Get ready folks, major tax increases are just round the corner.
My mom’s just started receiving benefits. I told her to get it now before it’s gone. I suspect a lot of people are doing the same.
I doubt if they are concerned with the economy twenty years from now.
If you retire at 62, you can still earn up to 12K a year till you are 65 or 66 at which time the amount goes up. That’s the way I understand it...
People who take it early, but continue working have $1 removed from their SS Benefits for every $2 they earn >$13000 working until they reach full retirement age.
So there are limits and penalties.
You are subject to the earnings limit if you retire at age 62. You can still work part-time and have a small earned income.
This limit does not apply to those who take SS at the full retirement age.
For example let's say a SS monthly amount of 750.00 / month at 62 and 1000.00 / month at 66.
In four years you would have received 12 X 4 X 750.00 = $36,000.00.
The $250.00 extra would take 12 YEARS to recover that $36,000 or by age 78 !
This is without interest. Now if the 36,000 returned a 5% interest at age 78 it would be worth ~ $60,000 +. It is a no brainer.
Could it also be that our census figures are off just like our estimates of the number of illegal aliens?
CUT Government to create more Money for Social Security.
Do not fund the SocSec “lock box” with more Taxes. Put Government workers out on the street looking for real productive work to do, instead of sucking the teat of the Feds ad nauseum.
Government stole Social Security, now let Government pay for its crime against American Tax Payers.
I have Seen the Federal Government offices, 5 people do the Job of 1, and they Retire while still on the Job, supposedly working. Its a Hard cruel world out there, and Social Security was robbed, let the Robbers learn a lesson.
When the economy does a down-turn, older workers are the first to be released at many companies. The reason — their salaries are higher, so the companies save more by getting rid of them.
Older workers tend to be the lesser desirables when companies are hiring. Companies like younger workers because they can usually get them at lower salaries.
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For many recently unemployed older workers, SS may be one of the few viable options, after their unemployment benefits run out.
See this for answer to question about working and receiving SSA-Retirement.
http://www.socialsecurity.gov/retire2/whileworking.htm
Could it be that Atlas is shrugging?
I think so!
Part of this is the result of chain immigration ... someone comes over as a nurse, say, then once they get citizenship they petition their parents... they come over, and even though they may never have worked in the USA, once they get citizenship and hit 62 they get free money...
You can earn up to $14,400/year before taking a reduction in SS benefits.
I have two neighbors who chose early SSI. Finding jobs was getting difficult at their age.
It’s running out... get it while you can eh?
It is. You get less benefits if you retire at 62 than 65.
“What happens when someone decides to collect SS benefits at 62 but still works part-time or full-time? Is that not possible? In general, Social Security should be structured so that it does not discourage healthy people in their 60s and 70s from working.”
If you take SS at 62 and work, your benefits are reduced by a percentage of your outside income (not including income from investments). Essentially, if you earn 30 to 40 K a year you will probably not get any social security benefits, however if you start collecting benefits at 62, even if you get no benefits due to outside income, you are locked into the benefits due at age 62. You can’t get the additional money you would get at 67. So, anyone who starts collecting SS at 62 due to temporary layoff is really getting screwed if they go back to work in 6 months to a year. They will never qualify for the additional benefits at age 67. It’s a genuine scam.
Anyone who plans on not working after the age of 62 and delays collecting SS till 67 in order to collect the added benefits is making a huge mistake. You are better off getting the lower benefits for 5 years than increased benefits after 5 years.
If a practical wish could suddenly be granted me, I would wish for a lifelong personal money manager who knew EVERYTHING that could ever be known about how to deal with this annoying realm of life.