FRA is 66 and 2 months if you were born in 1955 but it also says if you are a survivor born in 1955 then you FRA is only 66 which. age applies to the earnings test I am currently collecting widows benefits and turn 66 on 11/15/2021 so I want to know if I can return to work full time on 1/1/21 and not be subject to the earnings test or do I have to wait until my birthday Thanks Judi
Hi Judi,
I turn 62 in a few weeks and am retired and am contemplating filing for SS. I work part time and will make a bit more, say $6000, than I can make without it affecting my social security. If I make $6000 more than the allowed amount for 2020 and therefore have a $3000 decrease of social security payments, what happens to that $3000? I thought I read that it gets added back into the calculation at full retirement age but an SSA rep just told me it goes away sort of as a penalty for still working.
Hi,
My husband (67) is collecting spousal on my record, I filed when I was 63. Is I go back to work, I know my benefit will be reduced 1 for each 2 I earn over the annual limit. Will my husbands be reduced. Thank you
Hi,
Yes, if you earn enough to cause your benefits to be withheld then your husband's spousal benefits would also be withheld.
Mr. Kotlikoff,
In 2016 I received 8 months of benefits 10,544 suspending the last 4 months equal to 5,272 due to returning to work. The threshold for other income in 2016 was 15,720. My net income at end of year was 23,118. What would be the amount I would have to repay SSA keeping in mind that I did not receive the full year of benefits which would have been $15,816. My income was 7399 over threshold and payback would be 3699. But that would be the same amount of payback if I had received all my benefits for the year.
I'm new to all of this, but I'm going to give it a shot.. I'm 48, widowed at 46 and raising my 2 grandchildren, which I have complete custody off.. I receive survivor benefits for all of us and I'm currently under review for disability due to a accident, that has permanently messed up my neck and my ability to do things.. I'm so used to being active I fell like I'm losing it at times. I'm considering starting a small ice cream truck business but I'm not sure if I'm aloud to do that and get survivor benefits at the same time.. so my question is, can I?
Hi,
I'd it true that when you are getting your full retirement benefits can you also work .
I've been told you can work all you want .
Please clear this up for me.
Thank you for your time.
Laura
Hi Laura,
In reading other questions and IRS documents, I see that in the year I reach FRA I can use the monthly test when I start claiming benefits. Is the amount ($4k) before or after deductions such as taxes, FICA, Medicare, and 403(b) withholding? That is, is it gross or net monthly income?
Thank you
Hi,
65 in Feb 2020. If I file now, my monthly benefit is $2630. I have 4 dependents under 18. Estimating their total monthly benefit of $2000. My max monthly benefit is $4956. I do make $72k a year. Doing all the calculations, not being at max retirement age, and with my yearly earnings... 72k - 18,240 ÷ 2 = roughly 27k. Roughly figuring $4630 a month in benefits, if I file now, would I start to receive the total monthly benefits by Nov? Why is this so complicated? Thank you for your help. Also, do you offer retirement planning on minimizing taxes? Again, thank you.
Larry, i can not get the answer to the question I'm asking from social security. I've tried 3 times and always get the stock answer. They are not reading the question. My question: I am currently 65. i still work, making about 70k a year. I also know at my full retirement age, my working income no longer matters reference my benefit. i realize if i claim now, i would receive nothing because of my income. But i do have 4 dependents under 18. If i file now, knowing I'd receive none of my benefits because of my income, would my dependents be able to start receiving their benefits?