Every financial strategy is vital. However, Social Security plays a great role to avoid old age poverty.
The Social Security checks will be issued at a time when workers need them the most.
Keeping that in mind, it is important to know what is the right time to start receiving your check.
You should also know whether collecting the checks while working does have any impact on your perks.
As the SSA clarifies that it is perfectly fine to work and collect the checks as long as you are at your minimum retirement age of 62.
In typical situations, the question of whether you ought to do so is a separate and distinct issue.
With a little omissions every financial expert will tell you to wait for your retirement age to collect the checks.
If you opt to claim your Social Security checks before your full retirement age of approx. 62-66...
...And your earnings are much more than the designated SSA limits, then your benefits will be drstically reduced.
The SSA keeps $1 for every $2 you make beyond $19,560 lmit, so $2,180 of your Social Security benefits are withheld.
Using the scenario from the SSA's "How Work Affects Your Payments" article...
If your regular Social Security income at age 62 is $600 (or $7,200/year) and you plan to earn...
...$23,920 for the entire year, you will have $4,360 deducted from your benefits.
However, these withheld payments are paid once you reach your full retirement age.
At this point, Your compensation will be adjusted depending on your additional earnings.
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