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I received the letter that I can only earn special work

Customer Question
I received the letter...

I received the letter that I can only earn special work credit until 70. I turn 70 in May. I am a Federal and want to work another year and my agency wants me to continue to work. I am going to file for benefits as instructed in the letter. Q1. at what age must I start taking benefits? Q2 Will my Federal income be subject to FICA withholding upon taking benefits. I know my benefits will be low as I am a GS-15 and my salary is higher than the salary one can earn. I tried to find answers on-line but couldn't find these questions.

Accountant's Assistant: 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. Is there anything else important you think the Retirement Accountant should know?

Those are my 2 looming questions as I know I must register soon.

Submitted: 7 months ago.Category: Social Security
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Answered in 6 minutes by:
1/19/2018
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,912
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Hi. My name’sLane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate,non-profit, and tax advice, to clients on three continents, since 1986.

Bear with me a moment while I type up my response. Then if you havefurther questions we can go from there

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Customer reply replied 7 months ago
Ok
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago

You are not REQUIRED to start taking the benefit at any time. (Although not taking at 70 is just leaving money on the table, given that the delayed retirement credits stop at this time.)

...

I tried to accept the call request, but there was an error on my end?

...

And on the SS & Medicare. Yes, afraid so,, any time we work in a SS Covered position, the tax is withheld (essentiallly a preimum fo this soocial insuance)

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago

(Sorry for the typos - the system is not letting me edit for some reason)

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Customer reply replied 7 months ago
I want cancel the request
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago

You aren't being charged for the call, as it never went through.

...

But again, (1) yes your pay will be subject to FICA, and (2) not applying for Social Security to start at age 70 is simply leaving benefits on the table

...

APPLY FOR SOCIAL SECURITY ONLINE HERE

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago

Did my answer help?

...

Other questions?

...

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit") … That’s the only way JustAnswer will compensate me for the work here.

...

But if you need more on this, please let me know.

Lane

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,912
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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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