Did you know that you can still claim your Social Security benefits while still working at Lockheed Martin? Yes – great! Did you know that your Social Security benefits will face reductions while still working at Lockheed Martin if you start your benefits before your full retirement age? No – then take a few moments to keep reading to find out what happens if you start your Social Security benefits early and keep working.
Many people decide they want to continue to work, either part-time or full-time, once they turn 62; however, they also want to start drawing their Social Security benefits. There are a few things to consider before you begin drawing your benefits, especially if you’re thinking about starting them before you turn your Full Retirement Age. You need to consider the level of earnings you will receive from Lockheed Martin and how that can reduce your Social Security benefits.
1. Between the age of 62 and your Full Retirement Age year, your Social Security benefit will be reduced by $1 for every $2 you earn above $18,240 for the entire year.
2. Between the beginning of the year in which you reach Full Retirement Age and your Full Retirement Age birth month, your benefit will be reduced by $1 for every $3 you earn above $48,600 during that time frame, not the entire year.
3. Between your FRA birth month and beyond, there are no benefit reductions!
Knowing when to start your Social Security benefits and how your earnings affect them is extremely important for planning your retirement income. You can find further information and examples of how working affects your Social Security benefits here. We also encourage you to book an appointment with one of our Lockheed Martin Retirement Specialists today! They can help you better understand your options and your specific situation.
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Be sure and check back next week for more valuable Lockheed Martin information. Cheers!