As I will turn 62 next year, this subject is becoming of interest to me, and I've been reading up on it.
The SS website states "We withhold $1 in benefits for every $2 of earnings in excess of the lower exempt amount. We withhold $1 in benefits for every $3 of earnings in excess of the higher exempt amount". The quoted 2007 amounts are 12,960 and 34,440.
My question is about the word "withhold". It appears to me that any funds withheld due to excess earnings before NRA actually result in a corresponding *increase* in benefits after NRA, assuming that one lives that long.
Is that correct?