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Early SS benefits and extra income
Old 07-20-2019, 08:05 AM   #1
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Early SS benefits and extra income

I'm a long-time lurker here mostly. I haven't posted much because I felt like there wasn't much I could contribute but did what I could. So many super smart people on this board, I can't wrap my brain around some of the calculations.
I turned 60 on Feb 28th, working full time, and husband is 9 years older than me and retired.
I'm seriously thinking about taking early SS retirement bennies. From what I understand, when retiring early at 62, SS payments would be deducted for income over $17000. Is that just wages the SS recipient earns or does that include survivors pension benefits? (just wondering...I wish my husband would live forever but I'm making long-term plans based on the probability that I will outlive him. He's 9 years older than me).
Any advice is appreciated.
Kayzmum
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Old 07-20-2019, 08:12 AM   #2
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"For the year 2019, this limit on earned income is $17,640 ($1,470 per month). The amount goes up each year. If you are collecting Social Security retirement benefits before full retirement age, your benefits are reduced by $1 for every $2 you earn over the limit."

ETA: another source says 16920, so best bet is to get data straight from ssa.gov
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Old 07-20-2019, 08:42 AM   #3
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Quote:
Originally Posted by Kayzmum View Post
I'm a long-time lurker here mostly. I haven't posted much because I felt like there wasn't much I could contribute but did what I could. So many super smart people on this board, I can't wrap my brain around some of the calculations.
I turned 60 on Feb 28th, working full time, and husband is 9 years older than me and retired.
I'm seriously thinking about taking early SS retirement bennies. From what I understand, when retiring early at 62, SS payments would be deducted for income over $17000. Is that just wages the SS recipient earns or does that include survivors pension benefits? (just wondering...I wish my husband would live forever but I'm making long-term plans based on the probability that I will outlive him. He's 9 years older than me).
Any advice is appreciated.
Kayzmum
It's earned income only (wages). Pension benefits, dividends, interest , etc do not count towards the ~$17,000 income limit.
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Old 07-20-2019, 10:13 AM   #4
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I think this SS reduction ends at FRA plus, you get the money back.
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Old 07-20-2019, 12:25 PM   #5
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Earned income only, but survivor benefits would also be subjected to the same earned income test. Benefits don't count as income for the penalty.
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Old 07-20-2019, 12:47 PM   #6
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Originally Posted by Kayzmum View Post
I'm a long-time lurker here mostly. I haven't posted much because I felt like there wasn't much I could contribute but did what I could. So many super smart people on this board, I can't wrap my brain around some of the calculations.
I turned 60 on Feb 28th, working full time, and husband is 9 years older than me and retired.
I'm seriously thinking about taking early SS retirement bennies. From what I understand, when retiring early at 62, SS payments would be deducted for income over $17000. Is that just wages the SS recipient earns or does that include survivors pension benefits? (just wondering...I wish my husband would live forever but I'm making long-term plans based on the probability that I will outlive him. He's 9 years older than me).
Any advice is appreciated.
Kayzmum
You should check out https://opensocialsecurity.com/.

If your husband is the higher-earner, in general he should delay until 70. If you are still working, in general, you should wait at least until your FRA which is 67.
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Old 07-21-2019, 12:42 AM   #7
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You should check out https://opensocialsecurity.com/.

If your husband is the higher-earner, in general he should delay until 70. If you are still working, in general, you should wait at least until your FRA which is 67.
It's good you said "in general." We have a similar age difference, and the calculator told us that I (older, higher-earner) should take SS at 70 and my spouse should take it at 62.
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