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Good afternoon Ralph,I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.1. What month this year do you/did you turn 66?Doug.
I turn 66 in September of this year
September of this year
Good afternoon Ralph, That is what I suspected. Whoever told you that you could have started to take your benefit in January and you could also have earned up to $40,000---well it is actually $40,080.00---was correct. But what they perhaps didn't tell you was that by taking your benefit 9 months early, you would lose a full 5% of your full retirement benefit for the rest of your life. Your full benefit is only payable after you have reached 66, not as of January of the year you will turn 66. And, in terms of apply for retroactive retirement benefits---while there is a program whereby you can receive up to 6 months retroactive benefits---that only applies if you are over full retirement age when you apply for retroactive benefits, and the retroactive benefits cannot be paid past your 66th birthday. The retroactive benefit program only works if you have waited past your 66th birthday to sign up for your benefit---and then you may seek retroactive benefits back to your 66 birthday, or up to 6 months, whichever is less. Finally, if you have made arrangements to have your benefits start in August, then you will be taking a two month early benefit and you will lose a little over 1% of your full retirement benefit for the rest of your life. Social security benefits are paid one month after they are earned, and so if you were to want to wait until your full retirement age to start your benefits and get your full retirement benefit, your benefit would not actually begin to be paid to you until October of this year. You may reply back to me again, using the Reply to Expert link, if you have additional questions. I wish you the best in your future, Doug