When i turn 62 and start collecting,my social security,but cinyinue too work do i still pay into f.i.c.a?

Question

When i turn 62 and start collecting,my social security,but cinyinue too work do i still pay into f.i.c.a?

Answer 1

You get less money if you start claiming it at 62 and it never goes up.  However, every year after after 65 you wait to claim social security, they pay 8% more per year.  So if at 65 you are supposed to get 2000 per month, if you claim at 62, you will only get about 1400-1600 per month.  Also, if you work you while you are claiming that, you will get less than that  (i believe they subtract 1 dollar for every 3 dollars you earn, so if you earn 1500 per month from your job, SS will only give you like 900-1100 per month.  Now if you wait until 70 to claim, they will give you almost 3,000 per month.  (i say 70 because after 70, the benefit no longer increases that 8% per year)

So in a nutshell, its not worth it to start claiming it at 62 and still working at the same time.  Also know that delaying it, the maximum benefit keeps increasing anyway, year after year, so by the time you are 70, you might be able to take quite a chunck of change home.

Answer 2

Yes, you will.  Paying FICA is of small consequence because as you continue to work your SS benefits will increase. Your earnings will cause your benefits to be adjusted, thus, increasing your monthly benefit amount.

However, the only draw back is you can only make a certain amount of income per month before your SS benefits are reduced. This way it equals out.

Although once you reach full retirement age, you no longer have to report any extra income you receive to the SSA.

Answer 3

yes, but earnings above a certain point will reduce your monthly ss benefit

Answer 4

Yes.  I would recommend delaying your SS to a later age.

Answer 5

There is something like a 50% extra income tax on people who do this.  Your benefits might be adjusted down 50 cents for every dollar you earn.