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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2848
Experience:  IRS licensed Enrolled Agent and tax instructor
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I have an SSN benefit calculation question, fl, no, Here's

Customer Question

I have an SSN benefit calculation question
JA: What state are you in? It matters because laws vary by location.
Customer: fl
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: Here's my quandry I am 64.
My SSN statement shows my SSN monthly benefit amount at my full retirement age or 66 will be $2,000.00.
If I stop working now I will not be contributing to FICA.
If I remain unemployed for the next two years and apply for retirement benefits when I am 66 will that benefit amount still be $2,000.00?
Submitted: 8 months ago.
Category: Tax
Expert:  emc011075 replied 8 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Yes, it will. Your benefits are based on your lifetime earnings not on your contributions to FICA. Here's how it works. When you retire, the social security will look at all years you had social security earnings and select 35 best years (year in which you made most money). Those 35 years will be adjusted for inflation (increased by certain percentage) and used to calculate your average. Your benefits will be a percentage of that average. If you worked for more than 35 years, not earning anything for couple of years will not make any difference or change your benefits.

Expert:  emc011075 replied 8 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

Customer: replied 8 months ago.
I am on the phone
Can you call later?
Expert:  emc011075 replied 8 months ago.

I did not requested a phone call. It's the website that gives you the option. We can continue here.

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