Q: I have a question about SSA, I am 64.5 years old can I take my social security now and make 75k a year. I guess my quest
Then the next year they would take it all cause I made to much money. What I am getting at is I could use that one year of payments to pay off debt and put me in a better financial position. Even if I lost it for the next 2.5 years. Hope this makes sense.I do not plan on quitting my job as long as I am able to work. Any advice would be appreciated.
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A:
At 64.5, you can begin taking Social Security benefits, but there are some important considerations. Since you're not yet at your full retirement age (FRA), which is likely around 66-67, your benefits will be reduced if you earn more than the annual earnings limit. In 2024, that limit is $21,240. If you exceed this, $1 will be deducted from your benefits for every $2 you earn over the limit.
Given that you're making $75,000 a year, you would significantly exceed the earnings limit, which would reduce or potentially eliminate your Social Security benefits during the year. It’s true that after you reach your full retirement age, the earnings limit no longer applies, and your benefits would no longer be reduced regardless of your income level.
However, if you're looking to take one year of payments to pay off debt, this might provide short-term relief, but you need to weigh it against the long-term reduction in benefits and potential financial impact. You could lose out on some benefits in future years if your earnings continue to exceed the limit. Make sure you consider how this strategy fits into your overall financial plan.
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