Filing at 62 because you need the income, but no longer working because your benefit will be reduced by the "Earnings Test": Your benefits may be reduced based on the wages you earn after filing, but they will be repaid at full retirement age
pro-ratably over your remaining life expectancy.
For those presently approaching this milestone, the full retirement age
is between 66 and 67.
If you haven't reached full retirement age
but have claimed your benefit, Social Security holds on to $1 for every $2 you earn above $15,480.
Under PERS rules, most retirees who are younger than full retirement age
are limited to a maximum of 1,039 hours - six months of full-time work - in any calendar year for an Oregon public employer.
The full retirement age
benefit was originally established to be age 65.
Benefit will typically be 35 percent of the worker's full retirement age
Exhibit 1 Determining Full Retirement Age
Year of Birth * Full Retirement Age
(FRA) 1943-1954 66 1955 66 and 2 months 1956 66 and 4 months 1957 66 and 6 months 1958 66 and 8 months 1959 66 and 10 months 1960 and later 67 * If a beneficiary was born on Jan.
Let's assume you have reached full retirement age
and your monthly benefit is $1,000.
Even at age 66, Social Security's current full retirement age
, only 55 percent of households are projected to be prepared for retirement (4).
The AARP highlighted the top proposals that have been put forth by politicians and others to save or fix Social Security, including raising the full retirement age
to 68, raising the payroll tax cap and recalculating cost of living adjustments.
They note that the annual increase in benefit amount from delaying has become more generous over the years; for example, the 1924 birth cohort earns 3 percent of their base benefit per year of delay beyond full retirement age
, while the 1943 cohort (and later) can earn 8 percent of their base benefit per year of delay beyond full retirement age
Those born in 1946 will reach full retirement age
(FRA) in 2012, while those born in 1964 must wait until 2031 to retire with full social security benefits.