Larry,
I started S.S. about 2 or 3 months ago when I turned 65 and I retired last year. Anyway I got penalized for the amount of money I get and it dropped about half of what my statement said from S.S. I was wondering if I get another job to help ends meet will I lose more of my S.S?
Thanks
Robert

Hi Robert,

I have no idea why you were penalized as you state, but regardless of your benefit rate you would be subject to the Social Security earnings test until you reach full retirement age (FRA). The amount that you are permitted to earn this year without losing additional benefits depends on whether or not you will reach age 66 before the end of this year. If you won't, you would likely lose $1 of benefits for each $2 that your earnings exceed $16,920 this year. If you will reach age 66 by the end of this year, you could earn up to $44,880 without a loss of benefits and there would be no limit on your earnings starting with the month in which you reach age 66. For more information on the earnings test, refer to Social Security's website: https://www.ssa.gov/planners/retire/whileworking2.html.

Best, Jerry