This is a shot in the dark but I figured someone might have some insight.
My father is currently 64, and in 2024 earned an income of around $31,300. (Which is over the $23,400 limit by $8500, reducing his total benefit by $4,250 by my calculations.)
In 2024, when he was still 63, we went to the SS office to see if he could start claiming benefits. We were told that he could, and based on his age and 2023 income, his first payment would be coming in December 2025, for around $500 as I recall.
Three questions:
- As of today, no payment has been made. I checked his SS account, and it says payments are currently suspended due to currently earning an income. We knew there would be a reduction, but not sure why payments are still currently suspended?
- That ~$500 amount we were told of still doesn't make much sense to me. I have an excel chart showing that even at age 63, and with the income reduction, he should be receiving a monthly benefit of around $1k. Is my calculation wrong? (27% age reduction, $354 monthly income reduction)
- Will his payments be permanently reduced, calculated based on age 63, even though he has yet to receive any payment?
A little confused on how to move forward at this point, so appreciate any help. (Will also be calling SS tomorrow to see what's going on.)