Discussion - Member to Member Sales - Research Center
Discussion - Member to Member Sales - Research Center
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Being in Canada I'm not sure of the US benefit system but would imagine it varies by State, presume that your tax advisor / Social security office would be able to give you a correct answer. Your household income will be the major factor as will your investments.
I'm certain we must have some tax experts or even retirees in our ranks who can give a better reply.
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John. benefits are reduced if you take SS before you reach full retirement age, which depends on your year of birth.
Benefits can also be reduced until full retirment age if you have earnings, such as a part time job or business.
Which are you asking about??
Mike
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You can go to www.ssa.gov and use the search box. Enter 'reduced benefits' for the full retirment age part and 'earning' for the earning limit reduction part/
Mike
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I believe what John may be asking is do social security payments go down once they start due to deflation as opposed to inflation? In a similar vein do social security benefits get reduced based on earnings from interest/dividends as opposed to earnings from earned income, i.e. part-time work after retirement?
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John, you need to find out if your USPS pension will reduce your social security amount (i.e. double dipping). For example, I receive a military pension and it is not considered double dipping when combined with my social security pension. In addition, there are earning limits while drawing social security. You can only work so much for it to not effect your social security pension.
Each individual's situation is different. Your local social security people can answer any specific questions you might have, before you apply for social security. In addition, a cost of living adjustment (COLA) is made each year in October for the next calendar year. Most years show some increase in benefits, some show none. For 2019, that adjustment is 2.8%, I think.
It is extremely important to figure out WHEN you should apply for social security benefits. In my particular case, it was a no-brainer - I applied as soon as I was eligible (62). This was because my military pension does not cause any reduction in social security. Your particular situation may be different.
Hope this helps you decide things.
John
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The "double dipping', so-to-speak, results if you had a job where your employer paid 100% of your social security, or no social was paid by either the worker or employer. That will result in a reduction of benefits.
I suggest you obtain, or read online, the Social Security Handbook:
https://www.ssa.gov/OP_Home/handbook/handbook.html
You can also set up a user account on the SSA website, and get more information, see how much you are projected to receive, etc. All of this was very helpful when I applied for my benefits. SSA offices are usually full of people waiting to see someone. Do as much of the application process online as you can. It will save you alot of time standing and sitting and waiting to see someone.
Remember too that Social Security may be subject to income tax. You can elect to have withholding put in place. That will save you lots of grief when it comes time to file your income tax. Check with your state to see if Social Security benefits are also subject to state income tax. All of this (among other factors) should be taken into consideration before you start receiving benefits as it will reduce how much you net.
Many employers have retirement seminars where such things are discussed. Seek out a financial advisor. Often they hold free retirement seminars at local hotels.
"Money Matters with Ken Moraif" is a syndicated radio show where he gives advice on retirement, especially Social Security benefits. The advice is free.
Get all the information you can, because once you start receiving benefits, your cannot change them later on (well you can, but it is not easy and often you'll have to repay every cent that you have already received).
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If you know what you are doing**, you can get 100% SS by the age of 58 like me! 
Don
**Of course, you have to be willing to give up all kidney function and be kept alive by a machine. LOL
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Don,
Ouch, it would have to be a really terrible job for this to be a "chosen" option though. Had a great fellow collector friend when I was in high school who was in his 80's at the time who had gone through a major colostomy operation. His stories about his health care regimen were great incentive for trying to take care of my own health (even though my wife says there is a lot more I should do regarding diet).
But we are glad you are hanging in with your treatments as your input is much appreciated!
And I am glad that social security's disability options exist for those who need them. And even more glad that I have not needed them although lately I am looking forward to retirement assuming I get the opportunity.
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I found out after I posted my initial inquiry, benefits get reduced if you retire before full retirement age. I'll be 66 12 days before I retire which is why I stayed on the job an extra year. I am glad I did. Thanks to all who responded.
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I am planning to retire from the USPS and have a question I have not been able to find the answer to so I thought I'd post here. Do social security benefits get reduced when one retires? It seems to me we pay into ss for our whole working time benefits should not be reduced. Anybody with knowledge of social security please post.
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re: Retirement and Social Security
Being in Canada I'm not sure of the US benefit system but would imagine it varies by State, presume that your tax advisor / Social security office would be able to give you a correct answer. Your household income will be the major factor as will your investments.
I'm certain we must have some tax experts or even retirees in our ranks who can give a better reply.
Login to Like
this post
re: Retirement and Social Security
John. benefits are reduced if you take SS before you reach full retirement age, which depends on your year of birth.
Benefits can also be reduced until full retirment age if you have earnings, such as a part time job or business.
Which are you asking about??
Mike
Login to Like
this post
re: Retirement and Social Security
You can go to www.ssa.gov and use the search box. Enter 'reduced benefits' for the full retirment age part and 'earning' for the earning limit reduction part/
Mike
Login to Like
this post
re: Retirement and Social Security
I believe what John may be asking is do social security payments go down once they start due to deflation as opposed to inflation? In a similar vein do social security benefits get reduced based on earnings from interest/dividends as opposed to earnings from earned income, i.e. part-time work after retirement?
Login to Like
this post
05:23:00am
re: Retirement and Social Security
John, you need to find out if your USPS pension will reduce your social security amount (i.e. double dipping). For example, I receive a military pension and it is not considered double dipping when combined with my social security pension. In addition, there are earning limits while drawing social security. You can only work so much for it to not effect your social security pension.
Each individual's situation is different. Your local social security people can answer any specific questions you might have, before you apply for social security. In addition, a cost of living adjustment (COLA) is made each year in October for the next calendar year. Most years show some increase in benefits, some show none. For 2019, that adjustment is 2.8%, I think.
It is extremely important to figure out WHEN you should apply for social security benefits. In my particular case, it was a no-brainer - I applied as soon as I was eligible (62). This was because my military pension does not cause any reduction in social security. Your particular situation may be different.
Hope this helps you decide things.
John
Login to Like
this post
re: Retirement and Social Security
The "double dipping', so-to-speak, results if you had a job where your employer paid 100% of your social security, or no social was paid by either the worker or employer. That will result in a reduction of benefits.
I suggest you obtain, or read online, the Social Security Handbook:
https://www.ssa.gov/OP_Home/handbook/handbook.html
You can also set up a user account on the SSA website, and get more information, see how much you are projected to receive, etc. All of this was very helpful when I applied for my benefits. SSA offices are usually full of people waiting to see someone. Do as much of the application process online as you can. It will save you alot of time standing and sitting and waiting to see someone.
Remember too that Social Security may be subject to income tax. You can elect to have withholding put in place. That will save you lots of grief when it comes time to file your income tax. Check with your state to see if Social Security benefits are also subject to state income tax. All of this (among other factors) should be taken into consideration before you start receiving benefits as it will reduce how much you net.
Many employers have retirement seminars where such things are discussed. Seek out a financial advisor. Often they hold free retirement seminars at local hotels.
"Money Matters with Ken Moraif" is a syndicated radio show where he gives advice on retirement, especially Social Security benefits. The advice is free.
Get all the information you can, because once you start receiving benefits, your cannot change them later on (well you can, but it is not easy and often you'll have to repay every cent that you have already received).
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re: Retirement and Social Security
If you know what you are doing**, you can get 100% SS by the age of 58 like me!
Don
**Of course, you have to be willing to give up all kidney function and be kept alive by a machine. LOL
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re: Retirement and Social Security
Don,
Ouch, it would have to be a really terrible job for this to be a "chosen" option though. Had a great fellow collector friend when I was in high school who was in his 80's at the time who had gone through a major colostomy operation. His stories about his health care regimen were great incentive for trying to take care of my own health (even though my wife says there is a lot more I should do regarding diet).
But we are glad you are hanging in with your treatments as your input is much appreciated!
And I am glad that social security's disability options exist for those who need them. And even more glad that I have not needed them although lately I am looking forward to retirement assuming I get the opportunity.
1 Member
likes this post.
Login to Like.
re: Retirement and Social Security
I found out after I posted my initial inquiry, benefits get reduced if you retire before full retirement age. I'll be 66 12 days before I retire which is why I stayed on the job an extra year. I am glad I did. Thanks to all who responded.
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this post