write 0ne respones In this situation, Mary could incur two penalties. First, her benefit will be permanently reduced by taking social security benefits before retirement age. According to the Social Security Administration website, this penalty may be a reduction of up to 30% of benefits. The second penalty is added if she takes social security early and makes too much money. For 2023, the income limit is $21,240. For every $2 earned above this limit, $1 of her social security benefits will be reduced. This penalty is temporary. Once the age of retirement is reached, her benefits will be recalculated and she will be credited for the reduced benefits she received due to her earnings.

Keeping these penalties in mind, the best option is for Mary to delay receiving benefits until she reaches retirement age. Then, her benefits will not be permanently reduced and there is no limit to the earnings she can make while receiving benefits. If she needs to start taking benefits now, I would not recommend she stop working. If she earns below the limit, there will be no penalty. Even if she does earn above the limit, the penalty is not permanent. Also, if she is struggling to make ends meet on her current income, losing all of that income and relying only on social security will most likely not solve her problem, depending on how much her current income is.

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