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,

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?

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.

Dear Jerry,

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.

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?

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).

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,

My wife will be 62 in January of 2018, can she begin to draw her SS and also continue to work?

Hi,

i am 64 years old and am collecting my widows benefit ss. My old employer has asked me to come in and help them out for a couple of weeks. Can I do this without being penalized on my ss

Hi,

Yes, unless your earnings will be higher than $16,920 this year (https://www.ssa.gov/planners/retire/whileworking2.html).

Best, Jerry