Someone was just asking about SS, something he had heard at work, and people were chiding him about getting important info through hearsay from friends or message boards.
Well, it seems you can't even trust the "experts", either. I came across two posted articles today that each discuss what happens when you take SS early and continue to work.
Social Security: Don't sweat the payroll - Nov. 15, 2007
 Quote:
Despite what you typically read in the press, however, you don't actually "lose" the benefits you give up when you go over the earnings limit. Your monthly benefit will be increased in the future in one or, possibly, two ways.
First, the Social Security administration effectively gives you a credit for each month that you miss a check or receive a partial check because you exceed the earnings limit. When you reach your full retirement age, the Social Security administration then boosts your payments to reflect those credits.
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I know this is the true info because I read it on the SS website. (It wasn't easy to find, but I did find it.)
Yet, the other "expert" says this:
5 priceless money-saving tips from Suze Orman - Today: Money - MSNBC.com
(scroll down to "scenario #5")
Quote:
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if you cannot afford to retire early and must continue working full time past the age of 62, DO NOT start to collect Social Security, because the 2-for-1 penalty (SS is reduced by $1 dollar for every $2 you earn) virtually wipes out the benefit.
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The "expert" seems unaware of the crediting of reduced benefits so she only knows to present you with an all or nothing draconian option.
Quote:
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if someone does want to go back to work full time and be able to receive the full benefit when they reach their retirement age instead of the reduced benefit they took for retiring early, you have the option to pay back the money you received from Social Security and withdraw your benefit application, and essentially take a retirement "do-over." By paying back the money and halting your benefit, you can go back to work and hold out for the full benefit once you hit your full retirement age.
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This article was on the front page, and I was looking for a way to complain to them, but it seems like someone beat me to it, as it has now faded into the background on an inner page. It is still there, misleading whoever happens to find it, though. (This article [scenario #2] also includes her repeated inaccuracy about paying back 401k loans with double-taxed money)
I just though it was funny that both these articles posted on the same day. No wonder people have trouble planning for the future when they can't seem to get a straight answer in the present.
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