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What will be my monthly benefit at age 65 if I start taking…

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What will be my monthly...
What will be my monthly benefit at age 65 if I start taking early benefits at my 63rd birthday this July 18th and I continue to work making $56,000 a year until July 18, 2018.
Submitted: 2 years ago.Category: Social Security
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3/7/2016
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13,637
Experience: 22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
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Hi, my name is***** and I am here to assist you. I am a social security attorney in my private practice – that is ALL I do. Please let me know that my post here is coming through for you by typing a quick reply.

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Customer reply replied 2 years ago
I see your post.
Customer reply replied 2 years ago
I am eligible for maximum benefits at full retirement age
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

How do you know you will be eligible for maximum benefits at your FRA? You mean 2600-2700?

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Customer reply replied 2 years ago
I have a confirmation letter from SS office saying I am eligible for maximum amount at age 66...I think it is $2,642...???
Customer reply replied 2 years ago
whatever it is...I don't have my hands on the number right now
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

If you look at your annual SS earnings statement (which is likely what you have) (it is 4 sides/pages usually) it will tell you X amount at 66. It typically doesn't say what the max is in general, just estimate what you would get if you waited til your FRA to collect. But it is an estimate because they don't run final numbers, which includes a look at every year of income you have had in your life, along with an indexing of prior years so the numbers are properly reflecting equivalence given inflation, etc., and then they use the top 35 years to determine your lifetime average monthly earnings, to which they apply a % to get your benefit amount. Poorer lifetime earners get a higher % of their LAME while higher earners like yourself, get a lower %, plus a cap at that $2600-$2700 amount. Note that if you waited til age 70 to collect it, you'd actually get more like $3500-3600, due to waiting.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

So, if your new work income of $56k doesn't effect your LAME at all or much, there will be no change in benefit amount based on that work, or only an incremental change that may not be notable.

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Customer reply replied 2 years ago
What I am asking is that if I take early retirement and continue to work, those benefits will be taken away from me but added back when I stop working...what then will be my monthly benefit at age 65? 66?
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

Now, if you start collecting early, instead of wait til 66, you will have approximately 8% reduction per year you take early. It is a permanent reduction. So if 2642 is your amount if you waited til 66 (it is not 65, although Medicare remains at 65), then collecting at 63 will cause an approximate 24% reduction, give or take off of the age 66 amount.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

Ah, yes, if you collect early AND work, you will pay back $1 for every $2 you earn OVER $15720.

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Customer reply replied 2 years ago
but how much will be added for working 2 years
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

and yes, they will be added back in the form of a higher benefit than the reduced amount you were opting for. On a month by month basis, that % reduction gets added back to determine your true benefit amount later.

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Customer reply replied 2 years ago
at $56,000
Customer reply replied 2 years ago
24% reduction permanent, how much added to return my benefits not received due to working
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

This is best left to an accountant, of course, which I am not the math guru, just the SS lawyerif you can explain to him the law, but it goes like this.

If you took at a 24% discount. But 2 of those 3 early years are reversible, then your reduction would only be for that last year that you actually TOOK the early benefit (from 65 to 66). So I'd estimate that your benefit would become not 24% less than your 2642 but only 8% less.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

If you take at 63-64, and 64-65, but then stop working, you don't have to pay back that last year since you were not earning over the earnings limit.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

Are we on the same page?

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

SO in essence you only took early for 1 year, not 3. Agree?

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Customer reply replied 2 years ago
ok...that sounds simple...never really thought of it in that way...i thought the amounts taken away would be added somehow, but your process is easier to understand.
Customer reply replied 2 years ago
there is no benefit in taking benefits at age 63 and working
Customer reply replied 2 years ago
just keep working at take benefits whenever
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

They are added in the sense that your benefit amount will be reverse from that rather substantial reduction to a lesser reduction.

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Customer reply replied 2 years ago
with 8% per year early permanent penalty
Customer reply replied 2 years ago
That answers my question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

It can depend on one's personal situation - for instance, let's say you have a spouse and 2 minor children, and the spouse doesn't have a work record on her own and is 66. You could file now, collect and return what you get, so THEY could collect their dependent benefits. I know some people who do the math and it is SO worth it, even to suffer that reduced amount forever (unless they work and reverse it a bit). Plus, they can suspend their own come age 66 to get those DRCs and increase their amount by that 32%.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

(But, suspending at 66 is now going to mean that dependents get suspended to, so that attractive option for some is going away somewhat, depending on whether they have minor kids/spouse that can collect on their record for a spell.)

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Customer reply replied 2 years ago
I am single with no children but could get married to a younger woman 10 years with children if it helped, but i don't think it would.
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

Definitely a personal/financial decision. I won't have minor children, presumably, when I am 62+, and my spouse works himself (and hopefully still will be) so barring any bad events, I'd imagine I will go til I am at least 66 but possibly 70.

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

Lol, the marriage thing and raising the kids would likely far outweigh the income you get the kids. Unless they live in the closet, lol.

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Customer reply replied 2 years ago
the kids are not minors any more...I would say it would be difficult to be 66 with minor children
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

Some decide to collect at their FRA while still working, since there is no limit at that point. They pocket/save the SS benefit, while living as they always have on earnings. If one can invest that SS so it brings in an income that makes up for the loss of that 32% increase, I suppose that would be beneficial.

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Customer reply replied 2 years ago
I am lucky to get 3% annuity and not willing to take risks to make 32%
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

I agree it would be difficult! It is difficult regardless, but you'd be suprised perhaps by how many visitors I get who have just that sitch. Usually a 60s plus guy with the 40ish wife and 10 year old kid :)

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Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

What is the risk with the 32 you are thinking of?

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Customer reply replied 2 years ago
I live in Nashville, TN and real estate development is real hot right now...
Customer reply replied 2 years ago
but you are taking a risk of loosing if things don't go just right cuz you are dealing in large sums of money
Customer reply replied 2 years ago
Thank you for being so informative. Sounds like 66 or 65 is it...hope I make it that long
Customer reply replied 2 years ago
Have so many other things I want to do
Customer reply replied 2 years ago
Gotta go now...thanks...
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 2 years ago

Good luck!

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