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Understanding Social Security’s “First-Year” Rule - finance.biggo.com
Anyone planning to claim benefits before their full retirement age (FRA) needs to be aware of a nuance of Social Security that changes the flat annual earnings allowance before benefit reductions. The rule, called the “special monthly earnings limit rule,” allows for a monthly earnings assessment for the period between the start of benefits and the end of the first year of retirement. As explained in a recent finance.biggo.com post, it’s a special rule that allows the Social Security Administration (to) pay full monthly checks to new claimants even when their total annual income far exceeds the standard earnings limit. It can be somewhat of a plan-changer, so check the post out here.