It seems (not an expert) that there is a cap on income to collect Social Security. Full benefit for a life long worker is around 20-25k per year. If you have an income from something else they will subsidize that income up to the threshold. i.e. If your retirement fund pays that much or more, you get nothing for what you paid in.
If I started withdrawing my SS now, 18 months shy of full retirement, it would be over $30K/year. At full retirement age, it will be about 12% higher (if it is still paying out in a year and a half)
SS is based on how much you contributed during your life, so if you live in a low income area all your life, and make typical salary for that area, you will receive less than someone who lived in a higher cost area, with presumably higher salaries. Another reason people leave NY when they retire :)
Or if you're a teacher. Most states set their teacher retirement programs up to not pay into SS (they set up a separate account controlled by the state), so very few teachers qualify for any SS at all.
It seems (not an expert) that there is a cap on income to collect Social Security. Full benefit for a life long worker is around 20-25k per year. If you have an income from something else they will subsidize that income up to the threshold. i.e. If your retirement fund pays that much or more, you get nothing for what you paid in.
If I started withdrawing my SS now, 18 months shy of full retirement, it would be over $30K/year. At full retirement age, it will be about 12% higher (if it is still paying out in a year and a half)
Maybe its getting better with higher wages? I speak from a loved one retired for 25 years at max benifit.
SS is based on how much you contributed during your life, so if you live in a low income area all your life, and make typical salary for that area, you will receive less than someone who lived in a higher cost area, with presumably higher salaries. Another reason people leave NY when they retire :)
Or if you're a teacher. Most states set their teacher retirement programs up to not pay into SS (they set up a separate account controlled by the state), so very few teachers qualify for any SS at all.
If u are at full retirement u can work as much as you want.