Social Security at 65 vs 70. (spouses, years, single, benefits)

[AADAD]

I work currently full time. As I think about retiring I see the social security coming in at $2100/mo at 65 and $3100/mo at 70. I suppose I can keep working p/t til 70. Should be easy being an RN. Can one work p/t til 70? Any RN's do this or any other people here have a similar career or experience?

[Dwatted Wabbit]

There are SS guidelines regarding how much you can earn, otherwise there's a reduction in bennies.

Consider your likely potential lifespan given family history especially your parents' lifespans and other factors that as an RN you're surely aware.

Also consider that SS may have considerable changes by the time you're 70.

Many unpredictables here, some of it is chance or luck.

[yellowsnow]

Considering they may change SS makes me want to sign up on the day I'm eligible even if the bennies are reduced. I believe it would be harder to take away from the people already enrolled than to make changes for those who haven't claimed yet.

[PacificFlights]

If this is that estimate thing they mail out each year, if you read the back it tells you that the future amount is based on you earning at least as much as you are making today. If you go part time, and make less, the monthly amount will also be less.

[Curmudgeon]

I forget how it penciled out but had I waited until 66 to draw full Social Security instead of taking it as soon as I became eligible at 62, that's four years of benefits I may not have lived to draw and I'd have had to draw the full, increased benefits for far more than four years to make up for it. That was too much of a crap-shoot for me!

[ArkansasSlim]

Originally Posted by Curmudgeon

I forget how it penciled out but had I waited until 66 to draw full Social Security instead of taking it as soon as I became eligible at 62, that's four years of benefits I may not have lived to draw and I'd have had to draw the full, increased benefits for far more than four years to make up for it. That was too much of a crap-shoot for me!

I agree, I did the same thing. Though I suggest to people who are happy with their work to keep working because drawing only SS will cause them to redo their budget and may find there is not enough to go around, but for me, I was more than ready to "hang it up".

I don't know what the current law is, but there is an age where you can draw full SS and still work full time without penalty, and each year they will re-calculate what you have contributed and increase your benefits.

[Escort Rider]

The age after which there is no reduction in benefits no matter how much you earn is your full retirement age as defined by Social Security. For most of us posting here, that age is 66. (It depends on the year of your birth - and it is 67 for the younger folks).

Since your benefit is calculated on the 35 highest earnings years (averaged), those people who have either less than 35 years of Social Security earnings (meaning they can replace a "0" with some amount), or have some very low years in there, will increase their benefit with each each year of even modest wages.

Historically, changes in Social Security have always been phased in so that people who were pretty close to retirement were not affected. While that will probably continue to be the case, there is no guarantee.

[NewToCA]

Originally Posted by AADAD

I work currently full time. As I think about retiring I see the social security coming in at $2100/mo at 65 and $3100/mo at 70. I suppose I can keep working p/t til 70. Should be easy being an RN. Can one work p/t til 70? Any RN's do this or any other people here have a similar career or experience?

Just as a side note though, I believe that Spousal Social Security (provided for spouses with low or no working income history) is capped at what would be received at normal retirement age.

I believe this does not increase if you delay receiving Social Security.

[Lakewooder]

I think if you are a single man, it's best to draw at 62. You can always pay it back if you want and draw the full amount at 65 or 70. But time is not on a man's side.

[AADAD]

Responses appreciated. Food for thought.

Thanks.