social security
I’m 62. i’m changing jobs and was wondering how this will affect my social security benefits if my income is lower than what I’m making now. there is no way i can remain with my current employer due to changes they have made. I do not plan on retiring until i turn 65, possibly 67, I’m just afraid taking a lower paying position will lower my social security benefit. can you explain how this benefit is calculated and would a lower paying position affect it? thank you.
Terry Says
The benefit is calculated based on your lifetime earnings adjusted for inflation. If you can’t stay with your current employer, then don’t. But keep working as the adjusted wages will make up for the 35 years they go back to do the calculations. Read this for details: EN-05-10070.pdf (ssa.gov)
And DO try to wait until your full retirement age of 67 to take your SS — even if you have to quit in the last year and use some savings to live on until you reach full retirement age.
