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Dec 30th, 2023
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 Social Security Question
#14426762
07/21/22 10:54 PM
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Joined: Feb 2020
Posts: 1,461
Papa Stan
OP
Extreme Angler
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OP
Extreme Angler
Joined: Feb 2020
Posts: 1,461 |
Anybody here have any knowledge on taking early retirement and then going back to work? Here is the situation. I filed early retirement in January 2020 right before turning 65 and now I am 67. I have an alcoholic son who is married to a drug addict. CPS stepped in a year ago and gave us possession of our 2yr old granddaughter. We are going to court next week to get legal custody. In order to pay for the added expenses I am looking to go back to work full time.
Question - If I suspend my SS payment will I be able to earn more than the approx $19,500 without penalty? And will any money that is withheld from a job go towards increasing the monthly SS payment after turning age 70? I guess I am trying to figure out if suspending the payments would be worth it.
Sorry for the lengthy message and thanks for any advice.
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Re: Social Security Question
[Re: Papa Stan]
#14426774
07/21/22 11:16 PM
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Joined: Sep 2006
Posts: 10,877
Spiderman
TFF Guru
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TFF Guru
Joined: Sep 2006
Posts: 10,877 |
I believe once you reach your retirement age with SS, (mine was 66 years and 8 months) you can make as much money as you can and also receive SS benefits (check).
You just have to pay taxes on your total income.
The Truth is six of the seven Dwarfs are not Happy!
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Re: Social Security Question
[Re: Papa Stan]
#14426796
07/21/22 11:37 PM
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Joined: Feb 2014
Posts: 10,041
Smurfs
TFF Guru
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TFF Guru
Joined: Feb 2014
Posts: 10,041 |
nfhbass: "Outside of the twin cities. Where I Live."
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Re: Social Security Question
[Re: Papa Stan]
#14426804
07/21/22 11:44 PM
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Joined: Sep 2005
Posts: 28,131
Uncle Zeek
aka "Mom"
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aka "Mom"
Joined: Sep 2005
Posts: 28,131 |
call me tomorrow, will walk you through the different puzzle pieces there
"Decency is not news; it is buried in the obituaries --but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate planning & tax attorney AND 07/02 FFL
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 mobile
zac@artimlegal.com
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Re: Social Security Question
[Re: Spiderman]
#14426852
07/22/22 12:38 AM
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Joined: May 2008
Posts: 11,148
Rayzor
TFF Guru
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TFF Guru
Joined: May 2008
Posts: 11,148 |
I believe once you reach your retirement age with SS, (mine was 66 years and 8 months) you can make as much money as you can and also receive SS benefits (check).
You just have to pay taxes on your total income.
This is true.
Be safe, Rayzor ![[Linked Image]](http://i418.photobucket.com/albums/pp267/JLedbetter/th_Boatpics036.jpg) 2001 Triton Tx-21/225 Mercury EFI
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Re: Social Security Question
[Re: Spiderman]
#14426854
07/22/22 12:40 AM
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Joined: Apr 2004
Posts: 14,814
Stump jumper
TFF Guru
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TFF Guru
Joined: Apr 2004
Posts: 14,814 |
I believe once you reach your retirement age with SS, (mine was 66 years and 8 months) you can make as much money as you can and also receive SS benefits (check).
You just have to pay taxes on your total income.
This is my understanding. No income limit after full retirement age. You can get more info on the SS website.
2200 Bay Champ/200 Mercury Optimax
2017 Tundra TSS 4x4 Crewmax 5.7L
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Re: Social Security Question
[Re: Papa Stan]
#14427434
07/22/22 05:19 PM
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Joined: Feb 2020
Posts: 1,461
Papa Stan
OP
Extreme Angler
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OP
Extreme Angler
Joined: Feb 2020
Posts: 1,461 |
Ok, thanks for the info. I appreciate it,
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Re: Social Security Question
[Re: Papa Stan]
#14427605
07/22/22 08:38 PM
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Joined: Jan 2010
Posts: 20,148
Emit R Detsaw
TFF Guru
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TFF Guru
Joined: Jan 2010
Posts: 20,148 |
Today was a great morning to do a walk-in at our local SS office. I was the only one there other than the ladies working there. Never seen a government office so empty.
May you be treated the way you treat other people, today and everyday!
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Re: Social Security Question
[Re: Papa Stan]
#14428811
07/24/22 03:50 PM
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Joined: Jun 2006
Posts: 50,225
TreeBass
Lt. Dan
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Lt. Dan
Joined: Jun 2006
Posts: 50,225 |
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Re: Social Security Question
[Re: Papa Stan]
#14428924
07/24/22 06:30 PM
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Joined: Aug 2016
Posts: 4,557
1oldbassguy
TFF Team Angler
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TFF Team Angler
Joined: Aug 2016
Posts: 4,557 |
Anybody here have any knowledge on taking early retirement and then going back to work? Here is the situation. I filed early retirement in January 2020 right before turning 65 and now I am 67. I have an alcoholic son who is married to a drug addict. CPS stepped in a year ago and gave us possession of our 2yr old granddaughter. We are going to court next week to get legal custody. In order to pay for the added expenses I am looking to go back to work full time.
Question - If I suspend my SS payment will I be able to earn more than the approx $19,500 without penalty? And will any money that is withheld from a job go towards increasing the monthly SS payment after turning age 70? I guess I am trying to figure out if suspending the payments would be worth it.
Sorry for the lengthy message and thanks for any advice. no idea on the SS questions as I just turned 61 ---- but God bless for taking care of your granddaughter ---- hope that turns out good for y'all --- she's lucky to have you
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Re: Social Security Question
[Re: 1oldbassguy]
#14429296
07/25/22 06:48 AM
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Joined: Jul 2006
Posts: 52,181
RATZ
Activity Coordinator
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Activity Coordinator
Joined: Jul 2006
Posts: 52,181 |
Anybody here have any knowledge on taking early retirement and then going back to work? Here is the situation. I filed early retirement in January 2020 right before turning 65 and now I am 67. I have an alcoholic son who is married to a drug addict. CPS stepped in a year ago and gave us possession of our 2yr old granddaughter. We are going to court next week to get legal custody. In order to pay for the added expenses I am looking to go back to work full time.
Question - If I suspend my SS payment will I be able to earn more than the approx $19,500 without penalty? And will any money that is withheld from a job go towards increasing the monthly SS payment after turning age 70? I guess I am trying to figure out if suspending the payments would be worth it.
Sorry for the lengthy message and thanks for any advice. no idea on the SS questions as I just turned 61 ---- but God bless for taking care of your granddaughter ---- hope that turns out good for y'all --- she's lucky to have you This. My grandparents pretty much raised my cousin. If they hadn’t been there for her my parents would have had to do it. Hope everything goes well for y’all.
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Re: Social Security Question
[Re: Papa Stan]
#14429307
07/25/22 10:37 AM
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Joined: Sep 2008
Posts: 121,182
hopalong
Pescador Loco
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Pescador Loco
Joined: Sep 2008
Posts: 121,182 |
if you are close to full retirement age I would not suspend a thing, you will be taxed on part of your ss.
once you start your payments for early retirement, that's it, cola raise is all you will see.
took mine at 62 and took a huge cut in monthly payments, probably won't collect all I paid in over the yrs.
good on y'all for stepping up too, some friends in guthrie were put in the same situation for different reasons and all worked out great.
" Hop, set the hook"!
hopalong 99,999
TexDawg 99,999
FJB! not my president by a long shot!
lake fork FISHERMANS COVE MARINA/reservations - 903 474 7479
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