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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13285
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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I AM 65 YEARS OLD AND WANT TO RETIRE JAN 1ST....CAN YOU TELL

Customer Question

I AM 65 YEARS OLD AND WANT TO RETIRE JAN 1ST....CAN YOU TELL ME HOW I COULD FIND OUT HOW MUCH SS BENEFITS I WOULD DRAW THEN VERSUS HOW MUCH I COULD DRAW MAY 1ST....MY EARNING ARE ABOUT $80000 A YEAR.
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.

OK, so let's say your monthly benefit is $2000.

You earn $6,667/mo at your job from Jan-April, or $26,667 during those 4 months.

The earnings limit that year is higher than before. In 2015 it is 41,880. (2016 is similar).

So, for earnings test purposes, you will have no reduction.

Because you will NOT earn over $41,880 between Jan and April, you are NOT exceeding the yearly limit, as it only applies to those months before full retirement age.

You can see an example of this further, by reading here (and scrolling down on the page).

https://www.ssa.gov/planners/retire/whileworking2.html

However, your actual benefit owed will be a small % reduced, due to choosing to collect early. It should be reduced by 5/9 of 1% for each month you take early. SO if you are taking 4 months early, that would be 4*5/9*1% or 20/9 *1% = about 2.2% reduction. So if your benefit should have been 2000, it will be permanently reduced by about $44.5 per month to $1955.56.

Expert:  Stephanie O Joy, Esq replied 1 year ago.

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Expert:  Stephanie O Joy, Esq replied 1 year ago.

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