Toni:
I work for local Oil Co and have lost my job. I’ve filed for unemployment and it will not even begin to pay my monthly bills.
I’ve just turned 62 and I’ve been told I can begin receiving a Social Security check.
Is this a good option? Can you explain how to get your Social Security check?
Thanks, Pam from Pearland, TX
Ms. Pam:
Help is on the way!! At the Confused about Medicare workshops, I am often asked, “What is the best age to start receiving Social Security benefits?” There really is no best age, but everyone needs an informed decision, not an emotional one!
The following information from Social Security will help you choose when your Social Security check can fit into your retirement decision.
- After 62- One can receive their Social Security check early after they have turned 62. Your benefits will be reduced by a maximum amount of 25% and the reduction changes if you begin your check at 63, 64, 65, etc. If it is estimated that your 100% Social Security amount is $1,000 at 66 (your full retirement age), then you will received a 25% reduction to $750. Many people do not realize that they are not receiving all of their Social Security check, when taking your check early.
- Full Retirement Age: Wait until your full retirement age (FRA) and receive 100% of your Social Security benefit amount which (as an example) is $1,000 per month. Under current law, 2002 was the last year anyone age 65 could receive FRA (100%) of their Social Security benefits. Those born in 1938 or later, your normal retirement age is some time after age 65 all the way to age 67 for those born after 1959. Those born 1960 or later and your FRA is 67.
- Waiting past your FRA of 66 (example only) and received a credit of 8% per year wait to age 70(4 years) or an additional 32% totaling $1,320 per month. The 32% increase is from postponing receiving your Social Security benefits past your full retirement age.
Receiving a Social Security check and working?
For those who are still working past their FRA; one can work and earn as much as they want and still receive full Social Security benefit check without having to pay anything back.
If you are less than FRA such as one who is 62 and receiving 75% of their FRA Social Security check; then when the earnings exceed a certain dollar amount, some of the Social Security benefit payments will be withheld. When FRA has been reached, one can, earn as much as they want without having to pay anything back to Social Security.
Makes no sense to me why under your FRA, you cannot earn as much as you want, but at the FRA and older, the amount you earn does not matter!
2015 Confused about Medicare and Social Security workshops are –Every Tuesday from 2:00-4:00 pm. Join Toni King at the Toni Says Houston office at 10998 S. Wilcrest Dr, Suite 120, in the SW Houston/Stafford area. RSVP 832/519-8664. Reservations are required because seating is limited to 20.
Toni King, author of the new Medicare Survival Guide®, which is a simple guide that puts Medicare in people terms, is on sales at www.tonisays.com. Email questions or to schedule a “Confused about Social Security and Medicare Workshop” to www.tonisays.com/ask-toni
or call 832/519-TONI (8664)
