early retirement - sadmt Posted: Mar 7th, 2016 - 9:27 am
Read some posts the other day and since I'm in the middle of the process, here's what I learned. One thing I didn't realize or didn't pay attention to as wages have shrunk so have your SS benefits. I had no choice but to partially retire as I couldn't take the chance of going any lower in my yearly earnings and in fact took a part time second job for the past two years to boost my bottom line, so keep an eye our you SS benefits. Sad fact: I will make more money a year working part time and collecting than just working full time. You can make 15,720 a year if you partially retire or 1310 a month. If you go over they take whole SS checks from you. I wrongly assumed that they would divide the overage into 12 checks, but no. Say you make 20,000 a year, so overage of 4300 divide by 2 which leaves 2150 owed back, and they withold however many checks to get it back. You get the checks added back in when you reach full retirement age. If you keep working they recalculate your account every October and adjust it if necessary. Supposedly it takes as little as a month to get first check, but my first one comes on 05/11 as I had to make some adjustments to my application. Before I filed I called SS and they are surprisingly nice and helpful provding answers and did application on line, fairly easy process. You can get taxed on your SS benefits if you keep working and make more than a certain amount a year, 25,000 single 32,000 joint, but not sure if that is straight work pay or if they add your SS amount to what you made amount so keep that in mind as well. I wish I could have hung on til 66, but for an extra 300 a month not sure is it worth four more years of working and slowly dying at my keyboard.
Hope this helps anyone contemplating early retirement.
Post A Reply Reply By Email Options
Complete Discussion Below: (  marks the location of current message within thread)
- early retirement - sadmt (Views: 1140, 2016-03-07, 9:27 am)
- sadmt - Old Pro (Views: 741, 2016-03-07, 10:25 am)
|
