8.1 Van
Millstone NJ
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Liriope wrote:Dutch12078--I believe SS Benefits are calculated on the top 35 Quarters, "not years" of your working life. I could be mistaken but I do not think so. Can someone verify. I looked in my SS statement but could not find.
It's 35 years.
Quote:We use the highest 35 years of indexed earnings in a benefit computation.
Social Security Benefits
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Dutch_12078
Great Sacandaga Lake, NY
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Liriope wrote:Dutch 12078--Thanks for clarifying that. My error, you are correct. Please accept my apology for questioning your statement and thanks for the link to the site..
No problem, it can be a confusing issue...
Dutch
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Tulirose
Long Island, New York
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~DJ~ wrote:I did it!!!!! Should get my first check Wednesday!!! 
CONGRATULATIONS!!!!!
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Tumwatergal
Washington
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covetsthesun wrote:DH took early SS at 62 and unfortunately the market did it's tap dance on our investments shortly there after. So after one year he went back to work. He'll turn 65 in Dec...still working, but would rather be retired. Right now, we're trying to get our house sold. At that point we will be debt free...although renting an apartment. Then we'll think about what the next move is.
We thought we had everything planned for...but stuff happens. The only thing we have is SS and our savings/investments. No pensions. We haven't given up on "the dream"...just rerouting the trip a bit.
Good luck!cts
We are in similar position as you...no pension, just investments. DH filed at age 62 and I will do the same when I get there (3 1/2 yrs) We sold house to F/T and that saves expense on supporting 2 homes. We don't want to pay for a house we "visit" part of the year. Our investments are coming back from the "depression of past 2 years" slowly. We are living in nice DP, but living in frugal manner as much as possible.
Margie M.
Fulltimer with DH and 1 Schnauzer
2007 Winnebago Tour 40TD model
2005 Ford Explorer 4WD
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Grey Mountain
On the rez somewhere in Indian Country
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One of the major obstacles facing those who want to retire at 62 instead of 65 is medical coverage. Many can not find affordable insurance for the three-year gap until Medicare kicks in at age 65. Fortunately, I am retired military and my wife and I are both covered.
GM
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sandy43
Hockley, TX
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62 or 66 ? If your still working at a really good paying job during those 4 years, a very large amount will be withheld from your check. You can only make so much until 66. Also, the taxes you pay with combined income is a higher percentage. My CPA and I calculated this when I was 62. I will start SS the first of the year at full retirement. For me, this was the best way. My break-even was considerably less than the 15 previously mentioned, by more than half. Whatever works for you. Thanks
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Dutch_12078
Great Sacandaga Lake, NY
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Grey Mountain wrote:One of the major obstacles facing those who want to retire at 62 instead of 65 is medical coverage. Many can not find affordable insurance for the three-year gap until Medicare kicks in at age 65. Fortunately, I am retired military and my wife and I are both covered.
GM
That's a good point, and obviously needs to be a large consideration in making the decision. Here in NY state, we were fortunate that they have a state sponsored low cost basic health plan called "Healthy NY". The plan is intended for small business employees and the self-employed with lower incomes. Knowing our retirement income would meet the income limits, I maintained a small web design/consulting business at home for the "gap" years, that qualified my wife and I for coverage at about $230/mo including prescription coverage. I don't know if other states have similar plans, but it worked out quite well for us as my wife has some significant medical issues requiring regular doctor's visits and numerous prescriptions.
Dutch
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Kanyonkitty
Gerrardstown, WV
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Just got my yearly SS statement yesterday and as of right now I'm planning/hoping to retire Jan 2016. I'll be 62 then, and I don't plan to wait to get my SS checks at age 65. I also have a frozen (15 years paid in) State of NJ pension that I will begin to collect(don't know what that will pay), and I'll have 22 years in my State of WV pension. So, like everyone else, I'm hoping that my plans to retire at 62 can become a reality, and that my 3 pensions will permit me to do so.
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MrsSoCalToolGuy
Fountain Valley Ca.
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Grey Mountain wrote:One of the major obstacles facing those who want to retire at 62 instead of 65 is medical coverage. Many can not find affordable insurance for the three-year gap until Medicare kicks in at age 65. Fortunately, I am retired military and my wife and I are both covered.
GM
Yup, that was the reason we waited until age 65. We have always been self employed and had to pay for our own health insurance. Medicare benefits alone made a pretty big difference in our monthly income.
Barb
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old guy
Oregon (pronounced Or e gun)
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WOW, that's a lot more than my $98.00 a month. I have to pay more for my Medicare than I get to put into the bank. AND I have to pay taxes on that $98!!!!
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