TheHobbyist
Member
Note, I wrote lazy above, which I am not. Just tired. Fortunate/blessed to be working, a lot of people counting on me, and putting in crazy hours. I'll circle back and see if I can make sense of it for my own interest.
Social Security Surprise!
- Thread starter johngross
- Start date
italiansport
Member
I got a good one for you. I went to the SS office and did all the paperwork to retire at 62 which they submitted from there. After nothing happened I called SS main office and got a ration of you know what from the idiot I talked to. We had a business which we sold and she maintained I could by lying about this even though I has a signed contract which I had shown to the SS employees when I filled out the paperwork. I had to get my Congressman's office involved to actually start collecting.
It might be easier to just keep working than figure all of this out !
The Social Security Administration has on its website a comparative payouts function that will calculate your monthly payment at full retirement age vs. taking Social Security earlier or later. And part of this is a graph that will show when the total payouts even out. It is not unusual for the evening out point to take 12-14 years when Social Security is taken early as opposed to waiting for full retirement age.
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I see that only one person actually answered your question.
And even that person offered no explanation on how the "recovery", if any, would work (i.e., be calculated and paid out to you). 
I think some further in-person research with the Social Security Administration would be in order here.
If?
If you physically can. I had to do a salvage operation on my right shoulder and a major repair on my left shoulder. Then I did the torn tendons in my right foot.
Some of use did hard physical activity and didn't have a office job where we sat at a desk and kept working.
I wanted to keep working. I liked what I did and it paid well.
If you physically can. I had to do a salvage operation on my right shoulder and a major repair on my left shoulder. Then I did the torn tendons in my right foot.
Some of use did hard physical activity and didn't have a office job where we sat at a desk and kept working.
I wanted to keep working. I liked what I did and it paid well.
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You are joking? Right? I don't see any smiley or sarcastic faces but surely you jest.
Larryhemiram
Member
Like my mother did, I took mine at 62. I have no idea how long I have to go. My mother's parents died at 57(He looked 87) of lung cancer from smoking, and 61, of CHF, she never passed up a disgusting hunk of animal. I have the same issues my mom had, a bad back and neck, bad shoulders, and my knees are messed up, too. Like mom, I have a "Super Pancreas" and even as fat as I am, I'm not diabetic and my A1C is 5.2. I totally expect to sail through this latest plague without a hitch and I would be shocked if I didn't already have it as a friend had it and his grandkids were all over me, and it appears they had it too. I just don't get sick anymore. I went almost 10 years without a cold or the flu, missing it by 2 months. That was a couple of years ago, and when I did get that one cold and then something else, the entire downhill slide and climb back up took less than 48 hours each. If I did have CV, well, had any symptoms at all, was about 2 months ago, I was cold as hell one day, and had a 99 degree fever. I normally run around 97.6. It lasted about 4 hours and was done. I felt ok the entire time, except for the chills.
My mother started getting her's figuring, incorrectly, that she would be gone by 70, tops, "I can't live much past 65!", she famously said. And she believed it. When she had been collecting it for 25 years on her 87th birthday, she said, "I sure hope this is the last one!", as she said from 80 on. Her 87th was her last, she died about 3 months later.
Getting back to SS, I made too much last year and lost two checks. Next year will be bad, as I am hitting the 20 year mark at work in August, and get a nice bonus for it, which will lose me about 4 months of checks in 2021. If we are all still here.
My mother started getting her's figuring, incorrectly, that she would be gone by 70, tops, "I can't live much past 65!", she famously said. And she believed it. When she had been collecting it for 25 years on her 87th birthday, she said, "I sure hope this is the last one!", as she said from 80 on. Her 87th was her last, she died about 3 months later.
Getting back to SS, I made too much last year and lost two checks. Next year will be bad, as I am hitting the 20 year mark at work in August, and get a nice bonus for it, which will lose me about 4 months of checks in 2021. If we are all still here.
ParadiseRoad
Member
...calculate how long it would have taken to collect what you collected in those five years at the higher rate paid at 65...
...the answer is you might not live long enough to catch up...
My understanding is that any reduced amounts due to earning too much are gained back after full retirement age.
"In addition, after you reach full retirement age, we will recalculate your benefit amount to give you credit for any months in which you did not receive a benefit because of your earnings. We will send you a letter telling you about any increase in your benefit amount"
It all sounds tricky though. I would try the SS office.
"In addition, after you reach full retirement age, we will recalculate your benefit amount to give you credit for any months in which you did not receive a benefit because of your earnings. We will send you a letter telling you about any increase in your benefit amount"
It all sounds tricky though. I would try the SS office.
AZretired
Member
Who would have thought a 64 year old stock boy working at Walmart would be making too much money
My full retirement age is 66 and 4 months. If I start to receive it early at 64, there is a limit on how much I can earn at my job without being penalized by having my SS benefit reduced. If I made less than $18,240 than no penalty is incurred. However, my taxable income is considerably higher than that. So this puts me in the "Special Earnings Limit Rule" category. Which means half of what I make over $18,240 will be subtracted from my yearly SS payout. For me this would be about a $10,000 loss each year in my SS checks until I reach my full retirement age, at which point the "Special Earnings Limit Rule" no longer applies.
Now, I understand the above, but here's the confusion. From the SS website is the following about how this money is not really lost (note my bold emphasis):
"If you're younger than full retirement age, and earn more than certain amounts, your benefits will be reduced. The amount that your benefits are reduced, however, isn't truly lost. Your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings."
https://www.ssa.gov/pubs/EN-05-10069.pdf
When I read this to the nice girl at the SS Office over the phone, she said it's not exactly correct and gave me a confusing explanation.
Everything I've researched on the web from credible sites all support the fact you do get reimbursed the money, albeit slowly over a period of years.
So, my question, has anyone experienced the "Special Earnings Limit Rule" and did you truly forfeit the money, or are you being reimbursed by receiving increased checks after you reached your full retirement age?
Thank you.
My wife ran into this issue. We started collecting at age 62. At age 63 she was offered a job as out church secretary. After the first year of them reducing her SS payments, we just suspended them. She had that job until we moved so when we re-started her SS payments we did get a couple of "adjustment" payment over the next year. With my State retirement and both our SS checks we finally decided it didn't pay (tax wise) for either of us to work any longer.
