1943 or later
GOVERNMENT HELP FOR YOUR RETIREMENT
Table 13.2. Percentage
Increases for Delayed Retirement
Year of Birth
If your family members receive any social security benefits from your record, all the benefits will be affected by your earnings. So, not only will your earnings reduce your monthly benefits, but they will also reduce any other benefits that your family may receive. However, if one of your family members is working, this will only affect his or her benefits, not yours or any others received by your family.
The Social Security Administration has a special rule, though, that they allow you to apply to your earnings and benefits for one year, usu- ally the first year you are retired. Under this rule, you can receive full benefits for any month you are “retired,” no matter what your annual earnings will be. However, your monthly earnings must fall below a set limit. If you are self-employed, your work there is also considered.
If you are currently receiving a pension from your former employer, the amount you receive will not affect your social security benefits, as long as you paid social security taxes at that job. How- ever, if you are receiving a pension from an employer that didn’t par- ticipate in social security, such as the federal civil service, state, and local governments, or work in a foreign country, your pension amount will reduce the amount of social security benefits you will receive.