I would suggest she call SS

on the quarters thing to make certain, or try and find it online. All I know is I was a few credits short to be able to draw on my own, despite all the years I paid in the taxes on my home based businesses.

They told dh his would be based on how much he had paid in for x amount of quarters and y amount of quarters that were his lowest quarters would not be included. It is really strange how they calculate it.

She seems pretty adamant about retiring with years of service, and not staying until her 60s

She can go and get another job I’m sure, but she doesn’t seem inclined to start another career or even another job-rather travel etc. Her pension will be pretty decent.
She still would have to wait for SS until 62 which is 8 years, she would probably reason if she waits 8, she might as well wait 16 although none of this has been discussed with her so I don’t know. But if she’s not accumulating quarters between 54 and 62…. you’re saying that the amount could go lower in those 8 years because of not paying into the system?

I understand doing the math between waiting from 62 to 67 to 70… when one reaches 62. What to do before you get there.

The age payout yes

but they need to know that payout is based on the last so many quarters, with them kicking out so many lowest quarters. So if they are waiting x amount of years and living off a lower income they may be tying themselves to a lower ss check in the future.

Our broker pointed out based on current values and such that if you started drawing at 62 vs 67 or 70 it would take 15 years at the higher age to make up the small difference between it and the age 62 check in the long run. Can you guarantee any of us will live 20 more years to make up that difference.

Based on that and the lower income scenario we chose to go with tye younger age.

I don’t believe they do and here is why

If you are currently old enough to draw ss, but not yet 67 you are limited to just under $16,000 that you can work and earn before you have to return $1 for every $2 you earn over that limit. However, you can draw retirement funds and it not count. Since most early government/military retirees do go back to work in the civilian population. Not to mention ss hates to let go of money if they don’t have to. I am by no means an expert on this, this is merely my opinion.

Was this person earning social security credits with their pension?

I guess from your email they did. I work for the state of Massachusetts and I don’t. Also because of my pension my S.S. benefits MUCH less. I do have enough quarters, but it was changed with Reagan with the whole double dip pension change. I believe you can wait until your are 70 to begin collecting S.S. also if this person continued to work they would add to their S.S. benefits.

Good afternoon good people

I have a retirement question that was asked of me but I don’t have the knowledge. The person is eligible to retire from their government job with 30 years of service and their age doesn’t factor into the equation. However they are only 54 years old. They will receive a life long pension from their employer when they retire. The question is do they then HAVE to start their social security benefits? Can they if they would want to?(That is my question…and I say they have to wait at least until 62). Their question is really can they stave off Social Security until they reach the maximum retirement age of 70 AND will they still earn Social Security credits based on their retirement pension?

I called myself looking up this information on the social security website, but… lets just say…I couldn’t find a clear response.

I feel giddy, oh so giddy

West Side Story is one of my all time movies. Yes, I know the song is “I Feel Pretty”, but that verse belongs to my house. My we PAID OFF THE FIRST MORTGAGE TODAY house! Yep, that is a huge part of the “secret” I mentioned in my last homework report. I will break the other, not quite as good news up into other posts. I felt this one is so huge it deserved its own post.