Social Security

Ask Social Security Questions and Get Answers ASAP

Ask an Expert,
Get an Answer ASAP!

Social Security

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

Customer Question
early benefits at my 63rd...
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: 1 year ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 3 minutes by:
3/7/2016
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13,572
Experience: 22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.
Verified

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.

Ask Your Own Social Security Question
Customer reply replied 1 year ago
I see your post.
Customer reply replied 1 year ago
I am eligible for maximum benefits at full retirement age
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago

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

Ask Your Own Social Security Question
Customer reply replied 1 year 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 1 year 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 1 year 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.

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year 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.

Ask Your Own Social Security Question
Customer reply replied 1 year 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 1 year 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.

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago

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

Ask Your Own Social Security Question
Customer reply replied 1 year ago
but how much will be added for working 2 years
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year 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.

Ask Your Own Social Security Question
Customer reply replied 1 year ago
at $56,000
Customer reply replied 1 year 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 1 year 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.

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year 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.

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago

Are we on the same page?

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago

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

Ask Your Own Social Security Question
Customer reply replied 1 year 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 1 year ago
there is no benefit in taking benefits at age 63 and working
Customer reply replied 1 year ago
just keep working at take benefits whenever
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago

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

Ask Your Own Social Security Question
Customer reply replied 1 year ago
with 8% per year early permanent penalty
Customer reply replied 1 year ago
That answers my question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year 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%.

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year 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.)

Ask Your Own Social Security Question
Customer reply replied 1 year 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 1 year 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.

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year 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.

Ask Your Own Social Security Question
Customer reply replied 1 year 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 1 year 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.

Ask Your Own Social Security Question
Customer reply replied 1 year 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 1 year 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 :)

Ask Your Own Social Security Question
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago

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

Ask Your Own Social Security Question
Customer reply replied 1 year ago
I live in Nashville, TN and real estate development is real hot right now...
Customer reply replied 1 year 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 1 year ago
Thank you for being so informative. Sounds like 66 or 65 is it...hope I make it that long
Customer reply replied 1 year ago
Have so many other things I want to do
Customer reply replied 1 year ago
Gotta go now...thanks...
Social Security Expert: Stephanie O Joy, Esq, Soc. Sec. Attorney replied 1 year ago

Good luck!

Ask Your Own Social Security Question
Ask Stephanie O Joy, Esq Your Own Question
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13,572
13,572 Satisfied Customers
Experience: 22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

Stephanie O Joy, Esq is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,441 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,565 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,065 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

13,572 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
I did the estimator for retirement, But my ex spouse's
Hi i did the estimator for retirement, But my ex spouse's income wasnt included, How do I know what to expect from his benefits? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I wondered what my spouse's survivor benefit would be when I
Hi, I wondered what my spouse's survivor benefit would be when I die. I currently receive $1,467.00/month, retired 1 year. Thanks! Nan … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Spouse and I (same sex) are both retired, receiving
Spouse and I (same sex) are both retired, receiving benefits, and have been married 4 years. We have not yet changed our "single" status with SS. Can the survivor simply present marriage certificate a… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
What are all the benefits for spouses of 100% total
What are all the benefits for spouses of 100% total permanent unreviewable combat veterans from post 9/11?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Should a spouse file any documentation to qualify for
should a spouse file any documentation to qualify for survivorship benefits prior to her spouses decease? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
736 satisfied customers
Can my spouse receive SS if she's under 60. i'm receiving it
can my spouse receive SS if she's under 60. i'm receiving it now … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If a spouse makes 80k and the other spouse gets SS and makes
Hello, If a spouse makes 80k and the other spouse gets SS and makes 15k. How would SS be taxed or would it be taxed?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,483 satisfied customers
If a spouse dies and the deceased spouse ss has been
If a spouse dies and the deceased spouse ss has been activated and the others has not, can the surviving spouse collect the ss of the deceased until 70 when they then activate their own ss? They make … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
If my ex-spouse qualifies for more monthly social security
If my ex-spouse qualifies for more monthly social security check, am I eligible to take his amount instead of mine while he is still living. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
For a woman to receive spouse's social security they must
for a woman to receive spouse's social security they must have been married for 10 years. What if they were married for 9 years and divorced and remarried for another 2 years? making it a total of 10 … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Can a spouse who will be eligible for SS earlier than the
Can a spouse who will be eligible for SS earlier than the other spouse (who is younger) but who will qualify for less than 1/2 of the other spouse's benefit amount take their smaller SS benefit first … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If your spouse dies at the end of the month. Will you still
If your spouse dies at the end of the month. Will you still get his social security check the first of the next month? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If you have a confidential marriage, and the beloved spouse
If you have a confidential marriage, and the beloved spouse dies. I was told that to get a step up to the deceased spouses social security benefits, the death certificate has to indicate that you were… read more
Stephanie O Joy, Esq
Stephanie O Joy, Esq
Soc. Sec. Attorney
13,572 satisfied customers
Does the spouse of a person with demenia who is the only
Does the spouse of a person with demenia who is the only care keeper of them be able to get paid for this? … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Please confirm-foreign spouse (Resident Alien with ITIN)
Please confirm-foreign spouse (Resident Alien with ITIN) filing jointly with her US Citizen husband has to pay self-employment tax on her foreign business income event though ITIN holders are not elig… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Surviving spouse benefits, surviving spouse benefits, no
surviving spouse benefits JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Please tell me more… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,065 satisfied customers
If a spouse passes away does the living spouse receive any
If a spouse passes away does the living spouse receive any SS benefits from the deceased spouse's SS.?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Publication No.05-10069 Current Annual and Monthly earnings
Publication No.05-10069 Current Annual and Monthly earnings limits … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x