I have been told by other drivers... that it is beneficial to collect two months of Social Security benefits for July and August when you are 65 year of age... prior to reaching your full retirement benefits age of 66. Why is that??
you can collect at 65 with a small reduced rate. you can make up to 37.000 with no penatly. go to ss they will explain
I'm not sure what the benefit of doing that is. You're actually filing for SS then suspending benefits after 2 months, but it does reduce your monthly benefit by a nominal amount. Might be best to ask Social Security if it pays. (And you can do it at age 62.)
@JAKE: In the year that you will reach full retirement age, you can earn $38,880 ... after which $1 of benefit will be deducted from every 2. As of the month in which you actually reach full retirement age you can earn an unlimited amount and receive your FULL SS benefit.
Thanks for the info...if I do apply for the two months of benefits (July & August) is the reason that ...no $1 of benefit is deducted from every $2, is because we have not reached the $38,800 threshold as of July & August? Also must I return to SS in the month of August to suspend my benefits, as I do not want to collect any further checks (September, October, etc..)?
Not sure ... best to get those answers from Social Security itself for your own edification.