Ask Larry

How Much Can I Earn Before I Have To Pay Back Any Portion Of My Earnings?

Hi I started getting social security at age 62, I will turn 69 in September of 2018,and planning to go back to work this year 2018, I wanted to know how much I can earn before I have to pay back any portion of my earnings

Hi,

Since you are now over your full retirement age (FRA) of 66, there is no limit on the amount that you could earn and still draw all of your Social Security benefits. Your earnings will still be subject to Social Security taxes, though, but it's possible that your earnings could increase your future retirement benefit rate.

Your retirement benefit rate is based on your highest 35 years of wage-indexed earnings, so you could increase your benefit rate if you earn more in a year than the amount that you were credited with in one or more of the previous highest 35 years on which your current benefit rate was based (https://www.ssa.gov/pubs/EN-05-10070.pdf).

Best, Jerry

Category: 
Posted: 
Jul 16 2018 - 7:10am
MaxiFi software running on a laptop
Get What's Yours!
Discover tens of thousands in extra retirement dollars with Maximize My Social Security software!
  • Find your maximized strategy
  • Unlimited what-ifs
  • Step-by-Step filing instructions
  • Our software's lifetime-benefit increase for an illustrative couple earning $65K each and planning to take retirement benefits at 62.

    Results will differ based on your specific case and filing strategy.

Getting Started is Easy
Web-based software. Works on ALL browsers. No download.