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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16579
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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I am 62 years old and have been on SSDI since I was 55. Can

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I am 62 years old and have been on SSDI since I was 55. Can I apply for retirement?


I realize you have a question about social security. My goal is to help you better understand your options.


How are you today?

JACUSTOMER-vey16t42- : Fine, thank you.

Your social security will change to retirement, once you reach age 66


There is no need to apply for retirement age age 62


In fact, if you applied for retirement age 62 your benefit would go down by about 32%

JACUSTOMER-vey16t42- : I may be able to earn more money if not on SSDI.

Well, before full retirement age, your benefit is reduced $1 for every $2 you earn over $15,120

JACUSTOMER-vey16t42- : I am self employed and could earn 24000.00 annually.

If you wish to switch to retirement, all you would need to do is go to your local office

JACUSTOMER-vey16t42- : I know but not sure it would be worth it?

Well, your benefit would go down 32% right off the bat, and then based on your earnings, you would be reduced an additional $370 (although they would not do this up front, they would wait until you file your tax return, then ask for the money back)

JACUSTOMER-vey16t42- : Okay, is the $370 monthly or annually and every year?

Monthly, but for a year at one time - so it would be $4,440

JACUSTOMER-vey16t42- : Just taken out that first year?

No, each year you earn over $15,120 until you reach 66


once you reach age 66 you are in the clear

JACUSTOMER-vey16t42- : okay, so it would be best to wait and keep my yearly income from my businees under what amount in order to not lose SSDI?

You cannot earn more than $1,040 per month - this is profit


so your income can exceed your assets by only up to $1,040

JACUSTOMER-vey16t42- : I am taking a draw of 600 each month, does SS look at this amount or my business earnings?

The business earnings

JACUSTOMER-vey16t42- : Net earnings?

Correct, after all expenses

JACUSTOMER-vey16t42- : Last question...can I estimate my earnings annually...say $1040 X 12? Some months are better than others.

Yes, you could do that

JACUSTOMER-vey16t42- : Okay, thank you.

You're welcome.


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