Social Security

Lynne Ferris

I'm looking for assistance in locating information with regard to social security benefits. Can an employee who is 65 years old continue to work and receive their full social security benefit? I can't find any written documentation on the social security web site that I can use - any help would be greatly appreciated.

LarryC

Lynne, I've talked to people who have "come of age" and they tell me that they are getting SS benefits with no restriction on their earnings. I'll be looking forward to other responses here because I'm just going on what these people have told me.

System

Welcome to the forum, Lynne.

What site did you use? Try [url]www.ssa.gov[/url]. Follow the links for FAQ's. There's a directory for local Social Security offices where you can contact a real person. "Employees of the local Social Security office are very willing to assist you with any questions you may have." (SS Administration)

marc

If I remember correctly, SS used to be completely tax free. Then the government started taxing SS once you hit a certain level of outside income - so it worked like a penalty and had the effect of reducing the amount of disposable income the recipient would have.

twochr

I have been checking into this for myself for when I reach the golden SS age! If the person is now 65, yes, they can work and collect their full social security with no penalties. Because of the date of my birth (1941), I have to wait until I am 67 & 7 months old before I can do that (the SSA has made it a different age for different years of birth - gets longer as you get younger). I could collect social security now but my benefits would not only be reduced due to the fact that I am collecting them before my full retirement age, but would also be reduced a certain amount for each $1.00 I make while working. Then, when I reached 67 and 7 months, there would be no reduction for my 'work pay' but I'd still be getting the reduced amount for starting to collect it early. I hope I have made it clear. That's why I am going to wait until I am 67+7mos - just so I can rack up on all that government money I have been forced to contribute to all my life, and still have to work and get a paycheck so I can meet ends meet! But yes, we do have to pay federal income tax on any social security payments we get. Tax on a tax on a tax - right?

Don D

But, don't forget; move to Mississippi to retire and at least your pension is not state-taxed! The theory is that you will spend it all in the casinos and we will have it just the same.

Shadowfax

Everything I have ever seen suggests one should start taking SS benys at the earliest possible time - statistically you won't live long enough to make up the difference bywaiting. Anyone read otherwise? I'm curious too!

dbutton111

Straight from ssa.gov

"If you work and are full retirement age (age 65 and 4 months in 2004) or older, you may keep all of your benefits, no matter how much you earn. If you are younger than age 65 and 4 months all year, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than age 65 and 4 months in all of 2004, we must deduct $1 from your benefits for each $2 you earned above $11,640.

If you turn 65 and 4 months during 2004, we must deduct $1 from your benefits for each $3 you earned above $31,080 until the month you turn 65 and 4 months."