To calculate you SS benefits your average earnings is used in the calculations. How is that calculated?
Do they take your total earnings over your life time starting at a certain age? What if there are a few years where a person does not work and has 0 income? Does that lower the average. Do they only use years where you had income?
The reason I am asking is because my wife will retire next year at 63. WE just got her statement from SS. It has the estimated benefits at her current earnings rate. ONe is for 62, one is for 66, and the final is for 70. If she stops working at 63 and does not draw until 66 any idea how much that may lower her benefit?