Dear Rusty: I turn 62 next year, and I am getting different answers to my questions so I hope you can help me. The amount I would collect is different at 67 and 72. If I start to collect Social Security at 62, when I turn 67 will it go up to that amount? And go up again when I turn 72? One person I spoke to said yes it does. The next person I spoke to said no – you get the amount for the age that you start to collect and that’s all you get for the rest of your life. Please help me to understand if I should start to collect at 62 or should I wait? Signed: Confused About When to Claim
This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at [email protected].
Why Seniors goes back to work because Social Security is not enough to live on
Jocelyn:
Thank you for your comment. We understand the difficulties in living on Social Security alone, and are steadfast in our efforts to ensure that the program remains viable. In fact, a portion of our proposal to preserve Social Security for current and future generations includes steps to increase annual cost-of-living adjustments for households with lower incomes.
Gerry Hafer
AMAC Foundation, Inc.
When does social security count your wages as income? For 2022 that limit is $19,560.
I am considering enrolling for my benefits in September as I turn 65 in December 2020. If I collect my social security from September to December and continue to earn my job wages in the last quarter of 2020 will Social Security only count the last quarter as income or will they count my entire 2020 wages?
Maxine
The $19,560 for 2022 is the annual limit. When you use the annual limit Social Security will include your gross wages for the entire year. If you go over that limit, Social Security will withhold $1 for every $2 you go over. There is a monthly limit option for people that retire mid-year, it is $1,630 per month. If you start your benefits in September of this year your monthly gross income would have to be less than $1,630 per month. If you go over the monthly limit by so much as $1, Social Security will want the entire payment for that month back. Social Security goes by your gross income before any reductions. They also go by when your earnings are earned, not when they are received. For example, you work your full hours in August, but you will not be paid for those hours until September. Those earnings will not affect the monthly limit in September, but it will be very important to save that paycheck stub. When Social Security receives your W-2 they have no way of determining when those earnings were earned and you will have to submit your paycheck stubs to prove that you did not go over the monthly limit for the months you were receiving benefits.
If your income is going to be over the monthly limit in September through December, and your income earned through August is over the annual limit, you could receive a letter from Social Security informing you that you are eligible for your Social Security benefits at this time, but due to your income being so high you cannot receive them at this time. If you wait until January 2023 to your start your benefits, you will only be subject to the annual limit.
If you have further questions please contact us either by email at [email protected] or call (888)750-2622
Sharon L Kleczka RSSA®
AMAC Foundation
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