Ask Larry

I am planning on taking my social security benefit in August of this year, I will turn 65. I am currently working part time. My social security benefit is estimated at around 1,403 a month. My earnings for last year were 22,645.08. Will I be penalized for working and claiming benefits before full retirement age? I can't afford to lose income , my social security will be my only income. I am married and my husband works. Also, how long does it take to get benefits once you apply? I read that you can make up to 16,940.00 before you are penalized.

Hi,

If you start drawing benefits at age 65, your benefit rate will be about 6.67% lower than your full retirement age rate. And, if you earn more than $16,920 this year, and more than $1410 in any months that you are entitled to benefits, you will lose at least some of your benefits due to Social Security's earnings test (https://www.ssa.gov/planners/retire/whileworking2.html).

To answer your other question, it doesn't normally take very long to get the benefits to which you are entitled once you apply. Social Security can sometimes process applications to completion on the same day that you file, and direct deposits can be issued within a few days. Obviously, though, it depends on the circumstances involved.

Best, Jerry

You may want to strongly consider running the maximization software available on this website before you file for benefits. You may have much better filing options available to you, and the software should help you find the best strategy in your case.

Best, Jerry