Your Options: Working, Applying for Retirement Benefits, or Both | SSA

Choosing when to start receiving your Social Security retirement benefits is an authoritative decision. There ’ s no one choice that works for everyone because your life style, finances, and goals are not the same as others .
Do you want to retire early, stay on the job, or work beyond retirement age ?
Should you start receiving retirement benefits now, or expect until you can receive a higher benefit amount ?
These are significant questions you ’ ll need to answer as you plan for your retirement. Consider the four options below to help you make the best decision.

Continue Working Stop Working
Claim Benefits A B
Not Claim Benefits C D

If you are or were married, there are even more details to consider. Find out more by reading our fact tabloid When to Start Receiving Retirement Benefits

A. You can continue working and start receiving your retirement benefits

If you start your benefits before your full retirement age, your benefits are reduced a fraction of a percentage for each month before your broad retirement long time .
You can get Social Security retirement benefits and ferment at the like time before your full moon retirement long time. however your benefits will be reduced if you earn more than the annual earnings limits .
After you reach your broad retirement age, we will recalculate your benefit amount to give you credit for any months you did not receive a benefit because of your earnings. We will send you a letter that explains any increase in your profit amount .
If you delay filing for your benefits until after full retirement old age, you will be eligible for delayed retirement credits that would increase your monthly benefit. If you besides continue to work, you will be able to receive your full retirement benefits and any increase resulting from your extra earnings when we recalculate your benefits. once you reach wax retirement age, your earnings do not affect your benefit sum .
If you start receiving retirement benefits before age 65, you are automatically enrolled in Original Medicare ( Part A and Part B ) when you turn 65. If you or your spouse are still working and covered under an employer-provided group health plan, talk to the personnel office before signing up for Medicare Part B. To learn more, read our Medicare issue .

B. You can stop working and start receiving your retirement benefits

If you make the decisiveness to stop exercise and start receiving retirement benefits before your full retirement age, your benefits are reduced a divide of a percentage for each month before your full retirement age. besides, your benefits will not increase because of extra earnings.

We calculate your benefits based on your highest 35 years of earnings, and if you stop working before you have attained 35 years of earnings or you have years with low earnings, this will affect your profit calculation .
If you delay your benefits until after wax retirement senesce, you will be eligible for delay retirement credits that would increase your profit .
If you stop working and start receiving retirement benefits before age 65, you are mechanically enrolled in Original Medicare ( Part A and Part B ) when you turn 65. If you are not receiving your Social Security benefits when you turn 65, you will need to apply for Medicare benefits three months before you turn 65. If you don ’ deoxythymidine monophosphate signal up for Medicare Part B when you ’ re first eligible, you may have to pay a late registration penalty for deoxyadenosine monophosphate hanker as you have Medicare coverage .

C. You can continue working and not receive your retirement benefits

If you decide to continue working and not start your benefits until after full retirement age, your benefits will increase for each calendar month you do not receive them until you reach historic period 70. There is no bonus to delay filing for your benefits after long time 70. Continuing to work may besides increase your benefits, because your stream earnings could replace an earlier year of lower or no earnings, which can result in a higher benefit total .
If you are not receiving your Social Security benefits when you turn 65, you will need to apply for Original Medicare ( Part A and Part B ) three months before you turn 65. If you don ’ triiodothyronine sign up for Medicare Part B when you ’ re first eligible at age 65, you may have to pay a belated registration penalty for a long as you have Medicare coverage .
however, if you or your spouse are even working and covered under an employer-provided group health plan, talk to your personnel function before signing up for Medicare Part B. Once the cover employment ends, you may be eligible for a special Enrollment Period to sign up for Part B. If so, you won ’ metric ton have to pay a late registration punishment.

D. You can stop working and not begin receiving your retirement benefits

Deciding not to start your retirement benefits can make feel if you have other sources of income. If you stop working, your benefits will not increase because of extra earnings .
We calculate your benefits based on your highest 35 years of earnings. If you stop working before you have 35 years of earnings, or you have humble earnings for some years, this will affect your benefit calculation. however, if you wait to start benefits after you reach wide retirement old age, your benefits will increase for each month you do not receive them until you reach age 70. There is no bonus to delay filing for your benefits after senesce 70. If you are not receiving your Social Security benefits when you turn 65, you will need to apply for Original Medicare ( Part A and Part B ) three months before you turn 65. If you don ’ deoxythymidine monophosphate gestural up for Medicare Part B when you ’ re first eligible at age 65, you may have to pay a late registration punishment for equally hanker as you have Medicare coverage .

source : https://www.peterswar.net
Category : Finance

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