am a Licensed practicing attorney and my goal is to provide you with excellent service today.

retirementlawyer :

Your benefits are calculated based on your highest 35 years of earnings, not your last 35 years of work. So if you have 20 years at the maximum rate, the remaining 15 will come from the years in which you earned the next-highest amounts.

retirementlawyer :

SO a few months or years of lower wages will not reduce your benefits,

retirementlawyer :

What will reduce your wages is if you take social security before your full retirement age, which in most cases will be age 66,

retirementlawyer :

So if you take benefits at age 62, you would face a 30% early penalty, so your benefits would be reduced 30%

retirementlawyer :

If you have any further questions please do not hesitate to ask.

retirementlawyer :

If satisfied please provide us with positive feedback, thank you

retirementlawyer and other Social Security Specialists are ready to help you