Social Security earnings report errors from the 1970s?


J

JJ

I just received my annual estimated earnings record from SS and have
discovered errors. I will be calling on Monday, since I have the W-2s to
prove my case, but I have a question.
They have my earnings under-reported for the years 1975-1979. The total
amounts to a bit over $19,000. Is it a windfall, or, averaged over time
will amount to $1 more per month when I retire next year? Just curious for
a ballpark estimate.

and if a may...a follow up question.

I'm hoping to retire next year. Each additional year I work, I am dropping
off one of my low earnings years from 35 years ago, correct? Would it make
a big difference in SS, if I worked through all of 2008, or, If I leave in
February 2008? If I work the entire year, I'm dropping the earnings for
1973, when I only earned $13,000. Does it matter, or is it all pro-rated
and averaged so much that there is no effect?

Thanks as always to this group!!
Joe
 
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P

Paul Maffa

Are you sure? Or is the amount shown just the max SS taxable income for
those years?
 
J

JJ

Took a little Goggling, but sure enough those were the limits those years!
I've never hit cut-off again, since 1979. That's sad!

Thanks, Paul
 
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M

mike

Took a little Goggling, but sure enough those were the limits those years!
I've never hit cut-off again, since 1979. That's sad!

Thanks, Paul

There is a calculator for this on the SS web site.

I found from it that you are not significantly rewarded - to a break
even by waiting from say 65 to 70 to retire. The break even was
something like 20+ years for a 70 year old ...
If you are not working at 62 take ss then. If you are a few months
for a needed additional year in the 35 years - wait those few months.

You need to enter all your years 35-40 and test your special situation
in the SS calculator. Everyone should. I waited 3 years too many!
good luck
m
 

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