How would I determine how much I could receive from social security if I start drawing my hospital pension when I turn 62 in February. I don't want to start drawing this soon but I'm trying to save my house and avoid bankruptcy. A friend told me the amount I receive will be drastically reduced epecially if I stay FT employed. There's probably not a simple answer but I thought I'd throught it out there for thoughts.
2006-12-15 14:35:19 · 3 answers · asked by butkus 1 in Business & Finance ➔ Personal Finance
Go to http://www.ssa.gov/mystatement/
They'll send you a statement telling you what benifits you'll get at different ages. www.ssa.gov will answer all your questions.
2006-12-15 15:54:59 · answer #1 · answered by Nomadd 7 · 1⤊ 1⤋
From 62 to 65 you SS payment will be reduced by one dollar for every two dollars that you earn in wages.
After 65 you will receive the full amount regardless of how much you earn.
The amount you'll get at 62 is less than what you will get at 65.
If you are going to work full time,you are better off waiting till you are 65,then you will collect the full amount of SS payment.
2006-12-15 14:57:00 · answer #2 · answered by domedweller2 3 · 1⤊ 0⤋
You should be receiving a benefits update from Social Security.
On this letter it shows you have benefits you will receive at certain ages like before 62, 62, etc. If you aren't receiving the letter you should call them and request them to send to your house.
2006-12-15 14:45:09 · answer #3 · answered by david 3 · 1⤊ 0⤋