6. Working will not affect your advantages when you attain FRA
You will have heard that if you happen to work and gather Social Safety on the similar time, you will danger having a few of your advantages withheld in case your earnings exceeds what’s often known as the earnings test limits. However the earnings check solely applies if you have not but reached FRA. When you hit FRA, you possibly can earn as a lot cash as you need and nonetheless gather your month-to-month profit in full.
7. You may request retroactive advantages in a lump sum
In case you decide to delay advantages previous FRA however then determine you want your Social Safety earnings as rapidly as doable, you are allowed to request a lump sum cost from the SSA within the type of retroactive advantages — six months’ price, to be exact. Say you’ve got delayed your submitting and now, at age 68, you determine you need to not solely begin gathering a month-to-month profit, however gather six months’ price. At that time, the SSA is required to pay you that lump sum.
Have in mind, although, that if you happen to request retroactive advantages, your month-to-month cost from that time on shall be calculated based mostly on the adjusted date of your declare. In our instance, if you happen to’ve simply turned 68 and are entitled to a 16% increase in advantages for delaying for 2 years past an FRA of 66, requesting a six-month retroactive payout means you will solely find yourself with a 12% increase to your advantages.