ret'd 2/29/04
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07-30-2009 08:26 AM ET (US)
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There are so many factors involved I don't know if this will help, but I paid into SS from 1965-1978. My earnings over that period averaged $3917/yr. That's about $21,000/yr today, based on the midpoint 1971's dollars.
I recently signed up for SS to begin at age 62 and my benefit, after the WEP reduction, will be $198/mo.
Probably twelve of those 14 years count for quarters, as the first couple were pretty low and may not have qualified. So I may have 48 quarters of credit. That would bump the annual income that counted up to $24,250/yr today.
Very roughly and broadly speaking, I could guess that if you worked for three more years to get 40 quarters and made at least $11.50/hr, you might get maybe a $165/mo SS benefit, plus annual COLA, for the rest of your life.
Sounds like a prison sentence to me. Compare that added income to your PS pension and see if you really need that SS benefit.
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