I was looking at Social Security web site and they have option to find out how much will be retirement benefits will I get in two scenarios: Below are two scenarios and numbers(slightly modified).
- If stop Working Now ( I suppose at end of 2021)
At Age 62: $930 per month
At Age 67: $1315 per month
At Age 70: $1610 per month
- If Continue to Work (in similar wage)
At Age 62: $1710 per month
At Age 67: $2605 per month
At Age 70: $3330 per month
My question is that currently I have about 28 years of credit ( not full 35 years), but suppose if I want to just stop working right now in year 2020 ( i.e should get full 4 credit of the year but at half rate) and next year in.e in year 2023 if I just work part time to get all 4 credit ( but at really low wage), how Can I estimate my monthly social security retirement benefit at say when I turn 67 as I can certainly sustain till 67 years without earning ?
Note: I was looking for answer for, what will be benefits at 67, if I only work for next 2 years. The tool at SSN, is a good one and did for 62, I put retirement age as current age plus 2 and rounded earning from past and for earnings of 2022 about 95% or 2021 earning and for 2023 and beyond 25% of 2021. The benefit moved from $930 to $1075 in today's dollar. In terms of future $ it was about 1.9 times at $2044. So will not be a part of Great Resignation.