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Alexander Haraczka
Alexander Haraczka,
Category: Social Security
Satisfied Customers: 23
Experience:  Supervisor at Cummings, Lamont & McNamee, PA
20618007
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My date of birth is 6/7/1950. I plan to work at least until

Customer Question

My date of birth is 6/7/1950. I plan to work at least until the end of December 2018. My annual income is more than $100 000 per year but I have deductions because I borrowed retirement $s from myself to care for my mom. I would like to begin to collect social security benefits now. Will my benefits increase to the full rate in June 2016 if I start collecting in February or March 2016?
Many thsnks
Submitted: 11 months ago.
Category: Social Security
Expert:  Alexander Haraczka replied 11 months ago.

Good evening and thank you for submitting your question regarding social security benefits. My name is Alexander; I'm an EA and am happy to assist you with this issue.

If you begin taking social security benefits before you reach full retirement age (66, based on your DOB), you will receive reduced benefits. Since you are thinking about taking benefits 3 - 4 months before you reach full retirement age, you would give up between 1.6667% - 2.2222% of your full retirement benefits (5/9 of 1% each month you take early benefits). You would NOT be eligible to receive your full retirement age benefit in June of 2016 if you take early benefits.

If any part of my response is unclear, please let me know and I will clarify. If you are satisfied that you've received a prompt and professional answer to your question (will you receive full retirement benefits if you take early benefits), please be sure to rate me as soon as you're able. Thank you,

Customer: replied 11 months ago.
Thank you. So no matter how much longer I work, when I finally retire will I only be able to receive the reduced rate?
Expert:  Alexander Haraczka replied 11 months ago.

If you take early benefits then yes: your benefits are permanently reduced by the amount that correlates to the number of months prior to reaching full retirement age that you began receiving benefits.

Thank you for the opportunity to assist you; if I can be of help with another issue, please do not hesitate to let me know!