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Originally posted by littled16
reply to post by Wide-Eyes
P.S. Love your plaid!
edit on 14-9-2012 by littled16 because: (no reason given)
Originally posted by littled16
but now a lot of them are having to go back to work full time (which means no more SS cuz you can't make over around $14K and keep SS and Medicare).
Why are they going back to work? They can't afford to live on it! Inflation is getting so bad that after paying their
•If you are younger than full retirement age, $1 in benefits will be deducted for each $2 in earnings you have above the annual limit ($14,640 in 2012).
•In the year you reach your full retirement age, your benefits will be reduced $1 for every $3 you earn over a different limit ($38,880 in 2012) until the month you reach full retirement age. Then you get your full Social Security benefit payments, no matter how much you earn.
Originally posted by littled16
reply to post by schuyler
However the point still holds true that more and more seniors cannot afford to live on Social Security, and earning enough money to make it cancels out Social Security payments ( at the minus $1 for every $2 you earn formula). They could make it quite well at the minus $1 for every $3 you earn after $38K formula, sure. And absolutely working in addition to getting full benefits.
The Social Security Administration estimates that retirees need 70 to 80 percent of preretirement income to live on once they retire. Social Security provides about 40 percent of preretirement income if you retire at full retirement age. Full retirement age is 66 in 2011. If you retire early, Social Security decreases benefits by approximately 25 percent.