Question about Social Security...

[Little Star]

You know how you receive those statements before you retire about what SS means to you? They give you a break down about what your benefit $$ would be at full retirement age,then if you retire at age 62.

My question is what would happen if you retired at 63 or 64? How do you know what your benefit $$ would be then?

[dkf]

1. There are calculators online I believe.

I remember seeing a formula before. It might even be listed on the statement.

[rfranklin]

2. Here's the link....

http://www.ssa.gov/estimator/

They also send you a report on your contributions and what your benefit will be on a regular basis. Haven't you received that?

[Little Star]

7. Thanks for the link and yes I have received that benefit statement.

But it doesn't tell you about benefits if you retire at a odd age such as 63 or 64.

[pinto]

3. SSA has a benefits calculator and some links to other calculators here -

http://www.ssa.gov/planners/calculators.htm

[Little Star]

8. Thanks

[SteppingRazor]

4. There's a retirement calculator at ssa.gov.

You enter your information, then it tells you what your benefits would be at 62 or 70. Then you can click on "enter other scenarios," and you can put in any age after 62 and find out what your benefit would be.

[Little Star]

9. Thanks

[old mark]

5. Go to the SS website - I retired at 59, and got started with SS at 62...

I applied online in about 15 minutes...you can do it up to 3 months before you want to start, and the money is wired right into my checking account by 8:30 AM on the same day each month.

Site is here: http://www.ssa.gov/


There is an "estimator" page that will give you the numbers you want.


Good luck - go for it, if you can - you won't regret it.

mark

[Little Star]

6. I am actually already on SS but...

my husband is not retired yet. I was on SSDI and they automatically switched me onto SS.

He is the one trying to decide when he wants to retire and I am the one in charge of finding out this information for him. lol

[old mark]

11. If you plug his information into that benefits calculator online, it will give him

an approximate number...you need his SSAN and planned retirement age.

mark

[sinkingfeeling]

10. Same statement tells you the percentage of 'discount' for each year less than full retirement age of

66.

[Philippine expat]

12. A good way to estimate is to add 8% per year n/t

[murphyj87]

13. If it were Canada Pension...

If it were Canada Pension, you can get 70% of your maximum ($980 for me) at age 60, and then add .5% for each month past the age of 60 that you start receiving it. What is interesting though, is that it is advantageous to take Canada Pension at 70% at age 60 rather than 100% at age 65 for 15 years (i.e age 75.2 actually). Of course at age 65, a Canadian also gets Old Age Security, which is about $600 a month. A Canadian Senior does not have a different health care system. A Canadian Senior has the same health care system as anyone of any age in Canada, with no out of pocket cost whatsoever. Canadian Seniors have Pharmacare, which means that after I pay 3% of my net income (i.e. gross income minus deductions) the province pays 80% of the remainder, and I pay 20%.

[grasswire]

14. I wonder if a dual citizen (Canada-US) can collect Old Age Security

Guess I ought to start looking into where there are any options for retirement for duals.

[murphyj87]

15. Eligibility for OAS

We look at three factors to determine if you can receive the Old Age Security pension: your age, your legal status, and the number of years you have lived in Canada.

If one of the two scenarios listed below describes your situation, you may be eligible to receive the Old Age Security pension.
Scenario 1 - People living in Canada

You must be 65 years of age or older.
You must live in Canada and be a Canadian citizen or a legal resident at the time we approve your pension application.
You must have lived in Canada for at least 10 years after turning 18.

Scenario 2 - People living outside Canada

You must be 65 years of age or older.
You must have been a Canadian citizen or a legal resident of Canada the day before you left Canada.
You must have lived in Canada for at least 20 years after turning 18.

http://www.servicecanada.gc.ca/eng/isp/pub/oas/oas.shtml