Adon Taft Life to the Fullest
Published: December 4, 2007
Q. - Soon I will be released from my present job because of restructuring of the company. I will be eligible for unemployment benefits. Can I apply for my Social Security benefits and collect from both unemployment and Social Security until I find another job? I am 63 years old.
K.B., Spring Hill
A. - Since you are at least 62 years of age, you may apply for your Social Security benefits if you have worked a total of 10 years in jobs in which you have paid Social Security taxes. The amount of your benefit will be reduced from the amount you would be entitled to if you waited until you were 66 years old. The reduction would be 5/9ths of one percent for each month you were younger than 66 when you apply for benefits.
The unemployment benefits would not affect your Social Security benefits. However, if you do find another job and begin work before age 65, your benefit would be reduced by $1 for every $2 you earned above $12,960 a year. If you continue to work after age 66, your benefit would be reduced by $1 for every $3 you earned above $34,440 until you reach age 70. After that, there is no reduction beyond the original reduction because of taking benefits early
Published: December 4, 2007
Q. - Soon I will be released from my present job because of restructuring of the company. I will be eligible for unemployment benefits. Can I apply for my Social Security benefits and collect from both unemployment and Social Security until I find another job? I am 63 years old.
K.B., Spring Hill
A. - Since you are at least 62 years of age, you may apply for your Social Security benefits if you have worked a total of 10 years in jobs in which you have paid Social Security taxes. The amount of your benefit will be reduced from the amount you would be entitled to if you waited until you were 66 years old. The reduction would be 5/9ths of one percent for each month you were younger than 66 when you apply for benefits.
The unemployment benefits would not affect your Social Security benefits. However, if you do find another job and begin work before age 65, your benefit would be reduced by $1 for every $2 you earned above $12,960 a year. If you continue to work after age 66, your benefit would be reduced by $1 for every $3 you earned above $34,440 until you reach age 70. After that, there is no reduction beyond the original reduction because of taking benefits early
