Social Security Questions? Ask a Social Security Expert
Thank you for your SS question.
I am sorry to hear of your loss. I will try to answer your questions.
Once you are 62, you may start early retirement benefits. You may get the LARGER of a benefit based on your own work history OR 50% of your spouse's benefit.
I am a teacher and want to continue to work. I earn approximately $40,000 a year
However, until you reach FRA (Full Retierment Age), the benefit will be reduced by $1 for each $2 you are over the annual limit
Currently, the annual limit is about $14,600.
Therefore, if you are earning $40K, your benefit will essentially be eliminated.
Once you reach FRA, the limits are removed and you can work AND get your SSA benefit.
Since you are a teacher, if you have a retirement plan through TRS, your benefit may be reduced due to the windfall provisions.
Ok. I understand. I'll wait until I'm 70 and collect either his or mine- whichever one is higher
Yes, the longer you can wait, the higher the monthly benefit
At age 70, the benefits stops growing
I'm in a private school- no TRS. That's what I had heard. I can wait until I'm 70 (I hope!). Thank-you for helping me!
Have a great evening and thanks for helping our kids!
Important work and not enough reward!
You're welcome- they are our future!!
So says the Social Security system!