Earnings Test

Can I File At Age 62 To Allow My Children To Receive Benefits?

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I will be 62 in January, 2018. I have two children, ages 12 & 11. My wife is 54 years old with little work record. Currently I am earning about 85K per year and I wish to continue working since I am in good health and enjoy my job. At age 62, Social Security payments will be $1,646 and at full retirement age $2,342.
Can I retire in order for the children to earn benefits and continue to work to full retirement age (66 4 months)?
From what I read, after the first $17K they would deduct from my earning but would re-calculate when I fully retire?

Should I Change My Plans If I Will Be Withdrawing Funds From An IRA?

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I have been collecting my own SS benefits since May, 2017. In August my husband died. He had not started collecting his benefits when he died. Following your excellent "Maximize my Social Security" guidelines, I intended to claim my Survivor's benefit only when I turn 66 in November, 2018, when I will earn about $150 more a month than I would if I collected now.

If My Benefits Are Withheld Due To The Earnings Test Do I Get That Money Back?

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Larry, I am committed to buying your software. But I have one more question for. I am 63. The social security office told me that if I filed now and made over a certain amount, that they would take so much out of my check each month. What I am wanting to know is, when I reach FRA, would I get any of that withheld social security back? I have been told both ways. I would and I wouldn't. Could you clarify this?
Thank you very much.

Hi,

What Will Be The Maximum Amount One Can Make In 2018 And 2019 Without Being Penalized?

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Hi
What will be the maximum amount one can make in 2018 and 2019 without being penalized for collectin SS before ful retirement age? I know it is $16, 000 plus in 2017. What amount is this projected to be for 2018, 2019, etc. Does it increase by a certain amount or percentage each year?
Thank You!

Hi,

Can I Stop My Benefits And Return To Full-Time Work?

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My DOB is 3/31/54. I took my early retirement a year and a half ago at age 62. I would like to go back to work full time and stop my social security...until age 66 where I will not have the wretched cap. I'm thinking January 1 , 2018 for this plan to stop and return full time.
Can I do this without penalty?
Any other suggestions?
Thank you very much for your time and assistance!

Hi,

Would Our Excess Earnings Withholding Be Eliminated If My Wife And I Start Drawing In March?

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Hi Larry, My wife and I will soon reach FRA (but not this year). She is still working and plans to do so for several more years. Her birthday is in mid November. We plan to file for her benefit sometime during the year she reaches FRA. I am older, retired, have not filed for SS, the higher wage earner and plan to file for my benefit at 70. I would file restricted application spousal benefit only to begin the same month as her benefit begins (I am old enough to qualify for this benefit). She would have excess earnings from working January - October.

Can I Earn More Than $1410 In Some Months As Long As I Earn Less Than $16,920 This Year?

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Hi Larry,

I am 60 years old and have taken the widower's benefit. My annual this year will be around $16,000. I have 4 months under $1410, two months with no income, and the remaining 6 over the $1410. Is it okay to make over the $1410 on those 6 months as long as I don't exceed the $16920? I really would want to avoid having any amounts held back next year. Next year my income will be more predictable with a monthly $1410 and I would not be able to make it if I were to lose a social security check along the way. Thank you.

Hi,

Do You Need To Report Your Spouse's Income If You're Married?

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If you are married and receive social security benefits aren't you suppose to report your spouse income

Hi,

I'm sorry, but you haven't furnished enough information to allow me to properly answer your question. If you are referring to the earnings countable for Social Security earnings test purposes and you receive benefits on your own record, then only your own earned income is considered(https://www.ssa.gov/planners/retire/whileworking2.html).

Would Social Security Withhold More Of My Benefits If I Raise My Estimated Earnings?

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hi my question is if i told my estimate for this year would be 24400 and i get 1748 a month so that would be 7480 over the limit half would be3740 but they already withheld 3 whole months which is 5244 . my question is what if i earn more than that but what i would owed them is total of 4528 .it's still in the same of that what they withheld in the end i do not really know exactly how much but i estimated to them all and all it's not going to be more than they withheld would they withhold another check or take it from that 5244 thank you.

Hi,