Ask Larry

Approximately How Much Would My Benefit Be?

I migrated to USA in 2011, and since then I am working here and paying into Social Security Taxes.
My DOB is 7July 1947. Now I am Citizen of USA
Hopefully I will complete 40 credits in Jan 2020.
Am I eligible to get Social Security Benefits, you can assume average annual salary of 70K,
If elegible then, how much appx dollars per month

Hi,

Once you have 40 quarters of coverage (QC) you should qualify for Social Security retirement benefits. I can't tell you how much your rate would be, though, because the formula is complicated (https://www.ssa.gov/pubs/EN-05-10070.pdf). One thing I can tell you is that you won't get any delayed retirement credits (https://www.ssa.gov/planners/retire/delayret.html) because you will already be over age 70 by the time you have enough QCs to be eligible for benefits. Therefore, if and when you do qualify for and start receiving retirement benefits you will be paid your unreduced full retirement age rate.

Our maximization software would permit you to calculate your approximate benefit rate including your anticipated future earnings. It could also help you determine if you may be eligible for any other types of Social Security benefits.

Best, Jerry

Posted: 
Mar 9 2018 - 7:14am
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