There will always be situations where, even if you understand the advantages of delaying benefits, you simply cannot wait 3 to 8 years without the additional income provided by Social Security. Here are a few situations where it likely makes sense to take early benefits at age 62, despite the fact that it will cost […]
Benefit Appeals and Recalculations
Social Security will review your benefits calculation every year to check for increases. Thus, it is possible to positively influence your lifetime income averages if new earnings from wages can replace one of the 35 years used previously to compute your retirement amount. However, if you are continuing to work for this reason then it […]
Questionable Retirement
Individuals filing for Social Security monthly benefits between the age of 62 and their full retirement age AND who are self-employed or a corporate officer will find they have to provide the Social Security Administration with proof that their work and earnings have been reduced before benefits will be paid. The Social Security Administration refers […]
Windfall Elimination Provision (WEP)
If you work for an employer who does not withhold Social Security taxes from your wages the pension you receive based on that work may reduce your Social Security benefit. In this case you are entitled to a pension from work not covered by Social Security and you will be subject to the windfall elimination […]
Government Pension Offset (GPO)
Government pension offset (GPO) applies to spousal benefits when the spouse is also entitled to a pension from work not covered by Social Security. Government includes federal, state and local entities. These include but are not limited to Civil Service Pensions, Public Employees Retirement Systems, some teachers, police and firemen/women. If you have wages where […]