social security question at 62
 

I turn 62 in June how much can I make before it affects my Social Security monthly payment starting in June and is that amount prorated for half the year, Will investment income be counted also or is it just W-2 income ? I now make approximately $20,000 on my part time job, just wondering how much it will affect my social security payout that I was thinking about taking at 62

make an appointment..there are different ways to make it work

Last year, I think it was 14,600. This year it is a little higher.

For every 2 dollars over the annual cap you give 1 back.

Only earned income counts (like your part time job earnings). Interest income is not earned income.

Once you reach your full retirement age (that would be either 66 or 67 for you), you can have unlimited earned income from a job, no cap.

This year you can earn up to $15,120 without changing the amount that you get from Social Security.

Xavier

The very best investment you can make is to wait longer before taking SS. 8% a year increase in payout. So as long as your working even part time, wait. If possible wait until your 66. And for the very best return wait until your 70 before starting SS. Remember your spouse is eligible for 50% of your SS. So by waiting until your 70, her share increases. By starting at 62 you get about 68% of the amount your entitled to receive. And when your spouse is eligible she gets half of that or 34%. By waiting until 66 you get 100% and she gets 50%. By waiting until your 70, you get 132% and she receives 66%.

Another good plan if she is eligible on her own, is for her to use your SS at the 50% rate and wait until 70 until she applies. This can also work in reverse. Have her apply, you receive 50% of hers and wait until 70 to apply on your own.

Really look at all those options and use a plan to maximize the SS payout.

Actuaries
 

It's good to wait, IF you are going to live. If not, take it now.

Why not contact the people who run the Social Security. ?

Boy, that makes sense......................................

Here is another very different opinion.

I decided long ago that I would start taking my SSI as early as I could. I am a Bell System retiree and once heard that the average Bell System retiree collected only 17 monthly pension checks before they died.

Made my decision easy.

Calcultions that I did and studies I found,that depending on taxes, inflation, and investment returns, the range of break-even ages goes from 81 to 86 1/2.

It was a bet I hope I lose!!!!


What's Your Social Security Break-Even Age? - The Best Life (usnews.com)

:agree::agree::agree:

Good comments.


Remember with a married couple, once one of the spouses dies, the survivor's household income will be reduced because one SS payment stops.

The surviving spouse gets to retain the higher SS payment. Waiting till an older age can reduce the potential financial impact.

Most people do not bother to understand all of the issues. Instead they think about it simply and wing it.


Of course, SS has certain special rules regarding people with certain types of public pensions (e.g. public school teachers). So people should get the facts from The Social Security Administration too, just to make sure they understand their situation with regard to SS and their options.

My X died at 61 1/2 in a car accident and didn't get a chance to collect anything.

Decided to take mine a 62 ... never know when your #'s up.

Yeah cause they're doing a bang up job with it :oops:

I am a BELL retiree also....Look at your family history...Mine die earlier...why would you wait till 66,,,Most of mine are gone... SIMPLE decision ,,,,look at your history..Good Luck! Remember the first 100 years will be the worst.

That is true of a lot of questions but I think it is a very good idea to read the web site and ask questions here. Then confirm with a live SS employee.
I went to the SS office and the person said they were familiar with what I wanted to do (file and suspend). The person seemed very competent. But in the end I spent over 6 months getting my payments to be made correctly and about a year latter got a letter from SS saying they under paid me. Point is best to learn as much as you can before going to SS office.