Earnings Test

When Should We Notify Social Security That My Husband's Earnings Will Exceed The $17,040 Limit?

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We signed my husband up for ss and he is 64 will be 65 in September due to the fact the company he worked for was closing. He has made $5000 so far this year and now has taken a job with another company. Do I need to contact ss after he has reached the $17040 limit or just wait until the end of the year and let them hold his next year ss checks until he has paid back the money he owes?

Hi,

Am I Correct Or Do I Not Understand Social Security's Rules?

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I'm 63 plan on retiring in Jun. I want to collect Social security starting in April so I will have 2 social security payments before actually retiring. I read that once you retire your income up to the month you retire will not count against your limit of $17,000.00. So if I earn $6,000.00 from my primary job for the 2 months I keep working APR, MAY and retire on Jun 2nd and the prorated amount of the $17k I can earn from Jun-Dec is about $1416.67 * 7=$9,916.67.

Can I Work Part Time Without Affecting My Benefits?

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I got hurt on the job 2006 and now I am 63 years old. Can I work part-time 7 hour a week online without losing my benefits or my benefits being reduced? The rate is 10.80 per hour.

Hi,

If you're referring to Social Security benefits, then the answer is likely yes. You can generally earn up to $1180 per month without losing Social Security disability benefits (SSDI), and up to $17,040 this year without losing any reduced retirement benefits.

Best, Jerry

Will Social Security Reduce My Benefits If I Earn More Than $1420 In Some Months?

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If I start drawing SS in Feb, 2018 because my employer is going out of business and the person that is purchasing his business wants me to stay on for 2 months in which I would make $4000 a month but will not reach the limit of $17040 but will be over the $1420 a month that ss arrives at by dividing the limit by 12. Will they reduce my monthly ss even though I am not going over the yearly limit?

Hi,

No, if your 2018 calendar year earnings don't exceed $17,040 it wouldn't matter how much you earn in any particular months.

Best, Jerry

When Can I Start Drawing And Do I Have To Stop Working?

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I am so confused about when and how much i can earn! my husband died at age 57 not taking any Ss and I, his widow was told that I can begin to draw his SS at my 60 Birthday. but i have been told that if i work, i can't draw his SS without a huge penalty, leaving me with not much to live on. I earn 12.00 and hour and was told that he met his full credits for work so i would be able to get the full amount. But when can i draw this and do i have to stop working? I can not make more than 16.450.. a year.

Will Contributing More To My 403(b) Plan Allow Me To Receive More Widow's Benefits?

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Hi Larry, I'm 64 years old and I'm going to start collecting my deceased husbands SS benefit this year, while continuing to let mine grow. I still work and earn about 30,000 a year, I know I can only earn 17,040 without penalty. If I contribute more to my 403B will that reduce my income, so I can receive more of his benefit?
Thank you in advance for your help.
Sherry

Hi Sherry,