Thx for the vid Geoff, from what I've seen on the news lately, I would think its time for another Florida trip for a couple of weeks, or more, lol. Thx
I don't know, you lost me dude. High earner or average earner, what about someone like me that has paid into ss for 46 years, but not a high or even an average earner? How do I fall into the ss admistration? What the hell should I do? I'm 61 and off work on temporary disability for my prostate cancer treatments. From what I see, it would be better to try and get total disability for my ssi instead of retiring at age 62. I'm a wore out construction worker, luckily I'm am union and have health insurance. But it will run out my banked $'s before I could retire. This system sucks. I've worked for 46 years. Any help, or advice would be greatly appreciated. Thanks
That's a good question. Normally the average person's SS payout increases until age 70. I'm wondering, if you go onto SSDI at age 61, does that mean Social Security consider that you're retiring early? If you plan to retire at 62 anyway, it probably doesn't matter. Good question for Geoff.
Doesn’t disability pay as if you are at full retirement age? The ‘my social security’ site will tell you what you get if you are disabled and you can compare that to benefits you are eligible for at each retirement age. That site uses your information so no guessing.
@@reebeeable yeah, I don't know and I can't find out now. My wife went onto disability a few years back, before she was at FRA. Before I knew to even try to understand that stuff, it was much too late. It wasn't explained well to us at the time.
Isn't the average wage index distorted by the highest earners? Back in 1985, there were relatively few numbers of very high earners, but now there are a lot of them. This change makes the average wage index much higher than it would be, if they are using the true average and not the median. Yes, I know they are only using the wages subject to SS, but there are still a lot more people hitting the max now than there were then.
I can’t figure out the logic of using a 1x multiplier for earnings at ages 60 and 61 so assume it was an actuarial compromise to cut costs. I also am having trouble understanding how the COLA is better than average wage growth for someone earning $10k/month. One of your excellent examples would help. (I love your white board examples.) I stopped working at age 63 but will wait until age 70 to draw social security so find this information helpful.
High incomes are not from wages. Often business owners assign themselves low wages. Their wealthy is from asset accumulation and not wage. They do that because wage requires tax but asset growth does not
@@reebeeable first they simply need an "index" number available when a person turns 62, since it may be months before the next index update. Second almost always the older "index" number benefits the person.
During 2020 the AWI was artificially raised ( lucky for those that turned 60 in 2020)by the COVID shutdown those few that stayed employed received wage hikes and plenty of overtime.
Unlike the COLA the AWI can reduce your social security benefit . Many who turned 60 in 2020 we're in danger of having the AWI go down due to the COVID shutdown. This did happen due to the fewer workers that stayed employed received pay increases and plenty of overtime.
remember the AMIE is a 420 month calculation so even an 8% onetime change is roughly 5% above normal divided out over the other 408 months(from other years) or 0.15% or $3 on a $2,000 monthly SS check and the system should make that $3 back in the COLA side. Its generally AMIE through age 60 and cola after however AMIE is recalculated every years as it can creep up from working after age 60
Most od the historical wage djustments can be explained except one. Why the ratios for the same year are different for two folks whomare only one year apart in their year of birth? It make absolutely no sense at all. One can understand the band brackets changing, but wage adjustment ratios. It is the same as the COLA rates would differ depending on the date of birth.
.I have a question. I retired in Nov. 2020 from full time employment at 65 and have been working a temporary job for all of 2021 and 2022. I will be taking SS this month taking advantage of the 8% delay bump + the 8.7% COLA. Will my earnings over the past 2 years (approx 50K ) have any bearing on my SS benefit in the future? I cannot find any info on the SSA website. Thank you in advance.
Look for the Social Security Intelligence article, "Your Social Security Benefit Isn’t Always Based On 35 Years of Work History". When I post a link, it disappears.
Great explanation as usual. Thanks. Happy 2023!
I give you credit your video's are definitely getting better
Awesome explanation
Thanks much Geoff.
Geoff, I keep getting messages from you to contact you on what’s app. Is this you are a scam?
Very interesting. I wonder why they change their calculation for ages 60 and 61?
So that they get a lower payment of course!
it allows a quick final calculation, without that waiting for the newest indexing average would complicate the filing for benefits.
What about spouses benefits, I know is 50% but I’d like to know if the “loophole “ is true. Great information as usual.
Thx for the vid Geoff, from what I've seen on the news lately, I would think its time for another Florida trip for a couple of weeks, or more, lol. Thx
I don't know, you lost me dude. High earner or average earner, what about someone like me that has paid into ss for 46 years, but not a high or even an average earner? How do I fall into the ss admistration? What the hell should I do? I'm 61 and off work on temporary disability for my prostate cancer treatments. From what I see, it would be better to try and get total disability for my ssi instead of retiring at age 62. I'm a wore out construction worker, luckily I'm am union and have health insurance. But it will run out my banked $'s before I could retire. This system sucks. I've worked for 46 years. Any help, or advice would be greatly appreciated. Thanks
That's a good question. Normally the average person's SS payout increases until age 70. I'm wondering, if you go onto SSDI at age 61, does that mean Social Security consider that you're retiring early? If you plan to retire at 62 anyway, it probably doesn't matter. Good question for Geoff.
Doesn’t disability pay as if you are at full retirement age? The ‘my social security’ site will tell you what you get if you are disabled and you can compare that to benefits you are eligible for at each retirement age. That site uses your information so no guessing.
@@reebeeable yeah, I don't know and I can't find out now. My wife went onto disability a few years back, before she was at FRA. Before I knew to even try to understand that stuff, it was much too late. It wasn't explained well to us at the time.
Have you logged into the SS website to see your record how much you will receive?
When collecting a small pension should I select 100% survivors benefits or 20 years certain. It’s a small pension
Isn't the average wage index distorted by the highest earners? Back in 1985, there were relatively few numbers of very high earners, but now there are a lot of them. This change makes the average wage index much higher than it would be, if they are using the true average and not the median. Yes, I know they are only using the wages subject to SS, but there are still a lot more people hitting the max now than there were then.
I can’t figure out the logic of using a 1x multiplier for earnings at ages 60 and 61 so assume it was an actuarial compromise to cut costs. I also am having trouble understanding how the COLA is better than average wage growth for someone earning $10k/month. One of your excellent examples would help. (I love your white board examples.) I stopped working at age 63 but will wait until age 70 to draw social security so find this information helpful.
High incomes are not from wages. Often business owners assign themselves low wages. Their wealthy is from asset accumulation and not wage. They do that because wage requires tax but asset growth does not
@@reebeeable first they simply need an "index" number available when a person turns 62, since it may be months before the next index update. Second almost always the older "index" number benefits the person.
When a person turns 62 they are entitled to the COLA whether they collect at 63 or 70 will get all the COLA increases
During 2020 the AWI was artificially raised ( lucky for those that turned 60 in 2020)by the COVID shutdown those few that stayed employed received wage hikes and plenty of overtime.
The indexing is very minuscule year to year
Unlike the COLA the AWI can reduce your social security benefit .
Many who turned 60 in 2020 we're in danger of having the AWI go down due to the COVID shutdown.
This did happen due to the fewer workers that stayed employed received pay increases and plenty of overtime.
remember the AMIE is a 420 month calculation so even an 8% onetime change is roughly 5% above normal divided out over the other 408 months(from other years) or 0.15% or $3 on a $2,000 monthly SS check and the system should make that $3 back in the COLA side. Its generally AMIE through age 60 and cola after however AMIE is recalculated every years as it can creep up from working after age 60
Wish you had made this video 4 months ago!!!
Most od the historical wage djustments can be explained except one. Why the ratios for the same year are different for two folks whomare only one year apart in their year of birth? It make absolutely no sense at all. One can understand the band brackets changing, but wage adjustment ratios. It is the same as the COLA rates would differ depending on the date of birth.
.I have a question. I retired in Nov. 2020 from full time employment at 65 and have been working a temporary job for all of 2021 and 2022. I will be taking SS this month taking advantage of the 8% delay bump + the 8.7% COLA. Will my earnings over the past 2 years (approx 50K ) have any bearing on my SS benefit in the future? I cannot find any info on the SSA website. Thank you in advance.
Look for the Social Security Intelligence article, "Your Social Security Benefit Isn’t Always Based On 35 Years of Work History". When I post a link, it disappears.
@@dougb8207 thank you both, I will check it out.
Teddy I would say not you probably worked more 40 years or longer the $25K a year would not be a factor in the recalculation of your benefit