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Soc Security ? for those that are still working
Old 01-20-2020, 12:01 PM
 
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Hubby is getting close to 65 and is considering going ahead and taking his soc security (before the magic age). He is still planning to work at his company for awhile yet, maybe even after he hits the "sign up for medicare age."

Some of you have mentioned that your spouse is still working and over 65.

I understand there are penalties for doing this? Such as taking $1 for every $2. But the money paid into soc. security, even while collecting, while you are still working does has some benefit, right?

Any other major reasons not to take it?


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Social security
Old 01-20-2020, 01:15 PM
 
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Well, for every year you wait, your payment goes up by 8%. My DH waited until 69 and his check is substantially larger than if he took it at standard retirement age.
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Social Security
Old 01-20-2020, 02:00 PM
 
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Sign up for Medicare happens at age 65. Your husbands magic age for SS might be 66.

Once you reach age 65, the amount you can earn increases a lot.

Between 62 and 65, the amount is about $17,000. That's when you begin paying $1 for every $2.

After age 65, the amount is about $48,000. That's when you begin paying $1 for every $2.

Will taking Social Security while still working send your family into another tax bracket? What does your family's age of death look like? If you don't think you will be living a long time, you might want to start SS early. If you can put it off for a few years, you will be earning more per money.

If I were you, I would be doing some reading at the SS website and also speaking with your investment counselor.
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Medicare
Old 01-20-2020, 03:37 PM
 
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If you are working and covered by good medical insurance, you do not have to take and pay for Medicare. My husband did not start paying and being covered by Medicare until he was 69. All you need is a letter from work saying you have coverage. Saved us lots of money over the three years.
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Social security and working...
Old 01-20-2020, 05:26 PM
 
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Once you reach the month of your full retirement age, you can earn as much as you want without penalty. My husband did it for 9 years.

Here is the quote for the Social Security website:

"You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2019 that limit is $17,640.

In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2019, the limit on your earnings for the months before full retirement age is $46,920.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings."


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Old 01-20-2020, 05:30 PM
 
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Age 65 is still Medicare age. He will need to sign up for this. If he is planning to still work, he should talk to HR at work. They will know exactly what he has to do and provide him with the letter of credible coverage to give to Social Security. He will need this letter so that he can delay Medicare B without penalty. You can sign up for Medicare without signing up for Social Security.

Social security is a whole different thing. If he is working full time, he is probably better off holding off taking his social security since he is not at full retirement age. Unless one ceases work or the income is under the penality, there is a disadvantage to applying. There is an advantage (increase payment) to delaying after full retirement age of you are still working.
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If you are anywhere
Old 01-20-2020, 05:45 PM
 
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close to a social security office it is well worth a visit to find out about all the "if this, then that" of social security and medicare (both can be addressed in one visit).

Be sure to make an appointment first or take lots of books. You can do a search for social security appointment and your city (or wherever there's an office).

It's good to ask about delaying signing up for medicare, because they often add a percentage to your premium for life if you miss their window around the 65th birthday. The other poster said there's a workaround that sounds very good.

Know, too, that beyond paying 50% tax for all earnings over their limit, people still are charged income tax for the total earnings. Some friends took two years to pay off the IRS when they didn't pay attention to their earnings.
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Medicare
Old 01-20-2020, 06:31 PM
 
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My husband did not retire until age 69. He got no penalty on his Medicare. Just needed a letter from his job while he delayed Medicare. Easy, peasy. We spoke at length with Medicare first of course.
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Old 01-21-2020, 09:04 AM
 
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Does one have to go to the social security office in their own county or can you go to an office in another county?
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Office
Old 01-21-2020, 03:48 PM
 
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It does not matter what office as it is a federal program. We went to an office many towns away as our town is small and has no office. They were great! Very accommodating to our situation. Clearly explained everything.


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social security office
Old 01-25-2020, 04:07 PM
 
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I want to stress how important it is to go in person if at all possible.

When I tried to make an appointment the girl on the phone insisted she could give me all the information. She gave me a benefit amount that I knew was way too high. When I questioned it, she insisted that she was correct. I insisted on an in person appointment just to be sure.

At the office I found out she was wrong and my benefit was half of what she told me.
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Social security while working
Old 01-26-2020, 02:36 PM
 
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I started getting my full SS checks at 65 and 6 months. Was still working full time and had very good medical benefits from work. I got automatic signup for medicare A but didnít use.
Each year my SS increased because I still contributed via payroll deduction.
Worked until 77!

Now I get Medicare A and B. Medicare B for myself and hubby is deducted from SS check but reimbursed in my pension payments. In NJ teachers with 25 years or more can get state medical benefits at retirement.
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Old 01-27-2020, 12:21 PM
 
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Please check into your tax consequences of claiming SS early.
Married Tax Rates
For couples who file a joint return, your benefits will be taxable if you and your spouse have a combined income that is as follows: Between $32,000 and $44,000: You may have to pay income tax on up to 50% of your benefits. More than $44,000: Up to 85% of your benefits may be taxable.


Depending upon your DH's salary, earning extra money while receiving SS may not be the best choice. If you sign up and use Medicare, they may charge you more for their services.

Medicare site: In 2019, individuals with incomes above $85,000 and married couples with joint income above $170,000 pay combined Medicare premiums and surcharges ranging from $189.60 per month - $460.50 per month per person.

As others posters have stated, each year past full retirement age that you wait to claim SS will earn you 8%. This beats many investments. Some investment consultants suggest using savings or other investments instead of claiming SS early.
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