Re: [taxchat] SS @ 62

The SS is reduced on "retiring" at 62.  So if your wages are high enough that you have to pay back ALL the SS for the next three years, you have received NO benefit...but you have committed to a reduced amount of SS for the rest of your life.  Hold off until 65, 66,67, you will receive 100% for the rest of your life, and you can earn all you want, with no pay back.

 

Robert H. Somerville, CPA
405 S State College, Ste 201
Brea, CA 92821
Telephone; 714-529-4711
Fax:            714-529-0334
Email:      rsomerville@survivetaxes.com
Website: survivetaxes.com

----- Original Message -----

From: Arnold M. Socol

To: taxchat@yahoogroups.com

Sent: Friday, December 05, 2008 8:41 AM

Subject: Re: [taxchat] SS @ 62

Early SS is definitely reduced until regular retirement age - $1 in benefits for each $2 "earned" (earned income).  Therefore all benefits could be wiped out if still working.  See your annual social security statement sent to you.

 

Arnie

----- Original Message -----

From: Robert Lukey

To: taxchat@yahoogroups.com

Sent: 12/05/2008 11:31 AM

Subject: [taxchat] SS @ 62

Can Social Security deny a recipient early payments if the recipient is still working? I had understood it that under the current laws that the SS cannot be reduced but can be subject to withholding tax. One of my clients has been toying with the idea and is being told that SS won't allow him to take SS because he makes to much.

--
Robert Lukey EA CPA

Arnie Socol
President
Ways & Means, Inc.
845-562-6070

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