If my husband retires early at 62 and suspends his Social Security until his full retirement age, will his monthly benefit payments be determined by his last 35 years of working? We ran some calculations for our reader.
I’ve been receiving lots of questions lately about how Social Security benefits are calculated. It’s a great idea to have a full understanding of the factors involved to do the calculation, even if you don’t actually do the math. Understanding the components of the overall equation may help you to identify ways to impact your benefit in a positive manner.
The reader seems to have a misunderstanding of the use of 35 years’ worth of earnings in calculating the Social Security benefit. It’s not the most recent 35 years’ worth of earnings, it’s the highest 35 years. Read: Our retirement budget is $38,000 a year so we can’t afford to stay in California—where should we move?
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