My full retirement age is age 66.
I will turn 66 in December of 2018.
If I decide to take my SS at age 65 in February of 2018 before reaching FRA and continue to work for several months how much can I make being employed before they start penalizing my SS?

Mike

Hi Mike,

The exempt amount of earnings for people who reach full retirement age (FRA) in 2017 is $44,880. The 2018 exempt amount won't be announced until late next year, but it shouldn't be any less than $44,880.

I SIGNED UP TO COLLECT MY WIFE BENEIFT'S. I STATED I WOULD MAKE 46,OOO IN SALARY BUT THE FIGURE WILL BE 68,000. I CALLED LOCAL SS OFFICE AND REPORTED THE DIFFERENCE. WILL I STILL BE ABLE TO RECEIVE HER BENEIFTS?/

Hi,

Well, that depends on your age. If you're already at least full retirement age (FRA), which is currently age 66, then your earnings level won't matter. However, if you're under age 66, your Social Security benefits may need to be withheld due to your earnings.

I retired at 63. (02/20/2015) to care for my grandson, as we have custody.

Hi Larry, my questions is. My mother in law is retired and receives Social Security benefits, can her benefits be affected if she buys a condominium cash about $100.00 dollars. Please let me know. Thanks

Hi,

I'm not sure if there's a typo in your question, or if I'm correctly understanding your question. Anyway, Social Security benefits are not affected by things that a person owns, so if your mother in law buys a condominium, it would not affect her Social Security benefits.

Best, Jerry

If I am early retirement (63) and my wife receives spousal benefits, will her benefit be reduced if I go back to work and make over the $15720? limit?

Hi,

Yes, if you earn more than the yearly exempt amount, the $1 withholding for each $2 of excess earnings is applied to any and all benefits payable on your record.

Best, Jerry

My husband passed away and so I'm eligible for survivor benefits when I turn 60 next year. If I start to receive benefits, can I stop and restart should I find a good paying job?

Hi,

First off, I'm sorry to hear of your loss.

While almost all discussion on the earnings test refers to an annual limit, in fact it seems to be a monthly calculation. I am under FRA and was hoping to start SS in 2017. However, for 4 months in 2017 I will earn $3500, putting my annual earnings below the annual exempt amount of $16,920. HOWEVER as I look more carefully at the SS discussion on this, it seems that in fact for the 4-months in which I earn $3500, the earnings test will be applied and social security benefits withheld. Can you clarify this? Thank you, Ann

Hi Ann,

My husband is 64. We have a 9 year old daughter. Can my husband file for ss now so my daughter gets her ss benefit. My husband will continue to work until 66. Because he is working, his ss payment before 66 will be reduced to $0 based on his high income. However, my understanding is his ss amount that is reduced during months he works will be added back into his lifetime ss maximum so that when he reaches full retirement age of 66, his ss which was reduced by filing at 64 will be recalculated and increased at 66 to give back the amount reduced fro 64-66.

How does social security adjust monthly benefits for withheld excessive earnings upon reaching FRA? Is it based on remaining life expectancy or some other time period. For example, if I exceed the $15,720 by $10K a year from 62 until 66 (four years), SS will withold $20K. Is that $20K repaid in 216 installments (18 remaining years x 12 months/yr)? ) (In my case no spousal benefits, etc.).

Hi,

Writing as a full retirement age individual wondering about taxation of SS benefits. When the government calculates the income earned in order to decide whether social security benefits will be "taxed" or taken back at the $1 for ever $2 earned over $41,880, do they consider the social security benefit itself as being part of the $41K?

Hi,