Author Topic: Almost 4yrs Fired SS# still looks good if around  (Read 1892 times)

soccerluvof4

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Almost 4yrs Fired SS# still looks good if around
« on: November 24, 2018, 04:58:34 AM »
Once a year I like to check to see what my SS is calculated to be at the SS gov website. After 3 years of no income and will be 4 years I will be Fir'ed April 3rd I am still showing at 62-$1899  67-$2698   70-3345.  Thats pretty healthy to say the least.

Has anyone seen there numbers go down ? I have 8 years before the first number would hit but if those numbers are still around that would make my Fire'd life oh so much sweeter.

Roadrunner53

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #1 on: November 24, 2018, 05:51:35 AM »
The SS calculations are figured on the highest 35 years of income. If you have worked less than 35 years they add zero's for those years. I am guessing you have already worked 35 years and the numbers you found will remain the same.

Don't forget, when you turn 65 you will be offered Part B Medicare. That covers doctors and testing. Right now it costs $134 a month and will be subtracted from your check. Also, if you choose a Prescription drug plan that will also be taken out of your check. My Plan D costs $72 a month. Then if you choose a subsidy to cover the 20% that Medicare doesn't cover that is another cost. Mine is not taken out of the check but taken out of my checking account monthly.

The SS check shrinks with all of this stuff deducted.

Another Reader

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #2 on: November 24, 2018, 05:56:32 AM »
Every year until you turn sixty, the National Wage Index is applied to your earnings base to recalculate your annuity (PIA).  As long as wages go up, your benefit will increase, although the amounts you earned do not.

terran

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #3 on: November 24, 2018, 06:40:16 AM »
Since you haven't been working for the last 3 years you shouldn't be seeing your numbers change except in as much as they're adjusted for inflation since the calculations they do assume you'll make the same as you made last year until your full retirement age. You also shouldn't see them change (except for inflation adjustments) in the future unless they change the formula (including full retirement age), which seems unlikely for people in your age bracket and is certainly something you'd hear about in the news.

Financial.Velociraptor

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #4 on: November 24, 2018, 08:33:45 AM »
I retired at 40 and started work late due to taking time off after university to care for a terminally ill mother.  So I have little in the way of SS earning years.  The service is estimating 880/mo assuming zero SS earnings until 62.  I have a side gig that is good for 1 SS credit at about 2,000 a year so earnings might bump up a little bit.  It's gravy.

Dicey

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #5 on: November 24, 2018, 09:01:39 AM »
I retired at 40 and started work late due to taking time off after university to care for a terminally ill mother.  So I have little in the way of SS earning years.  The service is estimating 880/mo assuming zero SS earnings until 62.  I have a side gig that is good for 1 SS credit at about 2,000 a year so earnings might bump up a little bit.  It's gravy.
If you have enough quarters in to qualify for Medicare, it could still prove quite useful, even if it's not a lot of money.

jim555

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #6 on: November 24, 2018, 09:24:20 AM »
Be careful with the estimates SS gives you.  Sometimes it says assuming you continue to work until XX your benefit will be $XX.

SwordGuy

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #7 on: November 24, 2018, 12:04:51 PM »
Be careful with the estimates SS gives you.  Sometimes it says assuming you continue to work until XX your benefit will be $XX.

This!!!  There's a handy-dandy calculator that makes that assumption.  You don't want that.

There was (last time I checked) a manual form you can use to calculate it with.  Use that, because then you can put in zeros where necessary.

terran

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #8 on: November 24, 2018, 04:27:54 PM »
Be careful with the estimates SS gives you.  Sometimes it says assuming you continue to work until XX your benefit will be $XX.

This!!!  There's a handy-dandy calculator that makes that assumption.  You don't want that.

There was (last time I checked) a manual form you can use to calculate it with.  Use that, because then you can put in zeros where necessary.

I could definitely be wrong about this, but I'm pretty sure the SSA assumes you'll continue to earn what you earned last year. So you're both right that the alternate calculator is necessary for someone who plans to retire early to get a good estimate, but for someone who has already been retired a few years I think the SSA should be giving a good estimate. Worth double checking just the same though.

Another Reader

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #9 on: November 24, 2018, 04:42:30 PM »
If you get a copy of the statement, it will show you what numbers are being used.  IIRC, after a year or two of zeros, the estimate assumes zero future earnings.

There are two "bend" points where additional earnings do not impact the PIA as much.  After the second bend point, the effect of not working is significantly reduced.

jim555

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #10 on: November 24, 2018, 07:27:48 PM »
You can calculate it yourself using the formula in this pdf:
https://www.ssa.gov/pubs/EN-05-10070.pdf

kendallf

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #11 on: November 24, 2018, 07:57:49 PM »
The Gocurrycracker blog has a great post on this topic:

https://www.gocurrycracker.com/social-security-roi/


soccerluvof4

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #12 on: November 25, 2018, 06:08:09 AM »
All good stuff.. Thanks all. Sticking with the plan not depending on it because who knows but I am one that believes something will be around. Being 54 minus 4 years of working so 50 would mean to work 35 years I'd be 15. Which is when I did start working minimal type jobs in HS. And NO I DONT PLAN on going back to work but you never know. So not sure how that works into it all. I was curious why the number went up but you guys explained that as well.

Thanks again for all the tools.

soccerluvof4

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #13 on: November 25, 2018, 06:09:51 AM »
All good stuff.. Thanks all. Sticking with the plan not depending on it because who knows but I am one that believes something will be around. Being 54 minus 4 years of not working so 50 would mean to work 35 years I'd be 15. Which is when I did start working minimal type jobs in HS. And NO I DONT PLAN on going back to work but you never know. So not sure how that works into it all. I was curious why the number went up but you guys explained that as well.

Thanks again for all the tools.

Another Reader

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #14 on: November 25, 2018, 09:56:01 AM »
All good stuff.. Thanks all. Sticking with the plan not depending on it because who knows but I am one that believes something will be around. Being 54 minus 4 years of working so 50 would mean to work 35 years I'd be 15. Which is when I did start working minimal type jobs in HS. And NO I DONT PLAN on going back to work but you never know. So not sure how that works into it all. I was curious why the number went up but you guys explained that as well.

Thanks again for all the tools.

You should review your earnings history to make sure it is accurate.  Mistakes get more difficult to correct as time passes.

soccerluvof4

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Re: Almost 4yrs Fired SS# still looks good if around
« Reply #15 on: November 27, 2018, 03:24:06 AM »
All good stuff.. Thanks all. Sticking with the plan not depending on it because who knows but I am one that believes something will be around. Being 54 minus 4 years of working so 50 would mean to work 35 years I'd be 15. Which is when I did start working minimal type jobs in HS. And NO I DONT PLAN on going back to work but you never know. So not sure how that works into it all. I was curious why the number went up but you guys explained that as well.

Thanks again for all the tools.

You should review your earnings history to make sure it is accurate.  Mistakes get more difficult to correct as time passes.









Good Point. Will do that. So many years were so different do to selling business's and or how my business was doing at the time.