Work, Retirement, and Social Security

Thinking about funding retirement years? Seniors need to understand their resources and options. See additional information from the Social Security Administration regarding benefits, your eligible age, and your ability to be patient…

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You may start receiving Social Security benefits as early as age 62 or as late as age 70. The longer you wait, the higher your monthly benefit will be. Your monthly benefits will be reduced permanently if you start them any time before full retirement age. For example, if you start receiving benefits in 2017 at age 62, your monthly benefit amount will be reduced permanently by about 26 percent.

On the other hand, if you wait to start receiving your benefits until after your full retirement age, then your monthly benefits will be permanently increased. The amount of this increase is two-thirds of one percent for each month –– or eight percent for each year –– that you delay receiving them until you reach age 70.

If you decide to receive benefits before you reach full retirement age, you should also understand how continuing to work can affect your benefits. We may withhold or reduce your benefits if your annual earnings exceed a certain amount. However, every month we withhold or reduce increases your future benefits. That’s because at your full retirement age we will recalculate your benefit amount to give you credit for the months in which we reduced or withheld benefits due to your excess earnings. In effect, it’s as if you hadn’t filed for those months.

If you pass away, your retirement date can affect the benefit amount your surviving loved ones receive. If you started receiving retirement benefits before full retirement age, we cannot pay the full amount to your survivors. Their benefit amount will be based on your reduced benefits.

To learn more, please visit Social Security Retirement at: http://www.socialsecurity.gov/planners/retire/.

JD Miller

About JD Miller

John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions. Phone: (781) 378-2164 Email: [email protected] Website: https://homecarepartnersma.com
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