Earnings Test

Are There Limitations On How Much I May Earn After Age 70?

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Good Morning; Have your book "Get What's Yours," but still have few questions. I work at UVA, and have the following plans: I contribute 5% & they match 9% (monthly) in addition, I contribute to a (optional 403b) as well as Cash Match. I am 69 and will be 70 next October. I am in good health, like my job and want to continue to work to at least 75-76. Question: Since I am over 50, I know what the maximum yearly contributions are (24k).

What's Going On?

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My brother, who lives in Texas and is 66,(he took social security at 62), his social security has been denied him for the last four months because they say he's making too much money. But he's still paying in! I thought social security amount was last amount you made when you signed on for social security at proper age and the amount stayed the same. Always. Wjat is going on?!

Hi,

Does Money Withdrawn From A 401K Count Toward The Earnings Limit?

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Hi Larry,
My wife is 64 and will retire in Jan 2018 and take her SS benefit. I understand since she is not 66 she can not earn more than about $14,000 in 2018 without taking a penalty. She will be drawing from her 401 K however and this amount may be over the $14.000 amount. My question is, Is money withdrawn from a 401 K account considered earnings toward the $14,000 limit?
Thanks,
Bob

Hi Bob,

What Happens If I Go Back To Work?

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I have applied for benefits 10/2017, MY FRA is 7/2019 when I will be 66. I understand I can make a certain amount working . however , I have been contacted by a company and if selected I would earn much more.... Let's salary would be 65K TO 75K. how does this affect my Benefits?????

Hi,

You can be paid benefits for the rest of this year if either:
A) Your 2017 earnings don't exceed $16,920; or,
B) You don't earn more than $1410 in any of the months October, November or December.

Will My Earnings Cause A Problem With Me Starting Benefits In December?

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I will be FRA (66) 1/2018 and am still working and plan to continue. I would like to receive my first check 01/2018 instead of 2/2018 which will cost me about 10.00 for drawing it a month early. I will indicate that I would like to receive it 12/2017 (c. of question 26 application) so the check will be available 1/2018. Now I will have made over the yearly earnings so will I have a problem? Any advice will be appreciated.

Hi,

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.