The First Year Retirement Rule is essential for retirees leaving the workforce mid-year, ensuring they do not miss out on benefits despite exceeding annual earnings limits.
Instead of looking at total annual earnings, Social Security evaluates income monthly for the first year of retirement, helping retirees maintain their benefits.
Retirees younger than full retirement age must be cautious of the annual earnings limit; the First Year Retirement Rule allows for more beneficial monthly assessments.
The monthly earnings limit in the first year of retirement prevents significant reductions in benefits, and applies to all retirees regardless of their employment status.
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