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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13281
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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I retired and collected Social security at 62. However I

Customer Question

I retired and collected Social security at 62. However I began working again and want to use the reset but was unaware of the 12 month reset requirement. I will make 120K this year and it looks like I now cannot use the reset option nsince I am out of the 12 month requirement. Any ideas?
Submitted: 17 days ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 17 days ago.

Hi, my name is***** have been practicing SS LAW full time for 10+ years and look forward to assisting you.

Expert:  Stephanie O Joy, Esq replied 17 days ago.

How old are you now?

Customer: replied 17 days ago.
63
Customer: replied 17 days ago.
Are you still out there?
Expert:  Stephanie O Joy, Esq replied 17 days ago.

Yes, thank you for returning.

Customer: replied 17 days ago.
What are my options?
Expert:  Stephanie O Joy, Esq replied 17 days ago.

OK, so it is true that if it has been beyond the first year, you can't "withdraw" your application and pay back. However, that is not such a big deal, for this reason...

Expert:  Stephanie O Joy, Esq replied 17 days ago.

Tell the SSA what you are making. It should STOP your SS payments, because you are exceeding the early retirement earnings limit 15720, by so much that you are due nothing. So, for every month you are so earning and NOT collecting early SS, the amount of discount off of your full SS PIA amount will be reversed once you hit Full retirement age. So, instead of suffering for ever that 25-30% reduction you see now, it willl be smaller, maybe an 8% reduction forever.

Customer: replied 17 days ago.
What happens if I retire at 64
Expert:  Stephanie O Joy, Esq replied 17 days ago.

So, if you work as much as you are now, til your FRA, you will only have remaining that first year's reduction for taking benefits for 1 year.

Also, once you hit your FRA, you CAN "suspend" your benefits til 70, to allow your amount to grow another 32% for that additional delay in collecting. That can make up for A LOT.

Expert:  Stephanie O Joy, Esq replied 17 days ago.

You mean if you stop working? You will be eligible for your reduced SS payments again.

Expert:  Stephanie O Joy, Esq replied 17 days ago.

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

Kindly rate me "excellent" when you aredone. I look forward to assisting you in the future, should you have legal questions. Be sure to start future posts with "To ***** Esq., ONLY" if you want me to specifically answer it.

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

Your online SS legal resource!

Customer: replied 17 days ago.
will I have to payback this years payments?
Expert:  Stephanie O Joy, Esq replied 17 days ago.

If you exceeded, yes. I would suggest that you either bank the payments so you can pay them back when asked, and/or make sure SSA stops sending them.

Expert:  Stephanie O Joy, Esq replied 17 days ago.

If you don't pay back, they take it from your future benefits at your FRA.