What are my Social Security Benefits?
Assuming you’ve paid into the Social Security program throughout your working life, here are some more helpful facts:
IMPORTANT SOCIAL SECURITY BENEFITS:
IS IT POSSIBLE TO EXPERIENCE A REDUCTION OF MY BENEFITS?
The simple answer is “yes,” but that’s really not the full answer. Here we go: if you are younger than your FRA and if you earn more money than that which is listed on Social Security tables, you may experience a reduction in benefits.
If You Retire BEFORE Your Full Retirement Age (FRA):
If you file for early retirement, the Social Security Administration will reduce your benefits by five ninths of one percent (5/9ths of 1%) each month for the first thirty-six (36) months PLUS five twelfths of one percent (5/12ths of 1%) for the remaining period until you reach that magical FRA! For example, at age 62, you would experience a PERMANENT reduction of benefits of 25%! That’s another big ouch.
IF YOU ARE STILL WORKING: (IN GENERAL, HERE’S HOW IT WORKS ...)
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