Collecting Social Security Benefits

[amma1001]

 I am 65 years old and I want to start collecting my SS benefits now.  My full retirement age is 66 and 8 months.  I was told by SS agent that if I work and make money while collecting Social Security before full retirement age, I will pay penalty on the amount above the limit.  So, if I work and I make $ 100,000, I was told that I would pay $ 50,000 penalty.  That doesn't see right!  Is this correct?

[GailL1]

Here is the rule from the Social Security Administration - which is pretty self-explanatory - do you understand it now? If not, come back and ask more questions.

SSA.gov FAQ:  What happens if I work and get Social Security retirement benefits

However, if you keep working and even if your benefits are reduced - somewhere down the line after your FRA, you will get a somewhat higher benefit because you paid in longer.

[sktn77a]

"So, if I work and I make $ 100,000, I was told that I would pay $ 50,000 penalty.  That doesn't see right!  Is this correct?"

No, its not correct.  When you work and collect social security, you social security is reduced if you make over a certain amount.  The reduction is applied to your benefit when you stop working (or reduce your work income).  You'll end up get the same amount of money from social security, just delayed some.

[LaurieP163256]

Generally, SS rules are so complex and can change so much, every year, that you can't necessarily trust that an SS employee is going to have completely current or completely accurate information.

I wish I knew a truly accurate source of information, but I don't.  I have been having problems myself, with finding needed information.

You could certainly try a financial advisor, maybe a CPA, contact your Congressman...and things like that.

Sorry it is all so difficult.