Earnings Test

Can I Start Drawing Benefits In January Of The Year I Turn 66 Without Any Earnings Restrictions?

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I turn age 65 this year and work part-time. My thoughts were to file for my social security benefits to begin in January, 2018 (as I will be fra 66 later in 2018). When I file my 2018 tax return because I started receiving benefits in 2018 which is my full retirement age year, there would not be any restriction on the amount of income I earn to reduce the social security benefits received. Is my thought process correct on this strategy or would I actually need to wait until I turn 66 later in 2018 to start drawing benefits to avoid any reduction due to work income. Thanks!

How Is The Monthly Earnings Test Applied?

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I turned 62 in October of 2016. If I file for Social Security benefits in July of 2017 I know the annual earnings max of $16920 does not apply for the first year, just the monthly max of $1410 does, but how does SSA know what I've earned each month after I apply when my employer only reports a total for the year? What if my income fluctuates, say $800 in August of 2017 and then 1600 in September? I can't find anything on line that is specific to that question. Thanks for your help!

Hi,

How Does The Earnings Test Work?

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Larry, I'm confused on the earnings test. My DOB is 1-5-1952, if I retire this year (2017) @ 65 and still work, how much could I earn per month and not effect my benefits? I plan to retire in July and will have made about 35,000 this year at that point, It seems the earnings test doesn't do me any good because I don't reach FRA in this year. I miss it by 3or 4 days. I'm I correct on this?

Hi,

How Much Can I Earn In The First Year Of Entitlement To Benefits?

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RE: First year rule I am retiring in March 2017 at age 62. I will be earning between $1000 and $2000 each month for January and February. How much can I earn between March and December? Is it $14100 for that 10 month period (irrelevant of how much I earn each month as long as it doesn't total more than $14100) OR is it no more than $1410 each month because of the first year rule? Thank you.

Hi,