A reporter asked me recently what options workers have if they claim Social Security benefits and then change their mind. COVID-19 could cause such a sequence as people fearful of the virus gain confidence in an effective vaccine. I wasn’t sure about the answer and had to do a little checking.
Those who have reached the full retirement age, but are not yet 70, can ask Social Security to “suspend” their monthly benefit payments. By doing so, they will earn a delayed retirement credit for each month of suspension, which will result in higher benefits once they choose to resume payments. If they have not already restarted their benefits sooner, benefit payments will automatically begin again at age 70.
The second option for those who are returning to the labor force is the earnings test. Under this test, which is applied automatically, monthly benefits are reduced to the extent that workers’ earnings exceed annual thresholds. In 2020, a beneficiary is subject to a reduction of $1 in benefits for every $2 of earnings above $18,240, and $1 for every $3 of earnings above $48,600. The $18,240 and $48,600 are adjusted each year to keep pace with national wage growth.
Depends on your longevity. A lot to be said for get it while you can!
If you die before you can collect the administrators keep all of your payout. You’re basically hedging that you will live long enough to offset the difference in delaying.
95% only bad news(
It is not ALWAYS a good idea. It can take as much as 12 YEARS for those monthly 'net' increases to equal the total distributions you didn't take by not starting earlier. This is especially important information for people who genuinely don't expect to live that long.
Man, someone just tweeted a tweet that is making me really pray that my 2 patent ideas are successful. God please do; if not I won't act like Pres. Trump. I will figure it out; but when its the truth, with facts, what can I do but move on?
Systemic incentive for We The People to make 💰 if you die early. 🇺🇸 pride. Such a wunnerful idea 🤦♂️
The time value of money disagrees with you “marketwatch”...
UNTIL THERE IS A PANDEMIC!!
Because you’re helping reduce the government deficit
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.