Tag: benefit reduction
![two women talking](https://crr.bc.edu/wp-content/uploads/2022/12/two-women-talking.jpg)
The reduction in benefits for some people who collect Social Security while simultaneously working is frequently called a “tax.” It is not a tax. Under a Social Security rule known as the Retirement Earnings Test (RET), some benefits are withheld if the worker earns above a certain level – $19,560 in 2022 – and has…
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The option to start Social Security benefits at any age from 62 to 70 – with an actuarial adjustment – is a key feature of the program. However, the adjustments – reductions in the monthly benefit for claiming early and increases for waiting – are decades old and do not reflect improvements in longevity or…