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Planning retirement will my social security amount change

Customer Question
from what I am presently...
planning retirement will my social security amount change from what I am presently receiving
Submitted: 1 year ago.Category: Social Security
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Answered in 3 minutes by:
8/26/2016
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,291
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi Joyce. My name's Lane. I can help.

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You are now on Social Security disability coming up to retirement age?

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Or are you already receiving early retirement (pre-age 66) and the amount is being limited becasue you still work?

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If you can give me a few more details, I can tell you how things work

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I'll be here

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Lane

...

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I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986

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Customer reply replied 1 year ago
am on early benefits not disability want to know when I retire will my amount change
Customer reply replied 1 year ago
no call
Customer reply replied 1 year ago
just need answer
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

Understand ... I wish Justanswer would stop doing that

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Your amount will only change if it is being reduced because you are earning more than 15720 and under full retirement age

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Otherwise it will not change

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

If that IS it, not only will the benefit go up to what you would earn based on your earnings record ... they will slowly pay back the reductions that have been taking place

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

Said differently ... If you are earning LESS than the annual limit for someone who works and took retirement early (15720 in 2016), then your benefit was reduced AT age 62 (or whatever age you tool it) simply beacue youn took the benefit early.

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THAT reduction, (the reduction for taking SS benefit early) you never get back

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But again, if the reduction came from earning more than the annual limit (for someone who works WHILE getting SSA bennefits and hasn't yet hit full retirement age) then you'll see that reduction disappear and your benefit jump up

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 1 year ago

So the real answer is ... it depends.

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Does that help?

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

I know it takes an extra step, but JustAnswer won’t credit us for the work until you rate

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 13,291
13,291 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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