00:15 🎉 There's a beneficial rule for collecting Social Security before full retirement age, allowing flexibility without penalties.
02:28 💼 The earnings cap for Social Security recipients in 2023 is $21,240, with a dollar-for-dollar reduction for every $2 earned above the limit.
03:37 💰 In the first year of receiving Social Security benefits, only earnings after the start of benefits count towards the income limit, allowing for higher earnings.
06:10 📆 The special rule at age 62 provides a break in the first year of benefits and a higher earnings limit in the year reaching full retirement age, offering more financial flexibility.
09:01 📉 Going over the income limits doesn't lead to permanent loss of benefits; excess earnings are withheld temporarily and recalculated upon reaching full retirement age.
10:51 🔄 Social Security recipients have a one-time opportunity within the first year to suspend benefits and restart at a later date for higher payments, with adjustments for missed payments.
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- https://www.youtube.com/watch?v=tFkdHaTib0U
