Turning full retirement age in 2023? Consider filing for benefits this month.
I write a column like this one every January, but I don’t mind plagiarizing myself because it contains a very important message for people planning to retire in 2023.
People are also reading… But if you are open to the possibility of increasing your benefit payout for 2023, you may want to consider filing for benefits in January. However, the rules say that once you reach your full retirement age, you are due full Social Security benefits even if you are still working and no matter how much money you are making.
Listen now and subscribe: Apple Podcasts | Google Podcasts | Spotify | Stitcher | RSS Feed | Omny Studio Ed is going to make $40,000 between January and June . That’s under the $56,520 threshold for 2023, which means Ed is due benefits beginning in January. He does not have to wait until July to apply for his Social Security checks.
Ed’s first option is to wait until July to start his Social Security benefits. He’ll get $2,500 per month for six months or $15,000 for the year 2023. Here is a quick example using that scenario. Let’s say Ed will make $60,000 between January and June. That’s $3,480 over the $56,520 limit. And one-third of that excess, or $1,160, must be deducted from his 2023 benefits. But he would still get $27,640 in benefits for the year. That’s still way better than the $15,000 he would be due by waiting until July to file for his Social Security.
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