I am eligible for social security soon. I will be 62 and my wife is 56. She will continue to work after I retire. I plan on working part time (up to $15K/year) Do my wife's earnings have any impact on my social security?

Jeff,
No, your wife's earnings have no effect on your Social Security retirement benefit. However, if you earn more than the exempt amount, currently $15,720, your benefit will be reduced.
Best.
Mike

I'm 63 my job is going away shortly you know out with the old and in with the young my wife is 12 years younger at 51. Can you tell me how much social security I can get and can. If I can still work how much money I can make while on social security? Thanks, Carl

Benefits that are lost due to the earnings test, when are they recovered? Is it in the years when there are no longer earnings, at FRA or some other time? If one wants to track this to make sure they are fully recovered, how would one go about this?

Also, do the same rules apply to widow benefits lost to the earnings test?

Is it possible the earnings test could actually increase ones life time benefit? Specifically the in the event of someone turning 62 next year and my kids will be 16 and 11. Does the earnings test reduce their benefit if I continue to work or just mine?

Hi,

The earnings test is applied to benefits payable to all entitled family members. $1 of total benefits is withheld for each $2 of the worker's excess earnings (i.e. earnings above the yearly exempt amount, which is $15,720 in 2016).

If I have money in the bank and I want to collect social security survivor benefits will they take my money under the Earnings Test? I am 64. Thanks, Deborah

Hi Deborah, the Earnings Test based just on money earned from working, including working for yourself. The Earnings Test can depend on royalty income if you engage in promoting your book or other work. But money in the bank? Not a problem. Best, Larry

Dear Larry,

I'm 63, working full-time, and am wondering if I retire and file for SS benefits this year on July 1, are my monthly social security benefits reduced during the remainder of the year because of income generated prior to retiring?

Cheers, Tom

If I sell an invention idea to a company, do I lose monthly SS benefits? Thank you, Nora.

Hi Nora,

Your question pertains to Social Security's Earnings Test, which ends once you reach full retirement age. Moreover, if you lose benefit X before full retirement age to the Earnings Test, benefit X will be bumped up at full retirement to credit you, on a full actuarial basis, for benefits lost due to the Earnings Test.

My birthdate is Nov12, 1951. Why does the Maximized Strategy In your software suggest I file effective October 2016 at age 65? Wouldn't that yield less of a monthly benefit? I guess that I don't understand the logic there.

Dear Anonymous,

You specified your maximum age of life to be 85. Just to be clear, your maximum age of life is not your expected age of life. Your maximum age of life is the oldest age to which you could live. Your expected age of life is when you'll die, on average.