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Filing for early Social Security/Working Part-time - BabyBoomerMT

Posted: Apr 07, 2012

Anyone here working part-time and receiving early Social Security benefits? I am considering doing this in the next year and wondering if anyone else is already doing so. Thoughts? I've been working full-time since the age of 18 years and part-time before that, with only a 6-month period of time between jobs, but was collecting severance pay those 6 months. So, I really feel I deserve to get back some of the money I've put into Social Security over the last 4-1/2 decades. My body cannot take sitting at a computer 8 plus hours a day any longer.

Early SS - anon

[ In Reply To ..]
I have cut my hours and will start receiving my Social Security in June - I turn 62 in April. I sure hope its a good move. I have decided to do this because life is short and I want to do a few things before I can't any longer. Many people have said that its the way to go. My husband is retired now so we are probably going to live life a little bit. We can't afford to travel much but a few day trips will be nice. I want to continue working some for as long as I can just to keep busy and bring in a few extra bucks. Hope all goes well for you.

SS and PT work - also boomer

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I also have been trying to figure this possible solution out and it is not easy. I have called the SS# twice and gotten difficult to understand information, possibly contradictory. The SS web site has a thorough explantation of how this is supposed to work, much of which I printed. I am probably going to make the leap myself soon. Although I am under full retirement age, I figure the current low wages in our field will keep me qualified and not making too much $. Would appreciate any other input from others who have tried this solution to our outsourced occupation. Good luck!

SS and PT work - sm

[ In Reply To ..]
I did that at 62 = peanuts from SS, but I really needed it. My PT work doubles my SS and I can live reasonably well on it - small time. Every year SS kicks in an extra couple bucks a month - like "Oh gee we didn't notice - you worked all last year" - and they give a couple hundred to make up for what they didn't pay extra while I was working. So I've been able to creep the SS up a bit - still not much compared to what they take out. Don't know how much longer I can keep working tho - it's not the work it's all the stupid hassles with the machinery and the demeaning attitudes.

This is how I feel too regarding "machinery". - I take that to mean SM

[ In Reply To ..]
the different platforms,the computer knowledge, etc. we now have to know. At 61, I didn't grow up with computers, and the younger generation seems to have no problem with it. I have problems. I never needed to know it with this work, and now it seems even in some job ads they require you to be "computer literate" whenever that means. One ad said they would test you on that. I work so much, I don't have time to educate myself on all of these programs. I never even used word for transcription so I am not too familiar with that either. I was trained on what I use now, and I have that down pat, but my company has been sold and who knows what I will need to learn at another job? Anyway, I am in the same boat as all of you, and am really considering taking early SS next year. I feel I have no choice at this point. As another poster said, could someone explain the steps to do this? Sometimes I feel so overwhelmed with all the information I am supposed to store in my brain and all the information I am confused about that I feel like an idiot. If I could just transcribe like I used to and make a living wage doing so like I used to, everything would be fine but that is not to be as technology is moving an at alarming rate and I can't keep up. Thanks for any help.

I took SS early - ANOTHER MT

[ In Reply To ..]
Instead of waiting until I was 65 to get SS, I did it at 63-1/2, and did not really lose anything. I had to do this out of desperation with the line count I was making on PT work. It is the only thing that keeps me somewhat afloat. It took a lot of stress off of me, and I feel that if I had been making a fairly decent salary I would not have resorted to doing this. I have been working since the age of 16, with only 1 break in that at the age of 35, when I babysat at home, but that was only a year. By the time I filed for SS, I had accumulated a decent amount, nothing to get rich on, but it pays for food, medicine, rent. I wish you luck, and I have never been unhappy that I took that step.

I'm taking SS at 63..SM - Old Anon

[ In Reply To ..]
My hospital job got outsourced and my income cut in half. I went down to the SS office in January and talked to them. We figured out my approximate benefit which was larger than exhusband's because he mostly worked in a state retirement system. I thought about it for about a month, and then applied on line at the end of February. You should apply 2-3 months beforehand. It's not scary at all. You can make $14,600 before you lose $1 for every $3 earned over that amount. I'm probably not going to make much over $14,600 because I'm doing SR and making a crummy line rate and only doing about 250-300 lph. Also, when you reach full retirement age, your benefit will be readjusted to account for the money you earned prior to full retirement age. So with my employment income, my SS, one private client who pays very well, and a rental income I have, I'll be doing okay. If you need your SS NOW to survive, why not apply. Thank goodness it was there for me as I could never live on what these MTSOs pay now.

What is the first step to apply early for SS? - L&L

[ In Reply To ..]
When my ex and I divorced, all I took was as much of his retirement as I could get...I set up his TIAA to kick in at age 62, and when he retires, I get half of is state teachers retirement.

I'll be 62 in Oct 2013. How soon do you apply for this and how do you do it. I hate sounding so stupid, but I never really thought I'd live this long (seriously...everybody in my family dies young).

Feel free to email with any advice. I'd really appreciate it.

early SS - also boomer

[ In Reply To ..]
Has anyone done this and then made over the yearly allowed and had their SS cut off for the rest of the year? This is the one thing I am really worried about, as 1 SS rep I talked to made it sound as if (??)that would happen.

Thank you in advance.

SS Early - Muzzmuzz

[ In Reply To ..]
I just did this, started getting ready to take SS early. I turn 62 in July of this year. Call the SS office and make and appointment, they will take your info on the phone and go over it with you. They take what you made last year and deduct $14,600. from that. If you made over that, then they take back $1 for every $3 you made. I did and ended up having to "give them back" 4 months of my SS benefits at the beginning of next year. In other words, I will not get a cent from them until May 1, 2013. They actually want you to estimate how much you will make next year and they go from there. But they keep anything you made over the above amount BEFORE you start getting your SS check. Nice, huh? I have to keep working part time to keep my insurance, Medicare does not kick in until you are 65. I was looking forward to being able to have a little extra every month instead of hand to mouth, don't look like its going to happen. Bottom line, just type social security benefits into google and it will bring up the federal web site, get your local SS number and call the office. They will take it from there. I did ask if unemployment was counted as income and was told it was NOT, so quess that is something....

Thank you and question - BabyBoomerMT

[ In Reply To ..]
Thank you all for your comments so far, and wishing you all much luck, as well.

Muzzmuzz: May, 2013....Were you wanting to start collecting your benefits in July, 2012, or January, 2013? Just trying to understand how this works. Thanks.

is it any wonder we are confused - also boomer

[ In Reply To ..]
I was told that if you were overpaid (due to working too much) by a relatively large amount, they would work out a payment plan to spread that repayment out over months.

Agree, it is very confusing - BabyBoomerMT

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I want to go part-time and start collecting mid year, so I was looking at this link where they talk about earnings the current year you retire and having special rules for that first year. Didn't see anything about them looking at your previous year's earnings in order to decide what to hold back. Thought it was just the current year?

So, if one retires beginning of year, maybe it is a different scenario.

WTH??? - mt2

[ In Reply To ..]
Seriously? I thought I could apply, draw my SS at 62 and still work part-time, not going over the $14,000/year. The idea was so I didn't have to do this crap full time anymore.

My understanding is that the earning limit - sm

[ In Reply To ..]
does not actually start getting counted until the month you retire early and only is in effect until you reach the full retirement age somewhere between 65 and 67.

Receiving benefits from husband's acct if divorced... - Bindi

[ In Reply To ..]
This isn't what the OP was asking, but I think it may be of interest to anyone nearing retirement age. If you were married for at least 10 yrs, then divorced, you are entitled to a portion of your ex's SS. Apparently, this is a benefit for you and does not diminish your ex's actual payment in any way.

It applies to people who have not remarried.

EXCERPT FROM SS site: If you are divorced, but your marriage lasted 10 years or longer, you can receive benefits on your ex-spouse's record (even if he or she has remarried) if:

You are unmarried;
You are age 62 or older;
Your ex-spouse is entitled to Social Security retirement or disability benefits and
The benefit you are entitled to receive based on your own work is less than the benefit you would receive based on your ex-spouse's work.
If you remarry, you generally cannot collect benefits on your former spouse's record unless your later marriage ends (whether by death, divorce or annulment).

If your ex-spouse has not applied for retirement benefits, but can qualify for them, you can receive benefits on his or her record if you have been divorced for at least two years.

If you are eligible for retirement benefits on your own record we will pay that amount first. But if

the benefit on his or her record is a higher amount, you will get a combination of benefits that equals that higher amount (reduced for age).

you have reached full retirement age and you are eligible for a spouse's benefit and your own retirement benefit, you have a choice.

You can choose to receive only the divorced spouse's benefits now and delay receiving retirement benefits until a later date. If retirement benefits are delayed, a higher benefit may be received at a later date based on the effect of delayed retirement credits.

If you continue to work while receiving benefits, the retirement benefit earnings limit still applies. If you are eligible for benefits this year and are still working, you can use our earnings test calculator to see how those earnings would affect your benefit payments.

will also receive a pension based on work not covered by Social Security, such as government or foreign work, your Social Security benefit on your ex-spouse's record may be affected.

The amount of benefits you get has no effect on the amount of benefits your ex-spouse or their current spouse may receive.

If you need information about benefits your ex-spouse can receive based on your record, please read Benefits for your divorced spouse.

Note: If your former spouse is deceased and you need information about possible survivors benefits, please read "If You're the Worker's Surviving Divorced Spouse."

SS Benefits - GC

[ In Reply To ..]
The problem with the whole SS system is part of their employees do not have a clue in regards to some of the rules regarding receiving benefits from an ex. A lot of this is new and why they would have people working there that know nothing about it is beyond me. I went to one of their offices in person to see if I could draw off my ex (I had been married to him 24 yrs. and had five children). My middle daughter did his taxes the year we separated and told me he made $56,000 that year (which was almost three times more than I made). I remarried and my husband passed away. He was a wonderful person but did not draw as much as I did. Therefore, I should have been able to draw something from my ex. The girl in the SS office was real nice and very smart. She told me to get my ex's SS # and call back the next day. I did and got some hateful, rude man on the line, and he just fussed at me (so to speak) for taking his time. He seemed to know nothing. A lot of this new stuff took place in May 2011.

I know it's exasperating... - bindi

[ In Reply To ..]
According to the excerpt, you should be able to get a monthly payment from your divorced husband's SS now that you are widowed from your second husband.

I am certain that this rule is at least 5 years old so it's just a matter of getting the right blockhead at the Social Security office to help you. I would call again and see if you have better luck. If not, I would go to the www.ssa.gov site and print the specific rule and take that with you to a local SS office in person.

Good luck!

Social Security Breakeven point - sm

[ In Reply To ..]
I did some calculations and figured that my SS breakeven point was somewhere around 80 years of age if I started drawing early versus getting a larger benefit by drawing later. I think I will opt for the earlier retirement (if SS is still there and I don't need employee health insurance). You might be able to find a calculator online, but I made my own Excel spreadsheet. I figure that when I am older perhaps I can do a reverse mortgage on my home, or sell it outright for more cash, because I am sure the costs will keep going up.

I would like to find a good retirement planner, though. Recently my hubby locked in to a good life insurance rate--as you get older, life insurance costs more. I thought that was really sweet and unselfish of him. We realized I would never be able to afford my own health insurance if something happened to him.

What I have seen with SS - Worn out

[ In Reply To ..]
I had 3 co-workers collecting SS and working. They watched their hours and worked strictly part time. From my understanding you can make about $14,000 a year before you need to worry. So, if you divide 14,000 by an hourly estimate, you would come up with the approximate number of hours you can work. A full time employee working 40 hours per week works about 2080 hours per year (2088 leap years). These co-workers worked perhaps 3 to 4 days a week for 9 months of the year. Of course, you may have other personal considerations. I have had a very good income tax person in years past who gave me very good advice. I would check into all the angles. Yes, you paid and you earned it. Hopefully they will not keep raising the age so that we are all blind, deaf, and arthritic and still trying to type these reports!

Filing for Social Security/Working Pat-time - Vera

[ In Reply To ..]
I just turned 62. I went on line and filed for my benefits. Very easy to do. You are allowed to make $14,000+ a year without being penalized. They will tell you how much you can make a year. It is direct deposit now. It took me a month to get my money and they base the pay on which month and date you were born in. I get mine the 28th of every month and I drew my first draw this month. Money was there. I have some health issues with my back (spinal stenosis and now it has affected my right leg and sitting here all these hours has taken its toll. The good thing is if you start drawing you also have the option to stop it if you change your mind then restart it. I would have made $300 a month if I had waited until 66, but with work the way it is now I wanted to enjoy the little things in life. I have not regretted my decision. I did a lot of reading about SS information that I could and then took about 3-4 months to make my final decision which I do not regret like I said. It all depends on the person. Check into it.

After reading all of this......I've decided to do the same thing. - mt2

[ In Reply To ..]
I had planned on working until 66 to draw the full benefit but had a change of heart today. I am 54 this year. At 62, I'm drawing. I'll work 20 hours a week if that. Husband has retirement now. I'd like to enjoy myself before I'm too old or sick. I've worked since I was 16. Changes my whole work perspective.

Early SS/part time employment - xmt

[ In Reply To ..]
Do it! Your monthly SS payment will be slightly less, but you will receive more over the long run if you start collecting early. MT is a dying career -you're lucky to be able to work part time! I was laid off in June of 2011 - still haven't found work; assuming my age is the problem.

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