Q & A
Will a Lower-Paying Job Before Retirement Hurt My Social Security?
Full question: My husband has been working on his job for almost 30 years and is eligible to retire and draw his retirement from them. He will be 58 years and eight months old at time of retirement. He is planning to get another job to work until he can draw his Social Security. So the question is: If he gets a job making less money than his current job, how will that affect the amount of Social Security payments he’ll get when he is old enough to get it? Is there something he needs to do so that his amount of payments from the Social Security will not be smaller payments?
Answer:
The questioner is afraid that by taking a lower-paying job, her husband may receive lower Social Security payments when he retires. That’s a logical fear, but actually the reverse may be true. If he hasn’t yet worked 35 years, his Social Security payments will be higher as a result of his new job. Here are seven things about Social Security everyone should know: Read more.
Source: MoneyTalksNews.com – August 27, 2013
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