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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12700
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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Trying to figure out when I should get social security. I am

Customer Question

Hi
JA: Hello. How can we help?
Customer: Trying to figure out when I should get social security. I am 62 and was going to keep on working but job fizzled out. If I don't work anymore
JA: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.
Customer: If I don't continue to work, does that mean the amounts quoted today at 62 and 66 won't increase?
JA: Is there anything else important you think the Retirement Accountant should know?
Customer: Can't think of anything else
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.

Hi. I can help here. My name's Lane.

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That's right. SSA uses your highest 35 years of earnings to calculate something called AIME (Average indexed monthly earnings) then applies some factors to get to your full retirement age benefit (age 66 for those Born Between 1943 And 1954) to get to your Full Retirement Age (FRA) benefit.

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That is then deducted from for ear year that you retire early ... and added TO for each year that you retire AFTER age 66.

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But not continuing to work would have the effect of freezing those benefits.

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Only Cost of Living increases once you start receiving the benefits (for years where they DO occur - we didn't have one this year) will change the benefits is you don't add to your average.

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Please let me know if you have any questions at all, before rating me

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no crediting for the work here.

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Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986

Expert:  Lane replied 1 year ago.

Please let me know if you have any questions at all, before rating me

...

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") ... Otherwise I receive no crediting for the work here.

...

Thank you!

Lane

I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986