Retired husband took SS at 62. Now 64 he is doing some part-time consulting and will earn more than $12,480. The consulting job may or may not continue throughout the year. I've read where he will loose $1 of SS for every $2 he earns over the $12,480. What happens to the spouses SS check in that it is based on the husband's earnings? Will the spouse's payment be lowered also? If so, by how much? If one has already begun to take SS, can it be suspended & restarted at a later date? If the husband suspends his SS payment, will the wife also be required to suspend her SS payment?
mawhinney,His immediate benefit is reduced by $1 as you say, but it isn't lost, his benefit is refigured by SS at full retirement age and any benefit not paid is taken into consideration at that time. See http://boards.fool.com/Message.asp?mid=23090386 for the SS calculation. Don't know about the spouse's benefit.The SS benefit will be reduced if earnings exceed the SS minimums so the effect is that you could reduce benefit to zero by having sufficient earnings and reinstate them by not working. But as far as I know, once started, you can't request the SS to stop payments and restart them later.I have provided what I know, but am not a specialist in this area. Perhaps someone else can confirm or augment this info.JG
... But as far as I know, once started, you can't request the SS to stop payments and restart them later.You can stop payment by calling SS 800 number. They will ask you what is your estimated income for the year, and since it exceeds $12,480.00 they will stop payments. I did it this year. They send you a form letter with all the facts. I think your benefits will increase when you resume payments. jeduart
The lady at SS told me that, since I am still working, my SS payment will be recalculated each year based on the COLA plus the additional amount I payed in. We will see it that really happens at the beginning of the new year. foolspark
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