Social Security Matters

Ask Rusty – I’m 78 and Still Working; Should I Apply for Social Security?

Dear Rusty: I am 78, still working, have a good healthcare plan and I make a nice salary. Can I still get my Social Security check since I paid into it all these years? Signed: Still Working in My 70s

Dear Still Working: You not only can get your Social Security check now, I recommend you apply for it as soon as possible. Regardless of your current earnings, you’ll not suffer any penalty because you are still working. That’s because you stopped being subject to Social Security’s “earnings test” when you reached your full retirement age (FRA) of 66 some years ago. Indeed, your Social Security benefit continued to grow until you reached 70 years of age, at which point it reached your maximum benefit, which is 32% more than your benefit would have been at age 66.

Since your benefit reached maximum some years ago at age 70, and since working now won’t hurt your payment amount, you should claim your benefits immediately. You should also ask for six months of retroactive benefits. Although your benefit stopped growing at age 70 and you’re now 78, Social Security will only pay up to six months of retroactive benefits, thus you have lost some of your benefits by waiting until age 78 to claim.

See more in this weeks Boone County Journal