What is my break even age for Social Security?
What is my break even age for Social Security?
Your Social Security break-even age is the point in your life when the total of those lower benefits comes to equal the total of benefits you would have received if you had waited to take your benefits at full retirement age or even later.
How does Social Security work for married couples who both worked?
A married spouse without an earnings record (or whose record would result in a lower Social Security payment) can collect on his or her spouse’s earnings record when his or her spouse turns 62. After all, if you’ve paid Social Security taxes for 10 years, then you’re entitled to Social Security benefits.
What is the maximum amount you can earn while collecting Social Security in 2020?
The earnings limits are adjusted annually for national wage trends. In 2020, you lose $1 in benefits for every $2 earned over $18,240. If you have a part-time job that pays $25,000 a year — $6,760 over the limit — Social Security will deduct $3,380 in benefits. Suppose you reach full retirement age this year.
