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Sorry if this has been asked and answered but I am trying to maximize my options.
My birthday is April 2nd. I want to start to collect a check in early February. I plan on working through April and want as little money as possible withheld from my SS check due to earning over the limits for early retirement. 11 checks from my employer will just about put me over the amount that I can earn without incurring the penalty.
When should I apply and when does the earnings limit kick in? When I actually get the check or the month the check that I get from SS is paid for?
My wife just did it and she went on line to fill out form 3 months ahead. She didn't want to mail documents needed. They e-mailed her a appointment date and time with list documents needed. It took less than 30 minutes and they gave paperwork on everything. The date in month you get checks depends on birth date. You are always a month behind on checks. My wifes birth date is march 9th. She applied three months ahead .She got first check on second Tuesday in May. She will get all checks second Tuesday of each month. If you look on SS site they tell you the date by day of month your birthday falls. As to month the check its always for month before kind of like you earned it. So January check comes in Feb.
isn't there a rule that is different for the first year you retire? so that it does not matter how much you made in the first year you retire. Or maybe I misunderstood and you are going to continue working?
isn't there a rule that is different for the first year you retire? so that it does not matter how much you made in the first year you retire. Or maybe I misunderstood and you are going to continue working?
Yes, there is a "Special rule for the first year you retire" if working in retirement. It is explained on page 6 of this SSA booklet>
Special rule for the first year you retire Sometimes people who retire in mid-year already have earned more than the annual earnings limit. That is why there is a special rule that applies to earnings for one year, usually the first year of retirement. Under this rule, you can get a full Social Security check for any whole month you are retired, regardless of your yearly earnings.
In 2014, a person younger than full retirement age for the entire year is considered retired if monthly earnings are $1,290 or less. For example, John Smith retires at age 62 on October 30, 2014. He will earn $45,000 through October.
He takes a part-time job beginning in November earning $500 per month. Although his earnings for the year substantially exceed the 2014 annual limit ($15,480), he will receive a Social Security payment for November and December.
This is because his earnings in those months are $1,290 or less, the monthly limit for people younger than full retirement age. If Mr. Smith earns more than $1,290 in either of those months (November or December), he will not receive a benefit for that month.
Beginning in 2015, only the annual limit will apply to him.
There are circumstances when postponing SS is better in the long term. Search the early-retirement org forum for threads addressing that situation.
Not in my case. I have worked a very physical job for 45 years and it has gotten to the point that it has become very difficult to continue. I just turned 62 and would consider myself lucky to be able to get to 65 in my current job. Due to life circumstances (child support for 3 kids for nearly 20 years) it has been very difficult to put anything aside. Just bought a place down South that I can cover easily with SS check and a small part time job. Postponing SS is not viable for me.
The question is collecting a SS check and still working. I understand all earnings for the year prior to collecting a SS check are for all intents and purposes not included in the equation. I want to work and collect a SS check at the same time but do not want to exceed the annual earnings limit. The question is the timing of getting the first check and when the clock starts.
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