social Security experts, I have a social security question and need some help with answers

Me | 7/10/2018 | GeorgiaDawg32

[GeorgiaDawg32]

I'm at that age where I'm trying to determine whether or not to take social security a year early or wait until I turn 66. To that end, I called social security and asked them what my benefit will be at 65. They told me. I informed them I'm going to keep working and make far more than the $45k I'm allowed without penalty next year. The social security benefits will go directly to the savings account. I don't need it to live on.

My question was, since I'll get no check for the last 3 months of this year and no check for the first 6 months of next year, do I recover that money at some point?

Answer Number 1) You get it back incrementally on your retirement benefit when you turn 66.

Answer Number 2) It's gone as a penalty and you won't see a penny of it

Answer Number 3) You will get a lump sum check for the amount of the missed benefits when you turn 66

Are any of these answers correct or is there a 4th answer out there?

If you know social security and how it works, I need the help.

Thanks in advance.

[AppyPappy]

Investing what you get at 62 in a good mutual fund is the best option but it leaves you vulnerable. If your savings get wiped out, you are exposed. I have seen too many old people fall for scams. My wife’s rich aunt lost everything to a Jamaican Sweepstakes scam.

[DFG]

Calculate the date that you qualify for full retirement. See the chart in the link below. If you were born betwween 1943 and 1954, your full retirement age is 66 and the date of your full retirement would be your 66th birthday.

https://www.ssa.gov/planners/retire/retirechart.html

There is no earnings limit starting on the day you reach full retirement age. Estimate your W-2 gross earnings and net self-employment earnings (gross self-employment - self-employment expenses) in the year of full retirement.

Calculate the amount of this earnings will be from January 1 to the day before you reach full retirement age. You can use the number of days from January 1 to the day before you reach full retirement and prorate.
(number of days before full retirement / days in year ) *
total earnings for year.

Subtract $45,360 from earnings before full retirement and then divide by 3 to get the amount that Social Security will take back.

Look at your Social Security earnings report to estimate your monthly retirement benefits. You can get this info by setting up an account at www.ssa.gov (Sign in/up at top right, “my Social Security”, create account)

If the monthly Social Security benefit is greater than the amount that Social Security will take back, you should start Social Security Retirement in the year of full retirement.

Contact Social Security early in the year of your full retirement.

[DFG]

CORRECTION

If the total Social Security benefit you will get from full retirement age to December 31 is greater the amount that Social Security will take back, you should start Social Security Retirement in the year of full retirement.