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SVTPerformance's Chain of Restaurants
Road Side Pub
Retirement and social security
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<blockquote data-quote="JimCSHO" data-source="post: 16876926" data-attributes="member: 183032"><p>When you take it early (like at 62) it reduces the monthly amount. It never reduces how long you can take it because you take it for as long as you live regardless.</p><p></p><p>Going back to work and taking the hit (lost $1 for every $2 of earning) meant that I was still contributing and building my "credits" again so at "full retirement age" of 66 the penalty for working was not in effect and I got my SS with no reduction (i.e. I get social security and my wage both). Then because I have decided that I enjoy what I do and have continued working, each year the SSA recalculates my benefit and I get an increase in my monthly payment beyond the cost of living adjustment because of additional earning calculations.</p></blockquote><p></p>
[QUOTE="JimCSHO, post: 16876926, member: 183032"] When you take it early (like at 62) it reduces the monthly amount. It never reduces how long you can take it because you take it for as long as you live regardless. Going back to work and taking the hit (lost $1 for every $2 of earning) meant that I was still contributing and building my "credits" again so at "full retirement age" of 66 the penalty for working was not in effect and I got my SS with no reduction (i.e. I get social security and my wage both). Then because I have decided that I enjoy what I do and have continued working, each year the SSA recalculates my benefit and I get an increase in my monthly payment beyond the cost of living adjustment because of additional earning calculations. [/QUOTE]
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SVTPerformance's Chain of Restaurants
Road Side Pub
Retirement and social security
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