Neal Templin

speaker

97 appearances 1 recordings 1 series first heard May 2021 last heard May 2021

Neal Templin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Common Social Security Mistakes and How to Avoid Them · 10 May 2021 podcast

But I should add that there are still other people that do not need Social Security early, but take it early just because they want to make sure they get their money out of the system.

And that's just generally not financially a smart decision unless your health is poor and your spouse's health is poor.

So Social Security has what's called an earnings limit for people before they hit full retirement age, which, depending on your age, is between 66 and 67 years old.

And if you earn money before you hit full retirement age and you earn more than currently this year, more than $18,960, the government will reduce your benefit for a dollar for every $2 in excess of that amount.

So a lot of people will actually not go back to work because of that because they think, well, this is terrible.

I'm earning money and all it's doing is reducing my Social Security benefit.

I've already started drawing Social Security.

But that's a mistake because you will get that money back.

The way it works is your benefit is reduced by that amount before full retirement age.

But when you hit full retirement age,

it then increases your benefit above what it would otherwise be to compensate for the money they took away.

It's almost a chance to do a do-over.

It creates a larger pension, much as working longer does.

Let's say you lost your job last year during the pandemic-induced recession, and you needed to take Social Security.

Now the economy's bounced back much quicker than people thought, and you're offered a job again.

Don't worry about the earnings limit.

Go take that job.

earn money, take it as long as you want, and it will help you down the road with your Social Security benefit.

So it's like a do-over.

Don't let it stop you.

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