The Today Show is reporting that 2024 is a silver tsunami, with approximately 4.1 million American’s turning 65 this year. While this was once the magic retirement number for so many, in 1983 the Social Security system was overhauled, and the full retirement age was gradually raised to 67 for anyone born in 1960 or later.

What happens if you are not looking to wait until 67 to take those Social Security benefits?

Let’s take our silver tsunami candidates for example (www.SSA.gov/benefits):

With inflation on the rise and the average family’s monthly bills increasing, many retirees are either looking to maintain their current employment, or they will retire and supplement their social security benefits with part time or seasonal work. When doing this, be sure to talk to a social security representative to understand how that can affect your monthly benefit.

As reported on the Social Security Administration website:

• If you are younger than full retirement age and earn more than the yearly earnings limit, we may reduce your benefit amount.
• 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 2024, that limit is $22,320.
• In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2024, this limit on your earnings is $59,520. We only count your earnings up to the month before you reach your full retirement age, not your earnings for the entire year.

Should you or a loved one have questions about any of your documents or other benefits that you may qualify for, like those listed above, don’t hesitate to give us a call. After all, it is one of the many benefits of being a Peace of Mind client!