That’s a lot of penalties

In January I will be 62. I would like to take my Social Security at that time. I understand the penalty for receiving this early; it’s the dollar for every two I would earn after $12,800.

I have a problem with that; I feel this rule is outdated with today’s high cost of heating oil, health insurance and gas prices.

Back in the 1950s and ’60s when prices were a great deal less than today, this was put into place. Today with such high prices you need to work part-time to purchase health care, heating oil and gas.

Plus with the money I would be earning, I would pay 27 to 31 percent for state and federal taxes. Add them up and a person at 62 pays penalties of 25 percent Social Security; 50 percent for every dollar over $12,800 plus 27 to 31 percent of that part-time job and pay into Social Security.

This is a lot of penalties. This should be a no-brainer, dollar for dollar should be dropped. Or at the least moved up to around $36,000 before for the penalty takes effect.

With all the baby boomers reaching this age, this might be a good political move for some- one to consider. My body is about worn out, but I need to work part-time for the reasons I stated above. I need your help on this issue. With all these taxes what is my incentive to work?

Leo Bouchard

Millinocket