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keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7095
Experience:  Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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I am 60 years old I work from 8-1976-3-4-2016.i had planned

Customer Question

I am 60 years old I work from 8-1976-3-4-2016.i had planned to retire at 62.if I am out of work for the next 18 months will this affect my social security when I file for it when I am 62?
Submitted: 1 year ago.
Category: Social Security
Expert:  keeperumiami replied 1 year ago.
The only way it would impact your Social Security benefits is that your earnings from now until you are 62 will not count in the computation of your retirement benefits which will be based upon your highest 35 years of earnings. So, the impact would be minimal, if any, because your earlier earnings years while most likely a great deal less than your current earnings years are adjusted for that fact in terms of restating your earlier earnings to current dollars in the formula used by the IRS to figure your retirement benefits. So, from a practical standpoint, unless your current earnings over the next 18 months were projected to be substantially higher than what you were earning when you stopped working, your retirement benefits should not be substantially impacted. When you retire at 62, you receive approximately 70% of your full retirement benefits.
Expert:  keeperumiami replied 1 year ago.
Just Checking in....................Do you have any follow-up questions?If not, please remember to rate my response as that is the only way we receive credit for our work.Steve G.