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retroactive social security

 
 
Reply Wed 31 Dec, 2014 03:52 pm
Is there such thing as back pay for SS ? Big mistake thought early retirement age was 62 just found out it is 63 , was 62 Jan. 2014 , had no earnings during 2014 , Is there any way to file retroactive back to Jan. 2014 or do I have to file ASAP , Is there any advantage to applying in Jan after I turn 63 ? or should I apply Jan. 2, 2015 Didn't file at 62 due to failing eyesight & stupity
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Type: Question • Score: 3 • Views: 775 • Replies: 5
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oralloy
 
  -1  
Reply Thu 1 Jan, 2015 11:45 pm

I don't know the answer to your question, but I do know that the longer you wait to apply, the more money you get (per year) from then on. So you haven't necessarily lost out.
roger
 
  2  
Reply Fri 2 Jan, 2015 12:23 am
@oralloy,
I gather that it will be a brief time before he's eligible for the earliest possible enrollment date. My inclination is to get the money as soon as possible unless there is likelihood of significant income before full retirement age. Social Security in normally not taxed unless you exceed a certain income. Last year that amount was ~ 25,000 which includes 50% of SS benefit plus all other income - earned or not. Also, when earned income exceeds something like 15,000 they reduce SS payments by $1.00 for every $2.00 earned. I could not advise anyone earning above minimum wage to accept the benefit till full retirement age.

Beyond that, I'm not sure I really understand the entire question. Certainly, there is no retroactive benefit.
roger
 
  2  
Reply Fri 2 Jan, 2015 12:24 am
@roger,
PS: If you know you are going to die before full retirement age, take the money as soon as possible.
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jnone911
 
  2  
Reply Sat 3 Jan, 2015 09:44 pm
Thanks everyone
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personalinjury1
 
  0  
Reply Thu 8 Jan, 2015 02:22 am
I too agree that it makes sense to get the money as soon as possible unless there is likelihood of significant income before full retirement age....
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