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Home » Retirement Planning » Answering a Common Social Security Question

Answering a Common Social Security Question

March 6, 2019 by John Potter

If you find that your Social Security check is not going to be enough to fund your lifestyle as a senior citizen, what do you do? The logical course of action would be to continue working until you reach the point where it is simply not necessary anymore.  One very common question that arises with regard to working and Social Security involves a potential reduction in Social Security benefits.

The age of full Social Security eligibility varies depending on the year of your birth. For those born in 1954 or earlier the age of full eligibility is 66.

It then goes up by two months per year until 1960 when the eligibility age becomes 67 years of age.

When you wait until your full retirement age arrives before applying for your Social Security benefit you can work while receiving your benefit without being subject to any reduction at all. There is no limit to the amount you can make while still retaining your full benefit.

However, it is possible to apply for your Social Security benefit when you are as young as 62, but your benefit will be less than it would be if you waited until you reached full retirement age.

If you go this route, you would indeed have to consider Social Security regulations regarding earning income while receiving an early benefit. Under this year’s guidelines, there is a limit of $17,640 that you can earn before your benefit will start being reduced if you accept your benefit before reaching full retirement age.

This reduction in Social Security benefits would be one dollar shaved off your benefit each month for every two dollars that you earn in excess of $17,640.

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Filed Under: Retirement Planning Tagged With: Financial Planning, Retirement Planning, Social Security

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Overall The Potter Firm was very professional. They took what could of been a very complicated process and were able to break it down so it was a lot easier to understand. We are confident we now have made the right decisions in our estate planning. Good firm to work with.

DKS & KMS Client Review August 28, 2020

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John Potter has been a real pleasure to work with. He is very knowledgeable and explains things in a very simplistic manner so the average person can understand how/why the laws are written. He is very attentive and asks questions in such a way that not only helps him understand your goals, but also helps you think about what type of goals and expectations you should be considering. Exemplary client service.

David J. Client Review August 28, 2020

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My husband and I selected Ms. Potter to assist with our small business. She responsive and attentive every time I have a question or need assistance, and is extremely knowledgeable and able to answer any legal question I have had. I know I can count on Ms. Potter for all of my business legal needs and I would highly recommend her to anyone needing legal assistance with such.

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