PDF Social Security Pages 1-6. Too bad, so sad. If you're a physician interested in FIRE but want to make sure you hit that second bend point, you should plan on working at least a decade and a half or so out of training. Yes, but the lower earning spouse will take a permanent reduction in benefits because of the early filing (before his/her FRA). Have I Lost the Right to Collect Spousal Social Security Benefits Before My Own? The intention is to display ads that are relevant and engaging for the individual user and thereby more valuable for publishers and third party advertisers. He is 70 and I am 68. The spouse will qualify for social security on their own but curious how that benefits someone who already earns the 50% benefit from a higher earning spouse. What are Social Security "bend points"? - Covisum I hope you find the answers youre looking for among the articles here, and perhaps a smile. They are most often on the steep part of the curve and benefit greatly from social security. No one needs more than 40 credits for any Social Security benefit. When he turned 70, this year, he applied for his benefits and I applied for my spousal benefits. How the Social Security Benefits Calculation Works - The Balance Find the right brokerage account for you. Our Goal is Your Success. Social Security is a major source of income in retirement, but the amount you receive in benefits is based on a complex calculation that includes the use of bend points. Well, you'd get 90% on the first $1,024, 32% on the next $6,172 $1,024 = $5,148, and 15% on the next $12,250 $5,785 = $6,465 so. Even if you earn and pay SS taxes on a ton of money for nine years, you're not getting squat. "Income Taxes And Your Social Security Benefit. Now, if you delayed to age 70 instead of taking it at the full retirement age of 67, it would be 24% larger, or $52,660. In 2022, the wage base for the Social Security tax will increase 2.9 percent, and Social Security benefits will increase 5.9 percent. Therefore, If your FRA is 66, your benefits would be increased by 32% by waiting until age 70 to begin (8% per year times four years). Average Wage Indexing (AWI) Series., Social Security Administration. Of course, another complex formula is used to determine how much more you will receive if you wait. Twitter: SterlingRaskie Greg, The Social Security Administration's payment calendar helps recipients plan for payments. https://www.whitecoatinvestor.com/single-income-versus-dual-income-families/, https://www.whitecoatinvestor.com/avoiding-the-second-income-trap-with-a-side-gig-for-the-stay-at-home-spouse/, https://www.whitecoatinvestor.com/whats-different-for-dual-income-couples/. PDF Social Security Changes for 2022 - Society of Actuaries Use the most recently published bend points to convert your AIME into a PIA. Benefits by Year of Birth., Social Security Administration. FREE Consultation NO ATTORNEY FEES UNLESS YOU WIN! So here is the math for 2022s bend points: 5.6883 * $180 = $1,023.89, which is rounded up to $1,024 the first bend point, 5.6883 * $1,085 = $6,171.81, rounded up to $6,172 the second bend point. Changing bend points and shifting away from the AWI to other inflation measures are among the ways lawmakers may try to protect Social Security, so would-be retirees will want to pay close attention to Congress in the coming years.
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