Jillian Nel

Personal Finance, Retirement, Insurance
“Jillian Nel, a CERTIFIED FINANCIAL PLANNER™, directs a financial planning practice for Legacy Asset Management, Inc. Jillian is committed to educating and empowering clients and the general public about the importance of financial planning.”

Legacy Asset Management

Job Title:

Principal & Director of Financial Planning


BS, Business Administration, University of Colorado at Boulder

Assets Under Management:

$340 million

Fee Structure:


CRD Number:


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December 2017
December 2017
February 2018
December 2017

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    Retirement, Social Security
Are Social Security benefits withheld because of excess earnings returned to you in monthly installments when you reach full retirement age? 
100% of people found this answer helpful

The answer to your first question is yes!

Visit https://www.ssa.gov/planners/retire/whileworking.html - "after you reach full retirement age, we will recalculate your benefit amount to give you credit for any months in which you did not receive a benefit because of your earnings. We will send you a letter telling you about any increase in your benefit amount."

So if you turn 62 this year and decide to draw benefits while working, the earnings threshold for 2018 is $17,040.  If you make $24,000, they will reduce your benefits by $3480 a year, this is as you state a $1 reduction for every $2 earned above the threshold. 

You will need to earn $41,040 to see a $1000 per month reduction. 

When you turn full retirement age - your benefits will be recalculated based upon the earnings you continued to accrue (if they increase your lifetime earnings average) as well as give you credit for the reduction due to those earnings withheld.  There is not a calculator to figure the specific number, but you can assume the full retirement age amount will be $2000 plus credit for the amount withheld due to earnings in previous years. 

The administration penalizes you for earnings under full retirement age as they are trying to encourage people to take them only when you really need them.  They also penalize you with the amount - i.e. starting benefits early results in a permanent reduction and in your case $700 a month.  If you are continuing to work and dont necessarily need the income, consider delaying receipt of benefits.  It will make a huge difference overtime. 

June 2018
Are there disadvantages to having both a flexible spending account (FSA) and a health savings account (HSA)?
100% of people found this answer helpful
May 2018
    Retirement, Social Security
How do I determine the expected benefit amount I will receive from Social Security if I retire at 59.5 years old instead of the projected 67 years old?
50% of people found this answer helpful
March 2018
    Retirement, Retirement Savings, Retirement Living
How much money should I withdraw from my retirement account to live comfortably?
36% of people found this answer helpful
September 2017
    Lifestage Based Planning
How will my widow's pay be impacted by a profit-sharing check that I received in 2017 that put me over the yearly income limit by $2,000?
33% of people found this answer helpful
February 2018