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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13521
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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I just turned 65 and am employed with a six figure income. I

Customer Question

I just turned 65 and am employed with a six figure income. I also have been collecting a pension from NY State for 10 years. I am considering starting to collect my SSI now verses waiting until age 66. My rationale is: I will lose 6.23% from my full SSI until I reach age 66 when my full amount starts. It is my understanding that that 6.23% will be returned to me in the form of an increase monthly amount. Is that true?
Submitted: 1 year ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 1 year ago.

Hi, with regard to your post:

"I just turned 65 and am employed with a six figure income. I also have been collecting a pension from NY State for 10 years. I am considering starting to collect my SSI now verses waiting until age 66. --------- You likely won't be able to collect ANYTHING, because there is an earnings limit of $15,720 per year and for every $2 your earn above that, you owe back $1 to SSA. This ends when you hit your FRA, when you can earn as much as you want without an earnings limit.

"My rationale is: I will lose 6.23% from my full SSI until I reach age 66 when my full amount starts. ------Actually, that reduction for taking early is permanent and doesn't revert to full because you are 66+. (Except if you have to pay it back because you earned too much.)

"It is my understanding that that 6.23% will be returned to me in the form of an increase monthly amount. Is that true? ------ Only if you end up NOT taking early because you have to pay it back. If you collect early, a reduced amount, it is a permanent reduction. However, if you end up NOT being eligible for that early retirement due to work, and have to pay it back, then the reduction of X percent will be reversed, since in the end you would NOT have gotten that extra money.

But, I think you will want to consider NOT collecting early or at 66+ and waiting til 70 - at 70, starting will get you a 32% higher benefit amount beyond that which you'd have gotten had you waited til only 66.

As an additional concern you don't mention: you may have WEP implications due to your NY state pension which can reduce your Ss benefit IF you weren't paying SS taxes on that NY state earnings over the years. If you need information on that, I will add an 'additional services' option for you - totally optional.

Expert:  Stephanie O Joy, Esq replied 1 year ago.

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

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, shouldyou have legal questions. Be sure tostart future posts with "To ***** Esq., ONLY" ifyou want me to specifically answer it.

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Expert:  Stephanie O Joy, Esq replied 1 year ago.

Hello again. It is month end -Please, if you haven't yet had the opportunity to do either of the items below, I ask that you do so now, because itis the only way I can receive credit for time spent with you. Please:

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If there's more I can do, please use the reply tab and let me know how I canbe of further assistance. It's my goal to provide you with excellent service- to make sure I answered the question you asked about. Please rate mehighly and provide me with feedback. And thanks for understanding how we receivecredit from the Site for contributing our time here!

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StephanieO. Joy, Esq. – Your Online Legal Professional