Depending on your age and how much you make, it is possible to continue working and collect Social Security at the same time. There are certain restrictions to this rule.
Q. I have a friend who is still working full time at age 74, earning about $40,000. He told me he is also collecting full Social Security benefits. Is that possible and, if so, why? That doesn’t seem right to me, especially since Social Security is in jeopardy.
A. Your friend’s age makes it legal for him to collect full benefits and earn as much as he does, said employment attorney Troy G. Rosasco of Turley, Redmond, Rosasco & Rosasco in Ronkonkoma, N.Y.
“If you work and are full … retirement age or older, you may keep all of your Social Security retirement benefits, no matter how much you earn,” Rosasco said.
Social Security’s full retirement age for people born in 1942 or earlier, a category your friend falls into, is 65. On the other hand, let’s say you chose to receive benefits before full… continue reading
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There are new plans to implement a new increased age that Americans can collect Social Security benefits. At the moment most people can collect the benefits at 62, which could increase to 67 by 2050.
David Certner, legislative policy director for the association, says his members fully support efforts to rein in federal spending, but that upping the age for Social Security eligibility isn’t the right way to go about it. Raising the wage cap (currently $106,800) would be better.
Right now most Americans get their full benefits starting at age 62. But under a draft plan floated by the co-chairmen of President Obama’s Commission on Fiscal Responsibility and Reform, the retirement age would rise, indexed to longevity. It would reach 67 by 2050 and 69 by 2075.
Frenchmen have rioted for less.
In fact, social strife in Europe over benefit cuts was one of the factors that prompted Congress to deal finally with Social Security’s problems, before they reach a similar crisis stage.
The idea of raising the retirement age was dealt a setback in November when the… continue reading
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Baby boomers have to face a longer working life, as the age for collecting social security is 66. There are even new proposals to fix the federal deficit that would increase the age to collect full benefits to 69.
The average Social Security retirement payment is just $1,170 a month. But for those who need it, it’s vital: For 20% of married retirees and 40% of single retirees, Social Security is 90% or more of their income.
The argument for increasing the retirement age comes down to longer life expectancy. Better nutrition and medical care have extended lifespans well beyond what they were in 1950. And the longer people live, the longer Social Security and other retirement plans will have to pay benefits.
In 1950, a typical 65-year-old lived an average of 13 more years. A typical man who turns 65 next year can expect to live another 18 years, according to the American Academy of… continue reading
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