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How are social security benefits calculated? Currently, my…

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How are social security...

How are social security benefits calculated? Currently, my earnings have been high and my benefit will be high (I just turned 65 in February but have not collected yet. If I continue to work part time and my income decreases over the next 2-3 years, will my ultimate benefit decrease? I don't want to wait to collect if a few years of inactivity will derease the benefit at age 0

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits properly. Is there anything else important you think the Retirement Accountant should know?

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Submitted: 3 months ago.Category: Social Security
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Customer reply replied 3 months ago
also I was born on February 28, 1953. am I still eligible for the 1/2 spousal benefit when I turn 66 (full retirement age)? I understand that benefit has been eliminated for some.
Answered in 32 minutes by:
4/2/2018
Social Security Expert: Barbara, Enrolled Agent replied 3 months ago
Barbara
Barbara, Enrolled Agent
Category: Social Security
Satisfied Customers: 6,427
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Social Security calculates your benefit amount based on your 35 HIGHEST EARNING YEARS.

You may be entitled to UP TO 1/2 of your spouse's benefit, but not both yours and your spouses.

Social Security will pay you the amount that is equal to the highest benefit amount.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 3 months ago
if you do not work from 66-70 and wait to collect, you will have 4 years of 0 earnings that might decrease your benefit?
Also, please confirm that since I turned 65 before December 31, 2015, I am eligible for 1/2 of the spousal benefit at 66.
Thanks for your quick response
.
Social Security Expert: Barbara, Enrolled Agent replied 3 months ago

Not necessarily. As I mentioned your 35 HIGHEST EARNING YEARS are used.

You MAY BE eligible for up to 50% of the spousal benefit amount.

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