Earnings Test

If I Claim Benefits Now, Will The Earnings Limit Apply Only To My Earnings For The Rest Of The Year?

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I turned 65 in april. 2019. If I claim my benefits now, will the earning limit be for the rest of the year, or will all of 2019 be counted. Also, by continuing to work, what can I expect my benefit amount of 1707 to become as I continue to work at an anticipated rate of about $30,000 per year until I am 70. So confusing.

Hi,

Does The Money I Earned Prior To The Month I Start Drawing Benefits Count Toward The Earnings Limit?

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I am 64 years old we just applied for restricted application ,the first check should start in May . I have made about $6000 this year and will continue to work some more does the the $6000 dollars I made already count towards $17,640 I can make or does $17,640 start in May. Thank you for your time Jm

Hi Jm,

If I File At Age 62 And Earn Under $17,000 Yearly, Will SS Deduct Any Benefits From Me?

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If I claim at 62, and continue to work part time earning under $17,000 yearly, will SS deduct any benefits from me? If so, how would that be implemented?

Hi,

Social Security won't withhold any of your benefits due to your earnings if you earn less than $17,640 this year. Before filing, though, you should strongly consider using our software to explore and compare your filing options in order to be sure you're choosing the best possible strategy for claiming your benefits.

Best, Jerry

Which Year Of My Earnings Will Social Security Use To Determine The Amount Of Benefits To Withhold?

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Hi Larry,
I have a simple question. My husband of 25 years died in 2017. I will be 60 in January of 2020 and plan on collecting survivor benefits. In 2018 I made $29,321. In 2019 I will make about $30,500. I am wondering if social security will use 2018, 2019, or even 2020 to figure out how much I earn above the $17,640 limit before they start taking out $1 for every $2 you earn.
Thanks for your answer, Wendy

Hi Wendy,

I'm sorry for your loss.

How Does Social Security Withhold Benefits If You Earn Too Much?

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I am 63 (birthdate 6/30) and self-employed. My income is extremely variable, because part of it is yearly fees that bunch up in January and July and the rest is unpredictable sales but in amounts between $700 to several thousand (if I have a good month). I'm thinking of starting benefits to help smooth out living expenses. Here are the particulars:

Proposed start date: March (almost over, though)
Estimated AGI: $29,000
Estimated benefit: $2,056/month

Is The Amount That You're Allowed To Earn Gross Or Net?

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If I opt to collect social security at age 65 and continue to work earning the $17K exempt amount - is the $17K a gross amount or net amount? I've been looking everywhere and can't find the answer.

Thanks!

Hi,

The actual earnings test exempt amount in 2019 is $17,040, and that includes any combination of gross wages and/or net earnings from self employment (https://www.ssa.gov/planners/retire/whileworking.html).

Are Survivor Benefits Increased At FRA If The Survivor Lost Benefits Due To The Earnings Test?

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Hi Larry,
When you file early social security at 62 and work at the same time, you are subject to earning test. I understand the benefits forfeited are not truly lost as when a person reaches FRA, the agency will restore or adjust the lost income by increasing his or her monthly payment to make up the difference. May I ask whether this apply to someone claiming survivor benefits ??

Thanks,

Letty

Hi Letty,

Can I Stop My Widow's Payments?

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I claimed my widow's benefit when I was 60 and receive about $1000. It is not enough to live on and I would like to return to my career now that the economy is better where I can earn close to $90K. Can I stop my widow's payments somehow and earn my own money? From what I see, it looks like I will be penalized (ie: taxed) so heavily that it wouldn't be worth it or fair compensation for the level of work I CAN do. Any suggestions? I am now 62.

Hi,

Should I Delay Filing If I Plan To Receive A Large Payment For My Accumulated Vacation Pay?

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Hi Larry. I was planning on leaving my job in December 2020 and claim widow benefits in January 2021 and then claim my own SS when I turn 70. However I will get a vacation buy out of about $17,000 in January 2021. Should I delay starting the widow benefits until 2/2021 or leave my job earlier so I get the vacation buyout in 2020? I am trying to figure out if the income in 2021 will affect the widow benefit through the earnings test. Thank you for any clarification.

Hi,