Earnings Test

Will My Earnings Cause My Wife To Be Subject To The Earnings Test?

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My wife will be 69 in July 2017. She is considering beginning to take Social Security Retirement Benefits based on her earnings record (so she will be past Full Retirement Age when she begins to receive her Social Security Retirement Benefits). I will be 62 in July 2017 and plan to begin to take my Social Security Retirement Benefits when I turn 70. When I begin to take by benefits, my wife will switch to taking a Spousal Benefit because 50% of my benefit at Full Retirement Age will be more than her benefit based on her earnings.

Do You Know What My Client Is Referring To?

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client of mine at 62 filed for social security. He is married and wife works and is not eligible for ss due to age. He told me that he signed some waiver that states he will not work or earn any $$ for the balance of this year (initial year, from retirement date 7/2-12/31/16). Doing so, he said increased his monthly benefit, do you know what this waiver is? He said at the social security office they were surprised that he knew about this "waiver" ...he alluded that this is some obscure rule that no one is aware of and that ss keeps it quiet. Thxs

Hi,

How Does The Monthly Earnings Test Work For Self-Employed People?

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Maybe you can help me with an answer to the self-employed and receiving benefits question. What does “may reduce your benefits’ mean if the Social Security decides you’re working 15-45 hrs a month and are not retired? This is my question and I cannot find an answer. Do they withhold ALL your benefits? Just a portion? Just the portion over $16,920 if that threshold is met? I can find tons of answers regarding reductions if wages, with concrete numbers ( 1 for 2, etc), but what does the “may or may not reduce benefits” mean?

Which Earnings Test Will Apply For My Husband Next Year?

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My husband filed for benefits this month, June 2017, after turning 62. He will be continuing to work the remainder of the year, making over the exempt limit. He was contacted by SSI and told he would receive one check in December, I am assuming this is the one check allowed the first year you file for retirement. My question is.... If he continues to work up to his limit next year or a little over the limit, will the exempt limit be the 16,920 or the 1,410 monthly limit? I can't find any information about this.

How Does Social Security Know How Much You Earn Per Month?

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I filed in May for reduced benefits at age 62 while still working as needed. I got different answers from different people in the social security office regarding the amount I can earn for the rest of the year. The first one said I can earn up to the 16,920 in the last 7 months, but then a later one, said no, I can only earn 1410 per month.

Where Can I Find My Countable Self-Employment Earnings On My Tax Return?

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My wife died in November of 2015. I'm now 60, birthday in November. I have made an appointment to speak with SS by phone on August 3 to apply for survivor benefits, I'm self employed and have questions about the earnings test. 1) what line on my tax return is used for the earnings test? Is it line 4 of the SE form? Or taxable income on line 43 of the 1040, which is much lower?
I'm in good health and plan to work till I'm 70 before collecting on my own benefits. Is it best to file early as I'm planning to do?

Will I Be Penalized If My Wife Earns Too Much?

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If I retire at 65, my wife will only be 60. Can she continue to work and receive her full pay, or will I be penalized if she makes over 15000. Are our incomes looked at seperately if one retires and the other works.

Hi,

No, your wife's earnings would not affect your Social Security retirement benefits. Only your own earned income (i.e. wages and self-employment earnings) counts toward Social Security's earnings test (https://www.ssa.gov/planners/retire/whileworking2.html).

Can I Earn As Much As Possible When I Reach Full Retirement Age?

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I can retire early in Aug. I know how much I will be earning. But I have been working on social media and what if it takes off and I make good money at it? I understand that while I am retired early that extra money will be taken out of my retirement. But what about when I get to full retirement? Will I then be able to earn as much as possible, or am I stuck with the small amount allowed with early retirement?
Daniel

Hi Daniel,