• Question
  • If I retire now, what will I receive from SS?

    Asked by a 72 year old man from Green Bay, WI on 2/13/2013

    If I retire now, what will I receive from SS?

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  • Categories: How Calculated?, Social Security

Answers

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  • There are two factors affecting your Social Security Benefits (SSB) amount: your earnings before retirement and when you are going to receive SSB.
    The Social Security Administration’s website has an easy to read chart that will help you determine what your full retirement age at: http://www.ssa.gov/oact/quickcalc/earlyretire.html.

    If you retire and start receiving SSB now, your SSB will be reduced. You can learn how much your SSB will be reduced at: http://www.ssa.gov/oact/quickcalc/earlyretire.html. However, if you retire now, and wait to receive your SSB until you reach your full retirement age, you will receive your full SSB amount. If you start receiving your SSB beyond your full retirement age, you will receive a delayed retirement credit. You can learn more about the delayed retirement credit at: http://www.ssa.gov/oact/quickcalc/early_late.html.

    This article may help you learn more about SSB optimization: http://www.newretirement.com/Services/Social-Security-Benefits.aspx.

    NewRetirement.com also has a Social Security Calculator:
    https://www.newretirement.com/services/Social_Security_Start_Age_Calculator.aspx.

    This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or Certified Financial PlannerTM as to your unique financial situation.

  • Login to rate this answer:   Answered on 4/19/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.