Filings for SS are way down too from what I understand.
Not that I'll ever have to worry about earning too much, LOL, but I sorta disagree with denying benefits to people who've paid into the program simply because they are still healthy enough at retirement age to earn some money.
They get every penny that they are intitled to....If they earn too much they are not entitled to as much....Pretty simple stuff.
I've heard of this type of thing and it was a consideration when I was asked back as a consultant. I chose the same way as your wife. Another thing to consider though is why does that five year hole make a difference when at 70 you can earn however much you want?
Say what? Denying what benefits? I've drawing for years, I could go back to work tomorrow if I wanted. I'm not denied any benefits.
There is a period between 65 and 70 when a recipient's SS benefit is reduced if they earn too much money. After 70 they can earn whatever they want with no penalty. I think a person should be able to earn whatever in retirement without penalty---they paid their contribution throughout their working lives, why should they be penalized because they are healthy enough to earn in retirement--BTW, those workers who continue to earn, also continue to pay into SS--isn't that enough of a penalty?Say what? Denying what benefits? I've drawing for years, I could go back to work tomorrow if I wanted. I'm not denied any benefits.
I just figured it from normal retirement age, 62 is going early so I didn't include it--I'm pretty sure it continues until age 70 though, do you have a link that would answer it? The penalty for retiring early at 62 is quite severe IMHO as well--I believe it is .5% per month that you go early. So if you go on your 62nd birthday, you lose 18% of your benefit for the rest of your life. There's a formula that tells how long you would have to live to make up the difference, but I can't remember what it is.
Not really denied but delayed until the recipient turns 70. I'm not positive about that but I think that's right.
During the five year period, I believe they deduct $1 of benefits for every $1 you earn. That money never comes back. Seems like it is effectively an incentive for you to leave the workforce.
"You can get Social Security retirement
Can you provide the link? I would like to read it and see the source as it conflicts with what I've been told at my local SS office.
Thanks, I stand corrected. Very informative.Benefits Planner: Retirement | Receiving Benefits While Working | SSA
You can receive Social Security retirement or survivors benefits and work at the same time. However, if you are younger than full retirement age and earn more than certain amounts, your benefits will be reduced.www.ssa.gov
Scroll about halfway down on how they recalculate your benefits when you reach full retirement age.
