# Retiring at 62 and maximum earnings afterward



## Piney Woods (Jul 5, 2006)

I just got off the phone with Social Security administration and was told yet another story.

My hope was to file for SS and keep working until I had that first check in the bank. Actually, I had planned to work for four months after filing which would put me just under the $16,920 maximum earnings when you retire early. And then not work the rest of the year. Then the next year I could earn $16,920, etc. 

This SS woman told me that no, I had to have no more income in the month when I file for SS than $1,410 (which is $16,920 divided by 12). A few months ago SS told me they average out what you earn AFTER you file the first year to see if it exceeds $1,410 per month.

In other words, she is saying that I'll have to quit work, have a full month where I bring in less than $1,410 and THEN file and wait 2-3 months for the first check to hit my bank account. I'll be homeless by then with no income coming in. 

This can't be right - it doesn't make any sense.

Anyone here retire at 62 and have issues like this the first year?


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## Bellyman (Jul 6, 2013)

Yup. Welcome to the world of Social InSecurity.


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## po boy (Jul 12, 2010)

I would never call a Federal Agency without digging on my own. Look at this and read the stuff from .gov domains


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## TnAndy (Sep 15, 2005)

If you can't go a few months on savings, you probably can't afford to retire.


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## ladytoysdream (Dec 13, 2008)

My husband retired when he turned 62. He worked a few weeks past his birthday. Then he had some vacation pay, sick time, and personal days to use up / get paid for. They kept his paycheck going for approximately 2 more months instead of a lump sum. Then he got offered a part time job which he took. For the spring, summer and fall. So all looked well and he was under the income guidelines for SS. Well the following year, he gets a letter from SS asking about the 2 months of paychecks beyond his birthday from the job he retired from. So after some phone calls to get more information, I had to put together paperwork for him, breaking down, month by month, where the income was from. Because the 2 months was NOT earned income, but UNearned income, they could not count that against him. I was expecting them to yank 2 months of his SS to make up for that, but it did not come down to that. 
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My suggestion to you is to pay everything off that you can before you retire. Like the house payment, a vehicle payment etc. If you are bringing home big dollars monthly, there is no way you are going to make ends meet with what SS is going to give you. And always have a cushion for the unexpected expenses.
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Another suggestion is to live monthly on what SS is going to give you. Put your extra money toward bill payoffs. I call it a practice run. That is what we did, a year before he retired, when I got laid off from my last job, and did not want to go find another one, knowing that I would be leaving it as soon as I turned 62.
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One other thing I did, I put pencil to paper and laid out the budget for the first year of retirement. Every single thing was written down and then all added up and divided by 12 to get a monthly number. Even things as simple as the tag for the dog, that costs $ 10 per year. Also budget in some extra money as a cushion.


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## Belfrybat (Feb 21, 2003)

You can still earn after filing, but your SS check will be reduced by $1.00 for every $2.00 you earn over the monthly limit. That might not be too much depending on the difference between your monthly salary and $1450.00. OR could you reduce to part time at work for a few months to get below the monthly limit?


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## Piney Woods (Jul 5, 2006)

poboy, I've already googled it and found everything I can. 

I know you can work part time, but what they're telling me is that in the month I file, I cannot make more than $1,410 or they will not enroll me in SS because I'm "not retired" if I make more than that. I make more than that now so I would have to quit work before I could file. It doesn't make any sense. 

What she also told me is that if I make $1,000 over the limit, they will short my next SS check by $500. 

I can't afford to not have any income at all. It would be lovely to have thousands of dollars put away but as a single mom I raised my kids by myself with no financial help from anyone. I couldn't afford to feed them and put money away. What little I had put away had to be used up when I kept getting laid off from jobs in 2008.

And I am disabled, I can't work much longer. It isn't a matter of not being able to afford to retire - I will have to retire soon. 

I asked a couple of friends tonight and two said they got their first SS check right away, and another one said she is still working full time ($60,000) a year AND drawing SS.

I don't understand this at all.


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## Belfrybat (Feb 21, 2003)

Saying you can't file for SS if you are working full time makes no sense at all. Depending on the amount you earn, your check might be greatly reduced, but saying you can't even file is crazy. 

I received my first SS check about 45 days after I filed.

This is from the official SS site: https://www.ssa.gov/planners/retire/whileworking.html



> You can work while you receive Social Security retirement (or survivors) benefits. When you do, it could mean a higher benefit for you in the future.
> 
> Each year we review the records for all working Social Security recipients. If your earnings for the prior year are higher than one of the years we used to compute your retirement benefit, we will recalculate your benefit amount. We pay the increase retroactive to January the year after you earned the money.
> 
> ...


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## jwal10 (Jun 5, 2010)

https://www.ssa.gov/retire/

Set your retirement date, sign up 4 months before that date.

https://www.ssa.gov/planners/retire/applying3.html 

Keep working as long as you can and double dip. They will keep 1 dollar for every 2 dollars you make over the allowed amount so determine what you want to do, retire or double dip with the penalty. Working may allow you more money to get set up and also allow you to get more benefits in the future. 

Also check for benefits on your former partners accounts, if they made more than you did, your benefits may be more....James


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## Micheal (Jan 28, 2009)

Many years ago when I signed up for SS I went to the SS office in Sept signed all the paperwork etc to start drawing it in January. I was still officially working when I signed up, but all paperwork had me "retiring" in Dec. 
Have the rules changed????? :shrug:


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## jwal10 (Jun 5, 2010)

Basically no....but, now you don't have to leave home to sign up if you don't want to....James


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## Piney Woods (Jul 5, 2006)

I had to come on here as soon as I got home to share the good news. Only took me a total of 1 1/2 hours at the Social Security office. What they told me, and she checked with a specialist, is that I can file anytime and continue to work for four months until I make the maximum earnings amount for 2017.- That means I can pay almost every dollar of my debt off.- 

She also told me I can file now for SS and file simultaneously for SS Disability. She said it will take 3-5 months if I'm approved, and about two years if I have to appeal. If I were approved it would mean I would get my full retirement amount.

Whew!!!- What a relief and weight has been lifted off my shoulders.- Now to figure out affordable housing, and I'll be good.- Missouri is looking better.

Thanks to whoever talked to me about the different kinds of disability, and to everyone for your prayers and support.


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## Micheal (Jan 28, 2009)

Congrats in your dealings with the SS office.
And of course the best of luck on finding the housing you are looking for.


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## Piney Woods (Jul 5, 2006)

I officially filed for Social Security last Friday. I'm planning on my last day of work to be the Friday before Memorial Day. Woo hoo! On with the adventure! :hobbyhors


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