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Eagle 126 Eagle 126 is offline
 
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Eagle 126
 
Joined: Feb 2008
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Just approved for Social Security!
Old 12-29-2019, 10:10 AM
 
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I reach full retirement age next month and have just been approved for Social Security benefits. I will retire from teaching in May 2020. I will still need to work part-time. I know that I'll need to decide on a Medicare supplement or advantage plan that will start June 1, 2020. My husband and I decided to have taxes withheld this first year of SS benefits to be on the safe side. Any advice/suggestions or anything else I'm forgetting? Thanks in advance for your help! There seem to be so many details! Is there an emoticon for quietly freaking out?


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working on SS
Old 12-29-2019, 11:19 AM
 
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First of all, congratulation and welcome to the land of content people!

Now for some suggestions. Check the social security web site for the earned income limitations that affect SS benefits. Income above a certain limit (which changes yearly) are taxed at 50% to 33% plus regular income tax depending on your age. If you are at full social security retirement age, you may be safe, but best to check.

Some friends got slammed with large unexpected tax bills when they were too enthusiastic about working part time while collecting social security.

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

Remember that you have a six month window to sign up for medicare--3 months before and three months after your birth month. Do NOT let your insurance lapse until medicare kicks in or that will increase your premiums according to what I was told.

If you haven't set up a face to face with a social security representative, you may find it very information and useful to do so. It saved me much confusion and fumbling with websites. Do make an appointment as the wait for walk-ins at the SS office can be as bad as the DMV.
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Eagle 126 Eagle 126 is offline
 
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Thank you
Old 12-29-2019, 02:00 PM
 
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Thank you so much for your suggestions! I will make an appointment with a social security representative. You are right. It is always best to check!

I have signed up for Medicare Part A. I do have to make a choice between an advantage plan or a supplement plan. It sounds like I have to do that in April since my first day of retirement will be June 1, 2020, and I will no longer be covered by school insurance.

Thanks for your help!
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Congratulations...
Old 12-30-2019, 08:50 AM
 
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According to the AARP, if you have reached your Full Retirement Age for social security, there is no cap on what you can earn in retirement. It is before that age that you have to be very careful.

Once you reach FRA, there is no cap on how much you can earn and still receive your full Social Security benefit.
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Eagle 126 Eagle 126 is offline
 
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Thank you
Old 12-30-2019, 04:18 PM
 
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Thank you for clarifying! I am so excited and a little nervous about the details. It will be an adventure for sure!


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