Must I apply or you will start getting paid?
2007-01-15 22:08:34 · 8 answers · asked by gfa_matta 2 in Business & Finance ➔ Taxes ➔ United States
Your SS will be restricted if you work. Many people in that situation leave it in until they get to 70. You have to apply.
On another note, have you applied for Medicare? If you do not apply within a certain time after you are entitled you will suffer a penalty that will apply for the rest of your life. If you anticipate retiring or reducing your work hours in the fairly near future but you are still in good health, you might want to deal with that sooner rather than later, if you have not already done so. If you live to a ripe old age, the cost now may well be outweighed by the penalty in later years.
2007-01-15 22:52:53 · answer #1 · answered by skip 6 · 0⤊ 0⤋
Getting social security is not automatic - you have to apply.
If you're still working, your payments might be reduced, depending on your age.
From the social security website ssa.gov: note that depending on when you were born, full retirement age is not necessarily 65 any more.
If you are under normal (or full) retirement age (FRA): when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2007 that limit is $12,960 and for 2006, that limit is $12,480. Remember, the earliest age that you can receive Social Security retirement benefits remains 62 even though the FRA is rising.
In the year you reach your FRA: $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach FRA. For 2007, this limit is $34,440; for 2006, this limit is $33,240
Starting with the month you reach FRA:, you will get your benefits with NO limit on your earnings.
2007-01-16 04:09:23 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
As others have stated, you have to apply for benefits to get them. If you are of full retirement age - (which is scheduled to eventually increase to 67), there is no limit to how much you can earn and still get social security - with no reduction in benefits. However, if you delay getting social security payments until even later, your monthly payment will be increased when you do start getting them. If you are in good health and expect to live to a very old age, and if you are still working and don't immediately need the money, it might make sense to delay applying for monthly social security benefits.
However, it is important to apply for Medicare shortly before you turn 65, even if you plan to delay applying form monthly social security payments.
2007-01-17 18:36:31 · answer #3 · answered by Franklin 5 · 0⤊ 0⤋
You have to apply for Social Security, it is not automatic. You should have applied for Medicare Part B when you turned 65.
After age 65 there is no limit on the amount you can earn while collecting Social Security.
2007-01-16 00:53:30 · answer #4 · answered by waggy_33 6 · 0⤊ 1⤋
Yes, you are entitled to social security and yes, you have to apply.
There is not a cap on earnings, they just start to penalize some of your ss payments if you earn over a certain amount. The SSA can explain all of this to you.
Call them and set up an appointment to go and talk to them. They will be able to help you.
2007-01-15 23:06:00 · answer #5 · answered by Gem 7 · 1⤊ 0⤋
You are entitled to get social security, you must apply, they do not look for you.
2007-01-15 22:17:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If earning very much will lose most or all your social security but the medicare issues raised above are important. get that taken care of.
2007-01-16 02:16:02 · answer #7 · answered by vegas_iwish 5 · 0⤊ 0⤋
I believe there's a limit on how much money you can make while getting Social Security, like $1600 or so?
Head to the Social Security Office and see what they have to say.
Good luck!
2007-01-15 22:13:50 · answer #8 · answered by babbles 5 · 0⤊ 2⤋