As we speak’s Social Safety column addresses questions on whether or not working earlier than submitting may end up in the earnings take a look at, full retirement age for survivor advantages versus advantages pension and extra on widow’s advantages. Larry Kotlikoff is a professor of economics at Boston College and founder and president of Financial Safety Planning, Inc.

Will working earlier than my Social Safety retirement advantages end in deductions?

Hello Larry, I will probably be 66 years and 4 months in April. Will I lose cash by working within the 4 months previous the beginning of the gathering? Thanks, chuck

Hello Chuck, Simply to be clear, there is no such thing as a restrict on how a lot you’ll be able to earn from the month you attain full retirement age (FRA). So in case you attain FRA in April 2023 and begin accumulating your advantages that month, you’ll not lose any of your advantages, no matter how a lot you earn earlier than or after that month.

The one method you would wish to fret about how a lot you earn earlier than FRA is to begin accumulating your advantages earlier than FRA. Pre-FRA advantages could also be topic to withholding in case you earn greater than the earnings-test exempt quantity. The quantity exempt from the earnings take a look at for people reaching FRA in 2022 is $51,960, however solely earnings from months previous to the month wherein an individual reaches FRA counts towards this restrict. The 2022 exempt quantity for people who find themselves beneath FRA all through 2022 is $19,560.

The earnings-tested exempt quantities for 2023 are $56,520, however that will not matter in your case until you wish to begin accumulating your advantages earlier than the month you attain FRA. You may wish to think about using my firm’s software program – Maximize My Social Safety or MaxiFi Planner – to verify your family will get the best advantages for all times. Social Safety calculators supplied by different corporations or nonprofits could present acceptable solutions if constructed with excessive care. Greatest, Larry

Is FRA for Widow’s Profit completely different from FRA for SS?

Hello Larry, Is the FRA for widowhood advantages completely different from the FRA for retirement advantages? I imagine I learn on the SSA web site that for somebody born in 1955 the FRA for widowhood advantages is 66 and for retirement advantages it’s 66 and two months. Is it right? Thanks Julie

Hello Julie, Sure, however just for widows born between 1940 and 1961. The total retirement age (FRA) for widowhood advantages for these born in these years is both two or 4 months earlier as their FRA for Social Safety Retirement Advantages.

Word, nevertheless, that even when an individual’s FRA for widowhood advantages is sooner than the FRA for retirement advantages, their FRA for retirement advantages is determinative for the needs of the Social Safety earnings take a look at. So even when an individual reached the FRA for widowhood advantages, there would nonetheless be a restrict to the quantity they might earn and accumulate widowhood advantages till the month they reached their FRA for retirement advantages. Greatest, Larry

Is there a distinction between widow’s allowance and survivor’s allowance?

Whats up, I will probably be 60 in March and I’ll apply for advantages. Is there a distinction between widowhood advantages and survivors’ advantages? Thanks Stacy

Hello Stacy, Widow’s advantages are only one class of Social Safety survivor advantages. Different kinds of survivor advantages embrace little one advantages, parental advantages, advantages for kids cared for by mom and father, and so forth. Every sort of survivor profit has completely different eligibility standards, and every sort of survivor profit has its personal guidelines for calculating profit charges. Greatest, Larry

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