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Social Security’s Earnings Test—A Source of Confusion and Misunderstanding
The fact that claiming retirement benefits early can result in withheld payments if you continue to work comes as a surprise to many…and not a very pleasant one! A recent report by the Social Security Advisory Board, a bipartisan, independent federal agency, indicates that a large block of pre-retirees are either unaware of the earnings test or do not fully understand how it works. A post by CNBC personal finance reporter Lorie Konish provides details on this portion of the Social Security rulebook, including discussion on the implications for timing of claiming decisions. Check out her post here.