If you decide to apply for benefits before your full retirement age
, you can work and still get some Social Security benefits.
For clients who work while collecting at the full retirement age
(FRA) or later, no amount of earned income will impact their benefits.
As I mentioned, your primary insurance amount is your calculated Social Security benefit if you start collecting benefits at your full retirement age
Withdrawals from qualified retirement plans and IRAs are not tied to the full retirement age
applicable to Social Security benefits; they can be taken at any time, in any amount.
If the individual is age fifty or older, the estimates will include the retirement insurance benefits he could receive at age sixty-two (or his current age if he is already over age sixty-two), at full retirement age
(currently age sixty-six to sixty-seven, depending on year of birth) or at the individual's current age if he is already over full retirement age
, and at age seventy.
If Bob and Liz's cash flow needs are otherwise covered, Bob can file at full retirement age
but suspend benefits, and Liz can still apply for spousal benefits.
Detailed tax return data for 1999 to 2011 suggest that most of those who claimed Social Security before the full retirement age
had sufficient liquid assets to delay Social Security benefits until full retirement age
The goal of the paper is to encourage people to delay taking benefits before the full retirement age
After 12 months, you can wait until full retirement age
and then suspend your benefits.
Clients are often asked to bring any recent Social Security statements showing estimated benefits at full retirement age
and early retirement age, and to inquire about possible benefits available from former spouses that could be integrated into maximization plans.
For example, lifetime benefits for a couple may be maximized if a client at full retirement age
(FRA) files first for his or her spousal benefit and at age 70 switches to his or her own worker benefit.
If you are younger than your full retirement age
and earn more than $15,120, Social Security temporarily reduces your monthly benefit by deducting $1 of every $2 you earn over that annual limit.