Hi, Larry,
I had to declare business loss. for 8 years ( not consecutive) . How will this affect my social security beneifts when. I. retire?

Hi,

Having no Social Security covered earnings for 8 years will almost certainly have a negative effect on your eventual Social Security retirement benefit rate. Social Security retirement benefits are based on an average of a person's highest 35 years of wage-indexed earnings. If you have fewer than 35 years of Social Security covered earnings, then zero earnings years are averaged in. That has the effect of lowering both your 35-year earnings average and your resulting benefit rate.

I can't tell you how much lower your benefit rate will be as a result of the years you had business losses, but the Social Security benefit calculator included in our software could. You may want to strongly consider using the software (https://maximizemysocialsecurity.com/purchase) to do your Social Security planning.

Best, Jerry