How would the ss payments be affected? Is there anything I can do to maximize my benefits? Can I contact social security adminstrtion and tell them I will not work until 62? Would it help? How many years in the past do they look back to calculate retirement benefits? I am not talking about early retirement at age of 62. I am in USA.
2007-12-26 02:38:40 · 8 answers · asked by qq5121971 2 in Business & Finance ➔ Taxes ➔ United States
Play with this calculator http://ssa.gov/planners/calculators.htm to get an estimate of how your benefits will be affected. They will be lower if you quit work at age 40, although if you have the required 40 quarters of earnings you'll still get something.
Contacting them and telling them you aren't going to work until 62 wouldn't make any difference.
Not to be nosy, but what do you plan to do after age 40? If you are fabulously wealthy and just plan to travel and enjoy life, I wouldn't think you'd be too concerned about your social security benefits. If you are planning to open your own business, then your net earnings will be subject to social security payments so you'll still be paying into the system.
2007-12-26 03:05:42 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
1
2016-10-08 07:39:04 · answer #2 · answered by ? 3 · 0⤊ 0⤋
They look back from the day you start working and medicare/ss funds are deducted from your check (FICA).
If you call the ss administration they will send you an overview of your accumulated benefits. The more you work and the more money you make means the more benefits you will have when you retire or become disabled.
Now Im not sure if you can have additional funds taken out, but I think with the way medicare benefits are being handled by the governement, it may be in your best interest to start your own retirement savings plan.
2007-12-26 02:49:31 · answer #3 · answered by im2spoiled4me 4 · 1⤊ 0⤋
stop working age 40 affect social security benefits
2016-02-03 05:29:50 · answer #4 · answered by ? 4 · 0⤊ 0⤋
40 of the past 50 quarters - effectively 10 of the past 12 1/2 years, of full time work. It ONLY counts quarters that you've paid into social security - so if she's worked "under the table", none of that counts. I think she's going to have a hard time collecting, also. Not necessarily based on time, but based on what's wrong with her.
2016-03-16 06:51:44 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Your benefits are based on your average indexed monthly wages for your highest 35 years with each year adjusted to reflect changes in reported wages (sort of a cost of living adjustment). If you stop working at 40, you will have a lot of years of zero averaged against what you made until then. If you are married and your benefits are less than half your spouse's, you will get the higher of the two.
2007-12-26 03:15:33 · answer #6 · answered by Anonymous · 3⤊ 0⤋
You should receive a statement of benefits earned from SSI every year, I do and I haven't worked in 5 years. That will tell you what benefits you get if you are disabled or when you retire.
2007-12-26 02:48:26 · answer #7 · answered by Anonymous · 2⤊ 0⤋
benefits are based on your top 35 yrs of earnings, so you would have a lot of zero income yrs which won't help you. depends on what you made annually thru age 40. I wouldn't expect you would get even $800/month and $800/month 22+ yrs from now won't be worth much, plus how will you survive in the meantime? will you have medical coverage?
2007-12-26 03:50:07 · answer #8 · answered by Anonymous · 1⤊ 0⤋