3 Replies Latest reply on Aug 25, 2009 6:59 PM by Glassaddict

    Collecting SocSec and other income

      I turn 66 in June 2010 and have been given a couple of different stories about my ability to earn income without penalty when I get to that age.

      What I know is that if I wait until June of next year, when I turn 66, I will not be penalized (i.e., get a smaller Social Security benefits) if I continue to earn income from other sources.

      I am told that I can start collecting in January 2010 (6 months before I turn 66) and not be penalized unless I earn something like $40K in those five months).  Which I wouldn't.

      What I don't know is if I start collecting in January 2010, will I forgo the right to earn as much as I want without being penalized and my social security made smaller if I earn too much.

      Any insight would be appreciated.  Am I making myself clear?
        • Re: Collecting SocSec and other income
          Why not stop by the local Soc Security office?  I used to think an appointment was necessary; however, I had a relative walk right in, sit right down, and talk with a representative just last week.  I believe the total wait time was 0 minutes.
          • Re: Collecting SocSec and other income

            Recently I met with a SS rep, because I turn 66 in April, 2010.  We have similar questions.  I was advised to begin SS in January, 2010.  I won't earn above $37,000 (or something similar) - and I think that number might even be a monthly amount.  Here's the corker:  Waiting even 3 months until April would take me approximately 13-14 years to get even for having waited.  The monthly difference is only a very few dollars, but I'd be collecting over $1,000/mo each of those months.  You do the math.  I'll begin Jan. 1st, 2010!!  You'll be even better off than I, since you don't turn 66 until June.  Make as much as you want and enjoy the additional money in your pocket.  Happy Social Security!

            Call the SS office...they're very helpful even on the phone.  I guarantee they'll advise you to begin SS in January.

              • Re: Collecting SocSec and other income

                I talked to SS today about similar.  The difference is that I turn 62 in Sep of this year, and am trying to figure out if I should take SS and keep working until I am 65 or 66.  My wife will not turn 62 until Jan of 2012.  I'm a cradle robber I guess.

                I know that I once i go over 14.1K they will begin to reduce my benefit.  As I make approx 34K a year, I at looking at this as a way to pay off existing debts, before we are both in retirement.