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I am 66 years old, have been working for since I was 22, and…

I am 66 years old...
I am 66 years old, have been working for since I was 22, and make $85,00 per year ($60,000 take home.) I am thinking of reducing my salary by 20% for two years, working part time and then retiring.

How would this affect my SS benefits?
Is this a good plan or not?
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Answered in 48 minutes by:
4/3/2014
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you today

Megan C :

How are you doing?

Megan C :

Once you are full retirement age and drawing benefits, reducing your income will not impact your benefits

Megan C :

You will not see a decrease in your earnings as a result of this

Megan C :

In terms of your social security benefits, this will not impact them. Working part time may be relaxing for you - and that is a benefit that is well worth the cost :-)

Megan C :

Do you have any further questions to ask me?

Megan C :

If no further questions, please rate positive so that I may receive credit for assisting you toay

Megan C :

Thanks so much

Customer:

Hi Megan,

Megan C :

Hello :-)

Customer:

Hi Megan. My question is will my SS benefit be tied to my final salary or not? Will it be categorically less than it would be if

Megan C :

No, your benefit is tied to your highest 35 years of earnings - not your latest salary --so you have already hit your highest 35 years

Customer: Megan
Customer: megan. One last question. So, SS takes all of my earnings
Megan C :

No, social security will not reduce your earnings as a result of this

Megan C :

You can earn an unlimited amount with no reduction on your earnings

Megan C :

So, I believe that your plan is a good one :-)

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Verified
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16,608
16,608 Satisfied Customers
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

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