• Question
  • putting the correct information on the calculator

    Asked by a 61 year old man from Jasper, AL on 12/31/2016

    1) I am looking at taking a lump sum amount from my pension plan and my wife will have a monthly pension amount, how do you put that in the calculator. There is 10 years difference in our ages.
    2) I am looking at retiring at the end of 2017 at age 59 1/2. If I take a part time job to age 62 or age 66, will my social security benefits be based on my income prior to end of 2017 or income from age 59 1/2 to age of receiving social security benefits.

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  • Categories: Retirement Planning, Retirement Calculators

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Hi,

    Thanks for your question:

    Re: #1 You can add your wife's pension on the Annuities & Pension page, and then you can add your lump sum on the Savings & Assets page (this is a work around - since you can't enter both a pension income and lump sum in the pension area)

    Re: #2 Social Security is based on the highest earning 35 years of your work history regardless of when they happen.

    Hope this is helpful.

    Steve

  • Login to rate this answer:   Answered on 1/13/2017
**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.