Still working & drawing social security...

by Anonymous

Do i have to quit my current job in order to start drawing my social security benefits at age 66?

I need to continue working for spouse's insurance benefits.

Wendy's reply: Heck no... if age 66 is your "full retirement age" with Social Security, you can collect FULL Social Security AND FULL wages while you remain employed.

At my employer, we have quite a few who are doing this... "double dipping" with Social Security and wages is a great way to add to your savings account while you still can!

If at all possible, bank all of your Social Security payments.. you'll need that extra cash later, and its an easy way to save for the future, now, while you've got a double income.

In addition, every year your benefit will be recalculated and increased as you earned more working... yeah!

However, others would say to wait for benefits, as they increase greatly by waiting -- big decision, and its all yours!

Best Wishes! Wendy

Here is the Social Security page if you'd like to read it or print it out....
Social Security and working at age 66

Look at: How much can you earn and still get benefits?

Comments for Still working & drawing social security...

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What will the future hold?
by: Suze Ortoman

Many people have seen a decrease in their social security benefits check. Be careful when predicting just how much money Social Security is going to pay you in the future years. Just a bit of advice.

Wendy: Yes, larger increases in the Medicare premium equals a lesser Social Security check. A few years ago, my father would get his annual SS increase letter and whoop it up a bit.. "yeah! I got a raise!" Weeks later, the Medicare premium letter.. "Oh, there goes the raise (or most of it)!" Today, even worse, as they can experience a reduced check.

A few years down the road, when many Boomers are eligible.. who knows!? Future retiree benefits are downright frightening when so many need to depend on Social Security and yet there aren't enough of the next generation in our pay-as-you-go system. yikes!

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