Good Morning; Have your book "Get What's Yours," but still have few questions. I work at UVA, and have the following plans: I contribute 5% & they match 9% (monthly) in addition, I contribute to a (optional 403b) as well as Cash Match. I am 69 and will be 70 next October. I am in good health, like my job and want to continue to work to at least 75-76. Question: Since I am over 50, I know what the maximum yearly contributions are (24k). If however, once I reach 70, and apply for SS benefits (no medical, since I am still covered through UVA), am I permitted to reduce my salary (pre-tax) to invest more in 403b & 457, and offset this reduction by my SS benefits? For example, can I contribute more than 24K if I use the 457 plan as well? My goal would be 35-45K per year in before tax contributions. Am I limited in this? Second question: If I take my benefits at age 70+, are their still limitations on how much I may earn working past 70? Thanks Tom

Hi Tom,

My only area of expertise is Social Security, so I'm only able to answer your last question. The Social Security earnings test doesn't apply once a person reaches full retirement age (FRA), so you could start receiving your Social Security benefits now or at age 70 regardless of how much you earn. You may want to consider using our maximization software or one of our other software options to help you decide on your best filing strategy. Please refer to the purchase page for more information on our software options.

You almost certainly wouldn't want to wait past age 70 to start drawing your Social Security benefits, since delayed retirement credits (https://www.ssa.gov/planners/retire/delayret.html) stop being credited at age 70. And even if you are already receiving benefits, you could still potentially increase your benefit rate by working past age 70, but only if your calendar year earnings are higher than in one or more of your previous highest 35 years of wage-indexed earnings (https://www.ssa.gov/pubs/EN-05-10070.pdf).

Best, Jerry