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Social Security Benefits

 
 
ghood
 
Reply Fri 5 Jan, 2018 04:07 pm
I was born in December July 1951, which means I reached full retirement age of 66 in December 2017. I made 123,000 per year and plan to continue working indefinitely. I applied for social security benefits December 19, 2017. Will my benefits be reduced if I indicate on the application that I want to begin receiving benefits in December 2017 after my birthday on December 7?
 
roger
 
  2  
Reply Fri 5 Jan, 2018 09:40 pm
@ghood,
Not sure of your precise question, but earnings above a certain low level will cause your SS benefit to be reduced by one dollar for every two dollars earned. That sounds about suicidal to me. Also, much of the SS benefit will be taxed. If I were in your position, I would revoke my application. Not saying what you should do, of course, but that's what I would do.

I believe the earnings limit was around 15,000. I think it is somewhat higher this year.
0 Replies
 
edgarblythe
 
  2  
Reply Fri 5 Jan, 2018 10:02 pm
Roger bees correct here.
0 Replies
 
PUNKEY
 
  3  
Reply Fri 5 Jan, 2018 11:04 pm
Why did you apply for benefits when you are working and your benefits would be reduced due to large earnings?

Wait until you are 70. You can make as much as you want then without penalty.
0 Replies
 
seac
 
  0  
Reply Sun 7 Jan, 2018 01:15 am
With the way things are going with the Federal government, I think it is better to collect early even if you still want to work at regular jobs or have a considerable income coming in. No telling what will happen in the next few years with social security benefits. It could be gone.
roger
 
  1  
Reply Sun 7 Jan, 2018 01:31 am
@seac,
Maybe, but there's a heck of a penalty based on a guess.
0 Replies
 
 

 
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