Q: I have been retired from FERS since 2007. In 2007, I received an estimate of what my Social Security benefits would be at 62. I am now past 62 and have not worked nor have I paid into Social Security for 2008, 2009 or 2010. Will my Social Security benefits be reduced because I have years after 2007 showing no Social Security wages?
A: Your Social Security benefit will be based on your average indexed monthly earnings during the time you were employed and paying Social Security taxes, no matter when they occurred. It won’t be reduced because you are retired and not paying into Social Security.