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If you’ve been getting retirement benefits for more than a year, the window for withdrawal has closed. However, once you reach full retirement age (66 and 6 months for those born in 1957, 66 and 8 months for those born in 1958 and rising two months per year to 67 for those born in 1960 and later), there’s a second option: You can request a suspension of be
Limiting how much Social Security can withhold from benefits to recoup past overpayments is “a big step in the right direction,” says Rebecca Vallas, a senior adviser with the National Academy of Social Insurance. “I saw firsthand during my years as a legal aid lawyer the needless suffering this can cause.”
Yes, if you are over full retirement age (FRA) — the age at which you qualify for 100 percent of the benefit calculated from your lifetime earnings. Social Security does not allow what it calls “retroactivity” if you claim benefits before then.
Keep in mind. Continuing to work may have a benefit downside if you claimed Social Security early. In the years before you reach full retirement age, you are subject to Social Security’s earnings test, which reduces your benefits if your income from work exceeds a set limit ($22,320 in 2024).
In this example of a $5,520 reduction, let's assume your benefit is $1,000 a month. That would mean you wouldn't receive your first six monthly checks, or $6,000, says William Reichenstein, head of research at software and consulting company Social Security Solutions. Social Security would later send you the amount overwithheld, or $480.
Suppose you turn 62 in 2024 and claim Social Security. Your monthly benefit is $1,200 and you earn $27,500 annually through a part-time job. For the year, Social Security withholds $2,590 from your payments (half of the $5,180 that exceeded the earnings limit). That works out to about 2 months of benefits lost.
Most funeral homes will report a death to Social Security as part of their services. (Social Security provides a form for funeral directors to perform this function.) If you want this service, be sure to provide the funeral home with the deceased’s Social Security number. You can also report the death yourself, by calling Social Security at ...
Income from Social Security benefits figures into the tax calculation, and that income has gotten a big bump in recent years due to inflation. The 2023 cost-of-living adjustment (COLA) of 8.7 percent, the largest since 1981, increased the average retired worker’s Social Security income by about $1,760 for the year.
Loading up taxable investment accounts with assets that generate lots of income, such as real estate investment trusts, dividend-paying stocks or most types of bonds, can increase the tax hit on your Social Security benefits. An alternative strategy might be putting income-generating investments into tax-deferred accounts such as IRAs and 401(k)s.
Back pay is an unofficial but widely used term for what the Social Security Administration (SSA) calls “past-due benefits,” payments to cover a period in which you were medically qualified for disability benefits but had not yet been approved to collect them.