Q. My wife wants to retire next year, and she will be 57 in July. Plans on retiring end of March. According to Social Security, her SS benefit at age 62 would be $1,857 a month, but it says it is based on her working until 62 and that she earns $110,000 a year during that time. I can’t find anything about what happens under her scenario of retiring at 56.75 years old. Will her benefit be reduced because she does not work until 62? Her first year with full-time SS contributions was 1983, and her SS earnings were $12,750. Prior to that, she had some on-and-off part-time earnings starting in 1974; not more than $1,200 in any year, and some years were $0.
A. To find out what her Social Security benefit would be using different scenarios, go to www.socialsecurity.gov/planners/benefitcalculators.htm and select a calculator that best fits her needs.