When to apply for Social Security?
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  1. #1
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    Default When to apply for Social Security?

    I will soon be 64 and here in the US you need to wait until you are 66 to get full Social Security benefits. You are however, able to apply early. This weekend a friend, who is planning to "retire" early and keep working until she reaches 66, told me in 2018 you no longer have a monthly cap on earnings, which impacts your monthly benefit dollars, but rather it is applied once you reach a little over $40k for the year [not sure of the exact amount].

    Has anyone heard of this? Wasn't able to find any information on their web page about changes in 2018 and I will be calling the Social Security office tomorrow but thought I would also check here to see if anyone knows of the change.

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    I still need to talk with someone - was on hold for more than an hour but did find this -

    https://www.ssa.gov/planners/retire/whileworking.html

    How much can I earn and still get benefits?

    If you are younger than full retirement age and make more than the yearly earnings limit, your earnings may reduce your benefit amount. (Full retirement age is 66 for people born between 1943 and 1954. Beginning with 1955, two months are added for every birth year until the full retirement age reaches 67 for people born in 1960 or later.)

    - If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2017, that limit is $16,920.

    - In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2017, the limit on your earnings is $44,880 but we only count earnings before the month you reach your full retirement age.

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    They FINALLY answered and YES things are changing. According to the guy I spoke with, you will be get full payments until you reach the threshold, which is currently 16,920. After that they will take the $1 for every $2 over.

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