Retirement Benefits

How Is The Reduction For Taking Early Benefits Calculated?

I haven't found an answer to this question either on the Social Security website or in your software: for someone born on January 4 who wants to apply for early retirement benefits at the age of 63 (in January 2017), should the application ask for benefits to start in January or February? In other words, if the applicant asks for benefits to start on January 1, 2017 (a few days before they turn 63) is the lifetime benefit calculation based on age 62 or 63?

Will My Benefit Rate Be Adversely Affected If I Don't Have Maximum Earnings This Year?

Larry - Doing end-of-year tax planning and a question about raising my salary for 2016 to reach the 2016 maximum ($118,500). I will be 66 in Aug 2017; my plan is to defer taking my social security until age 70 - projected benefit at FRA is $2,575, and $3,498 at age 70.
On 4 of the last 5 years (and 7 of the last 10) I have "maxed out" my salary - wages in excess of the SS contribution limit. This year I am at $102,400 to date -- I have taken the required compensation amount from my prof corp (per my CPA) to meet the fiscal year requirements.

Will My Social Security Rate Increase If I Stop Working?

I took early retirement at age 62 because I had total knee replacement then I had Lumbar Spinal Fusion Surgery. I went back to work part-time 2014 then full time since June 2016. I turned 66 November. I received $616 from S.S. I make $11.50 an hour. If I stop working now will my SS increase?

Hi,

Probably not, or at least not by much. Your Social Security retirement benefit rate is based on your best 35 years of inflation adjusted earnings, so you may or may not be due a bit of an increase based on your recent work and earnings.

Am I Considered Full Retirement Age For Social Security Purposes In January Of The Year I Reach Age 66?

I was born December 2, 1951. Hence, my "retirement age" for SS retirement benefits is 66. However, if I apply for benefits now to begin January 1, 2017, am I still 66 for SS purposes (even though chronogically I am not 66 for 11 more months)?

Thank you.

Hi,

Could My Wife's Benefit Rate Go Down By Waiting To Apply?

In reviewing my wife's ssi statements, we noticed that her 2014 Statement showed a higher payment rate $1,384.00 than her 2016 statement $1,312.00. She does not receive payment as yet, we were holding out until higher monthly rate was obtained. It seems that holding out has just caused her to loose out on $72.00 a month. What happened to postponing payments until an older age to receive a grater payment?

Hi,

Should My Benefits Be Refigured If I Keep Working After Retirement?

Should benefits be refigured if you continue to pay ss after retirement? We owned a business and continued to pay ss after filing for benefits at 66, but our checks continued to be the same amount.

Hi,

Possibly. Social Security retirement benefits are calculated based on a person's best 35 years of inflation adjusted earnings, and can be recalculated annually to include higher years of earnings. So, if your earnings after retirement are high enough to replace one of your previous best 35 years of earnings, your benefit rate should go up.

What Happens If You Don't File When You Reach Age 70?

What happens if you fail to start collecting social security after reaching age 70? If you finally notify social security at age 72, will they make a lump sum payment of the past benefits that you were previously eligible for?

Hi,

Social Security retirement benefits cannot be paid retroactively for more than 6 months prior to the month of filing. So, if you didn't file until age 72, you could only receive 6 months of back pay.

Best, Jerry