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SSA Posts Information About Early Retirement

Wed, 11/29/2000 - 1:00am — Karen Stevenson
Description: 

The Social Security Administration (SSA) has posted a retirement planner and calculator that shows users how they will be affected by the earnings test if they continue working while receiving Social Security benefits. Last year the earnings test was repealed for people who are at or above the "normal retirement age", but many people are not aware that the earnings test still reduces benefits for people who take early benefits.

The SSA will also send out information to people age 55 and above about the long-term effects of taking a reduced benefit and the impact work would have on their benefit. This insert will be included in benefits statements, and is also available on the SSA web site.

The "normal retirement age" was increased in 1983 for people born in 1938 or later, and will gradually be increased from age 65 to age 67. The earnings test reduces benefits for people less than the "normal retirement age" who earn more than $10,080 in 2000 or $10,680 in 2001 while receiving Social Security benefits.

The Social Security Administration (SSA) has posted a retirement planner and calculator that shows users how they will be affected by the earnings test if they continue working while receiving Social Security benefits. Last year the earnings test was repealed for people who are at or above the "normal retirement age", but many people are not aware that the earnings test still reduces benefits for people who take early benefits.

The SSA will also send out information to people age 55 and above about the long-term effects of taking a reduced benefit and the impact work would have on their benefit. This insert will be included in benefits statements, and is also available on the SSA web site.

The "normal retirement age" was increased in 1983 for people born in 1938 or later, and will gradually be increased from age 65 to age 67. The earnings test reduces benefits for people less than the "normal retirement age" who earn more than $10,080 in 2000 or $10,680 in 2001 while receiving Social Security benefits.