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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 11140
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I am 62 yrs old and I work 28 hours a week (4 days a week, 7

Customer Question

I am 62 yrs old and I work 28 hours a week (4 days a week, 7 hours a day). I was planning on not collecting my social security benefits until I turn 70, however I am now worried that social security won't be around if I wait that long and I'll basically get zero dollars for a lifetime of work. Since this is considered part-time, can I start collecting my social security while still working?
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the retirement accountant should be aware of?
Customer: No. My husband works full time, but this just pertains to me. I plan on working as long as I can, but my fear is that social security will go away before I turn 70 (and even possibly earlier)/
Submitted: 4 months ago.
Category: Social Security
Expert:  Lane replied 4 months ago.

Hi. My name's Lane ... I can help here.

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Yes, you an retire at any time as early as age 62. Your benefit will be reduced to 75% of what it would be if you waited until age 72.

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Then for working while receiving benefits your benefits will be reduced further if you earn above a certain amount

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See this from Social Security:

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  • We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2016 that limit is $15,720.

  • In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
Expert:  Lane replied 4 months ago.

My own opinion is that the electorate will not elect (AARP being one of gthe largest lobby groups out there - and with the first baby boomer turning 60 just a few years ago, Social Security recipients will be the largest component of the voting public) politicians that don't do something about the system.

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If absolutely NOTHING is done, based on the Social Security Administration's 2015 report, the trust is on track to be depleted in 2034, at which point the system will be able to pay 79% of benefits from ongoing tax revenue. That projection is expected to shrink to 73% by 2089.

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But again, this is if nothing is done and WOULD be there to pay UNTIL tht time and at a reduced level AFTER that time (2089) if NOTHING is done

Expert:  Lane replied 4 months ago.

Again, even Mr Trump has said that he would not do away with Social Security or let the fund go unptotected.

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The last time something was done, was when Ronald Regan signed into law the Windfall Elimination provision that reduces payouts for those getting government pension where the recipients didn't pay into Social Security.

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Please let me know if you have ANY questions at ALL, before rating me.

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If this has helped, and you DON’T have other questions … I'd appreciate a positive rating using the Stars on our screen (and clicking submit).

Otherwise I'm not compensated for the time here.

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Thanks!

Lane

... I have a law degree, with electives in Tax Law, Estate law, Corporate law, and business planning … an MBA, with specialization in finance a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 4 months ago.

Hi,

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I’m just checking back in to see how things are going.

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Did my answer help?

If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

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But again, let me know if you need more on this.

Lane