Earnings Test

What Is The Best Way To Deal With The Earnings Test?

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My husband died, I am 63 and self-employed using a sole-proprietorship. I am receiving $2000 a month from my husband's social security. I will have an income of over $16920. I am considering having taxes withheld before I receive the money. How will that effect the amount I need to repay for the overage in income? What is the best way to pay the 'overage' back? Should I make payment arrangements at the end of the year or have the expected amount withheld now? Taxes are a giant concern, Yikes! any advise for a self-employed REALTOR?

Hi,

Why Is There An Earnings Test And How Does It Work?

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I have a question and a comment. I will be 63 Dec. 2017. I want to start taking benefits come January 2018 but continue to work ($33,000) per year. I am aware of the reduced benefits and also of the earnings test. My question is when I sign up for my benefits in Jan. 2018, when will SS began to pay my benefit and when will they began to take back benefits due to the earnings test income overage? Will I receive my benefits beginning in Jan - Dec, and then in 2019 will they adjust the overages? I have enjoyed your site and have gained quite a bit of knowledge from it.

Is It Correct That My Benefits Will Be Reduced If I Earn More Than $15,000 Per Year?

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Hello, I am 66 years old, as of July 8, 2017. I have been collecting survivors benefits from deceased ex husband since last year. I intended to receive this benefit until age 70, and then start receiving my own benefit. I was warned not to make over $15,000 per year, or they will reduce my benefit. Firstly, let me know if this is correct. Next, please let me know at what age I can collect rental income from a property I own, without reducing the benefit. Thank you for any help you can give. It is much appreciated.
Colleen

Hi Colleen,

Should The Payment I Received For Paid Time Off Count For Earnings Test Purposes?

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I retired January 3, 2016. I started receiving SS benefits. I received a letter from SSA that says I need to return a large sum of SS money since I made more than $17,000 in 2016. I was on-call on January 1st and actually worked a few hours that day. The remainder of that money was from my PTO (paid-time-off/ vacation) pay. My question: Is PTO considered "wages earned" ? Can I submit my 2016 W-2 and show the number of hours & money I received for PTO ?

Thank you

Hi,

Can I Collect Spousal Benefits If My Wife's Benefits Are Withheld Due To The Earnings Test?

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I just turned 64, my wife is 62 1/2. I am retired but have not filed for SS. She is still working and expects to work for several more years. My question is: If she were still working at 64 1/2 (when I would be 66) and applied for SS benefits, thereby enabling me to apply for restricted application spousal benefit (knowing she would not get any money because of the 50% reduction while working rule) would I be able to collect restricted application spousal benefit?

Will My Earnings Cause My Wife To Be Subject To The Earnings Test?

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My wife will be 69 in July 2017. She is considering beginning to take Social Security Retirement Benefits based on her earnings record (so she will be past Full Retirement Age when she begins to receive her Social Security Retirement Benefits). I will be 62 in July 2017 and plan to begin to take my Social Security Retirement Benefits when I turn 70. When I begin to take by benefits, my wife will switch to taking a Spousal Benefit because 50% of my benefit at Full Retirement Age will be more than her benefit based on her earnings.

Do You Know What My Client Is Referring To?

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client of mine at 62 filed for social security. He is married and wife works and is not eligible for ss due to age. He told me that he signed some waiver that states he will not work or earn any $$ for the balance of this year (initial year, from retirement date 7/2-12/31/16). Doing so, he said increased his monthly benefit, do you know what this waiver is? He said at the social security office they were surprised that he knew about this "waiver" ...he alluded that this is some obscure rule that no one is aware of and that ss keeps it quiet. Thxs

Hi,

How Does The Monthly Earnings Test Work For Self-Employed People?

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Maybe you can help me with an answer to the self-employed and receiving benefits question. What does “may reduce your benefits’ mean if the Social Security decides you’re working 15-45 hrs a month and are not retired? This is my question and I cannot find an answer. Do they withhold ALL your benefits? Just a portion? Just the portion over $16,920 if that threshold is met? I can find tons of answers regarding reductions if wages, with concrete numbers ( 1 for 2, etc), but what does the “may or may not reduce benefits” mean?