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Social security and progressive part time - nn

Posted: May 23, 2013

Thinking of taking early SS and cutting hours so I would not make much more than the 15,000 you are allowed on SS. That way I would still be eligible for insurance until I am old enough for Medicare.

Has anyone else done this or know any pros and cons about that progressive part time thing? TIA

Social Security - Vera

[ In Reply To ..]
I did that 1-1/2 years ago. I am 63 and hated to do it but needed a steady income I could count on. I still worked 30 hours a week until a few weeks ago but now was told by my company to cut my hours to 25 hours a week as stated on contract. I get paid by the line anyway and not by the hour. I come nowhere near 40 hours to get paid OT anyway. You will be penalized for taking early retirement. Not sure what you mean by progressive PT. My penalty was about $300 a month and money is DD. They pay at different times during the month and mine is the 4th Wednesday of each month. I would like to work more because 5 hours short does hurt a little. I just watch what I make and make sure not to go over the amount I am allowed as if you go over that amount they will $2 for every dollar you make away from you and deduct it from your monthly check I think. Not sure about that but that is what I have read. With the money I make now I doubt if I will ever to worry about that. Hope this helps. I hear what they are saying about SS benefits in Congress and I try not to worry too much about that right now, but I have a Plan B if that happens. Politicians in Congress make me sick. Most are very wealthy. They could not make it in our shoes making the little bit of money we make. Some of us are just not as fortunate as others. Good Luck.

Hi. I took early retirement at 62. sm - NuBoomer

[ In Reply To ..]
Congratulations! I work for Nuance, but I'm just regular part-time (less than 30 hours), not progressive part-time since I have benefits via my spouse already. I love being part-time. The first year is tricky as they have special rules where you can only earn $1260 a month or less to be considered retired during any month. The second year, you only have to go by the yearly limit. In 2013, the yearly limit is $15,120. I believe the monthly and yearly limits change each year. So, keep that in mind.

I'd suggest reading everything you can on the SS site. Having called SS several times and gotten different information from each person I talked to, I'd rather have the information printed out to read.

Especially, http://www.ssa.gov/retire2/rule.htm

http://www.ssa.gov/retire2/whileworking.htm

http://www.ssa.gov/pubs/EN-05-10069.pdf

My TSM has been very supportive and is a gem.

p.s. Figure out what your average hourly pay is and see if working 30 hours a week will bring you over the limit.

Early Retirement - Fatigued Fingers

[ In Reply To ..]
NuBoomer, I'm 61 and considering taking early retirement next year. Any regrets in what you did?

No regrets, Fatigued Fingers. sm - NuBoomer

[ In Reply To ..]
Good luck to you. Be sure to give it a lot of thought prior to making your decision as it is irreversible.

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