Question: I am still working and thinking about collecting Social Security. What should I be thinking about?

Answer: Most of us understand you become eligible to file for Social Security Benefits when you are 62, and is considered early retirement. Full Retirement Age (66 years to 67 years) for Social Security Benefits depends on your year of birth. For this discussion, we will set your year of birth as 1957.

To collect Social Security you must “file a claim” with the Social Security Administration (SSA). This contact with SSA can be via phone call, going to the local SSA office or using the www.ssa.gov website.

If you are comfortable with using the computer, the website might be a useful tool for you to use now and in the future. The www.ssa.gov website allows you to create your own secure login at the www.SSa.gov/myaccount/ to access your own data. This login and password will enable you to return to this site anytime you wish in the future including filing for Social Security benefits.

Without a computer you may contact SSA via their national number at 1-800-772-1213 or locally, Jamestown at 1-877-319-3079 (321 Hazeltine Ave. Jamestown).

Once you reach out to Social Security you can learn what your actual benefits will be and when you can begin collecting those benefits.

As we said earlier, you are eligible to begin collecting Social Security at age 62 for early retirement benefits. Those individuals born between 1937 and the present, reach Full Retirement Age (FRA) somewhere between 65 and 67 years old.

How much you receive is based on your work history, using the best 35 years of earnings. As you are working throughout your life, your wages and taxes are put into the SSA System. This earnings record is then used to determine the amount you receive each month, once you file for Social Security Benefits. If you begin collecting Early Retirement Benefits (as early as age 62) you will receive less of a payment each month, but potentially more months of payments. If you wait until Full Retirement Age (FRA) you will collect the full amount based on your work history. For an individual born in 1957, the FRA would be 66 and 6 months. If you do not collect until sometime after FRA you will collect a higher monthly payment.

You can also continue to work and collect SSA benefits. There are earnings limits to be considered. If under FRA there is an earnings limit in 2022 of $19,560, which calculates to $1630 per month. If you are working while collecting SSA early retirement benefits, and you earn more than $19,560, ($1630 monthly) your SSA benefits will be reduced by $1 for each $2 you earn above that amount. In the January of the year you reach FRA the earnings limit changes to $51,960 and your SSA benefits will be reduced by $1 for each $3 you earn. Once you reach FRA you can work and collect SSA benefits with no limit on your earnings.

I advise individuals use Social Security Administration tools throughout life to determine you benefit amounts and when it is best to begin collecting Social Security. SSA staff are very good at explaining how your numbers impact your filing for benefits decision. The website is also useful to track your numbers and how they can impact your decision on when it is best to collect Social Security Benefits.

If you are younger than 62, you can and should keep track of your situation with SSA. Be sure to check your work history against that of SSA, to ensure your wages were collected into their system and collected in the correct amounts. SSA will send you a report called “Your Social Security Statement” if you request this or you can print it from the website. This report includes general information on Social Security and will include individual information on Your Estimated Benefits, Your Earnings Record and Social Security & Medicare Taxes paid by your and your employer.

You can now go to the local SSA office closest to you or on the web at www.ssa.gov .

I hope this information is helpful in helping you make that Social Security decision.

Senior Life Matters is a community based program sponsored by Lutheran Jamestown. For questions and concerns or to reach Janell Sluga, GCMC, call 716-720-9797 or email SLM@lutheran-jamestown.org.