How to estimate your future Social Security benefits

Question: I am 56. I retired after 30 years of teaching at the age of 52. I plan to take Social Security at age 62.

My understanding is that for the 10 years I will have been retired and have not contributed to Social Security, the benefit I will get will be decreased a small percent each of those 10 years.

A friend told me that something has changed and that my amount will be based on the average of my 30 years of salaries and not my last 5 highest years. And there will be no yearly decrease for each of those 10 years I have not been working.

Is this correct?

–-V. B., by email

Answer: Your Social Security benefit is based on your earnings record, up to a maximum of 35 years. If you work more than 35 years, the calculation is based on the highest 35 years of earnings. If you work less than 35 years, the no-earnings years will count as zero and will lower your average and, hence, your benefit.

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