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How many of you are working full time and drawing full SS benefits? My husband is still working at age 67 and drawing SS benefits. I am 65 and plan to do the same when I turn 66. There are some restrictions at age 66, but not at 67. We may have been the only people who didn't know this was possible until we talked with our financial planner.
+there are special rules for the year you are fra too . the year you are fra you can earn 3 dollars before giving back 1 over the income limit of over 41k .
so i will be fra towards the end of 2018 . if i am already collecting i can earn over 41k in 2018 prior to being fra and then i give back 1 dollar for every 3 i earn . once i hit fra no limit exists anymore .
Last edited by mathjak107; 06-10-2017 at 08:31 AM..
Most people don't collect while working after FRA, because of the increased tax rate and/or the desire for a higher SS benefit as their only income whrn they stop working. If you need the extra income, are not expecting to be long lived, or just plan to work till you drop, then it makes sense. I have a friend that started collecting at FRA, and is still working becuase his late in life child attends an expensive university, and that allows him to pay for it, which he insists he wants to do. His family is not long lived, so FRA was always his plan anyway.
Assuming the SS is not needed for day to day expenses the spouce who will have the highest benefit should delay until 70. The other spouce should start at FRA.
Remember you earn about 8% by delaying and if the spouce that delayed first dies the other spouce will start getting their check instead of their lower check.
Remember you maybe paying taxes on your current SS and higher taxes on your total income.
Assuming the SS is not needed for day to day expenses the spouce who will have the highest benefit should delay until 70. The other spouce should start at FRA.
Remember you earn about 8% by delaying and if the spouce that delayed first dies the other spouce will start getting their check instead of their lower check.
Remember you maybe paying taxes on your current SS and higher taxes on your total income.
I am 68 years old, soon to be 69, working full-time and this is exactly the reason I'm not collecting my benefits yet.
If I collected my benefits now I would receive somewhere around $2,850 about but with my income a solid 15% of that would be lost income tax because 85 percent of my social security benefit would be subject to federal taxes.
Stop by waiting another year not only am I getting a 6% increase, increase that will be exempt from taxes when I stopped working, but the increase is really equivalent to Somewhere Over 20% when you consider the federal income tax ramifications. And as long as I am working I really don't need the money I don't know what I would do with it other than just blow it.
+there are special rules for the year you are fra too . the year you are fra you can earn 3 dollars before giving back 1 over the income limit of over 41k .
so i will be fra towards the end of 2018 . if i am already collecting i can earn over 41k in 2018 prior to being fra and then i give back 1 dollar for every 3 i earn . once i hit fra no limit exists anymore .
How will ss benefit change if you stop working at 55? But then start collecting ss before FRA, but at age 62, when you first can vs 67?
We were both working full time when we turned 66 and we both took Social Security payments. I elected to because of the fact that I had previously had heart surgery. Didn't know how long I would live so I took the money while I could. I'm now 72 and retired and still collecting
We used the money to pay off our line of credit
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