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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13282
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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I am almost 63 (January 2016 birthday) and earn about 12 000

Customer Question

I am almost 63 (January 2016 birthday) and earn about 12 000 a year currently. If I take social security on my 63rd birthday, under the new changes (Fall of 2015) in the Congressional Budget Bill provisions, can I later at FRA get an increase in my benefits if I earn more in the next 2-3 years than the previous threshold of 15,000+ a year with out the reduction in benefits?
Submitted: 11 months ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 11 months ago.

Good afternoon, with regard to your post:

"I am almost 63 (January 2016 birthday) and earn about 12 000 a year currently. If I take social security on my 63rd birthday, under the new changes (Fall of 2015) in the Congressional Budget Bill provisions, can I later at FRA get an increase in my benefits if I earn more in the next 2-3 years than the previous threshold of 15,000+ a year with out the reduction in benefits? ------ OK, first, and regardless of new law, if you EVER take benefits before FRA, you always suffer an "early retirement" reduction that is permanent. Ball park at 8% per year, early, so at 63, you'd be 3 years early for a ball park 24% reduction, permanent. It will always be, unless you LATER suspend (generally available AFTER you are of full retirement age) and don't take for X years between age 66 and 70.

Second, if you do decide to take early, suffer the reduction and go over the 15720 (surely to be a bit higher in future years) earnings limit, yes, if you have to pay back your 'early retirement', it should negate the early taking, thus eliminating the reduction for the applicable time/amount. So if you paid back 1 months worth of undeserved (for lack of a better word) early benefits, then you should in the end see that you didn't get wacked that proportional 1 month worth of reduction.

Expert:  Stephanie O Joy, Esq replied 11 months ago.

I hope this helps! My goal is toprovide you with excellent and accurateservice – if you feel you have gotten anything less, please reply back, Iam happy to address follow-up questions.

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, shouldyou have legal questions. Be sure tostart future posts with "To ***** Esq., ONLY" ifyou want me to specifically answer it.

Sincerely, ***** ***** Joy, Esq.

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