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Where the 45 hour rule comes into play is the first year of your retirement, where you have already earned over the allowed income limit
There's a special first year rule that allows you to draw a benefit any month that you are considered retired and do not earn more than $1,200 during the month.
But, that's only for the first year of drawing benefits.
Hi Megan. Thanks for your help. So, if I work more than 45 hours the second year, it won't have any effect on benefits, is that correct?
That's correct. Also, once you are full retirement age it wouldn't matter at all
You can work as much as you want and draw a benefit once you are full retirement age
I understand. Do you ever recommend taking social security early since you'll get the deductions back at full retirement age?
if you're still working, that is
Your benefit is forever reduced if you draw early
Drawing early makes sense if you are having trouble paying your bills, or if you are not in good health.
What I thought I read is that if they deduct dollars because of higher earnings, they tack it on at full retirement age. Did I misinterpret that?
No, that is correct
But, when you retire early your benefit is lower than it would be at full retirement age
Once you reach full retirement age, you would receive your full reduced benefit
So, if your benefit is $1,000 at full retirement age, you would draw $750 if you took retirement at 62
oh, i see what you're saying. so even tho i got it back, it wouldn't add on to the amount, just reimburse me up to the amount.
I don't recommend drawing early, unless you are in bad health or you have truly retired and need the benefit to pay your bills.
ok I think that does it. I'm hoping that I'll still have a chance to receive social security in a few years! Thanks again - have a great day.
You too. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today
i certainly will.
Thanks so much!
is there a way to save our discussion. i clicked save before i saw it also said exit.
now i'm not sure what's going on.
Yes, all you do is come back to this same page and the discussion will be there
ok, right now all i see is your Thanks so much
does the system store our chat? if so, i should be able to find it somewhere
Yes, it saves the chat. Once you rate, come back to this same page and it will all be there.
ok, thanks again. Enjoy your day!