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fintstone fintstone is offline
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Quote:
Originally Posted by Seahawk View Post
FRA is the key. The penalties for earning more than $17k a year before FRA makes taking SSN before 66.4 untenable for me. Makes no sense since I will continue to work and earn enough to skew my SSN benefits.

https://faq.ssa.gov/link/portal/34011/34019/article/3739/what-happens-if-i-work-and-get-social-security-retirement-benefits

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2018 that limit is $17,040.

In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.

If you will reach full retirement age in 2018, the limit on your earnings for the months before full retirement age is $45,360.


Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
Yes, it is double whammy if you take it early and keep working (and make good money). It reduces your benefit permanently each year plus reduces what you get $1 for every $2 you aren above $17,040.
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Old 02-20-2018, 04:16 PM
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