Earnings Test

If I Switch To Survivor Benefits Will I Permanently Lose Benefits Withheld Due To The Earnings Test?

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My husband died 2 years ago at age 73 when I was 61. I am currently receiving my own reduced social security benefit which I chose to start at age 62 and will then switch to take the survivor benefit at age 66 (which will be a much higher amount than my own). If I start earning more income from employment now at age 63 that would be subject to the social security earnings test, my understanding is the amount withheld from my benefit due to earnings test would be "paid back" over time later.

Which Of These Earnings Test Applications Is Correct?

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How do the annual and monthly earnings limits get applied if someone applies mid-year in the year in which (but before the month in which) they reach full retirement age, when their earnings through the month before their birth month already exceed the FRA-year earnings limit? In particular, when a third of the excess would already be more than the total of the benefits for the months remaining until the birth month? In that situation, is there any possible reason to file early instead of waiting until the birth month?

Is My Strategy Sound?

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I'm going to start my SSI when I turn 65 (April 1 2019), and intend to work for an additional 3 months for a total of $8,000 (well below the $17,040 yearly limit), after that I'll have little to no income other than camp hosting somewhere (little to no pay for that, just free campsite & utilities), I will make sure income stays below $17,040 for the months April - Dec. and not utilize the special one time rule, thus not limiting me to the monthly income test.

How Much Can I Make In The Months Before I Reach Full Retirement Age?

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I will turn 66 on april 13, 2019 will social security adjust how much I can make for the first 3 months of the year?

Hi,

If you just want to draw benefits starting with April 2019, it won't matter how much you earn in the first 3 months of 2019. But, if you want to draw reduced benefits starting with January 2019, you'll need to earn less than the 2019 exempt amount in the first 3 months of next year. The exempt amount for people reaching full retirement age in 2018 is $45,360, so it should be at least that much in 2019.

How Much Money Is My Grandson Allowed To Make?

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I am raising my grandson who father died when he was nine--He receives around 600.00 a month benefits from Social Security. He just got a part time job and makes around 600.00 a month. How much money is he allowed to make- I don't want him to lose his benefits or insurance- He will be 17 in July-Thanks

Hi,

Your grandson could earn up to $17,040 this year without losing any of his benefits (https://www.ssa.gov/planners/retire/whileworking.html).

Best, Jerry

Will My Earnings In The First 6 Months Of 2018 Count Toward The Yearly Maximum?

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I will be 62 on July 12, 2018.I have worked full time the first 6 months of 2018 and am going to start part time in July. Will the income that I earned the first 6 months of 2018 count toward the yearly maximum or does it start from the date my SS starts? How much can I earn the year that my SS starts?

Hi,

Should I Wait To File Until January 2019 To Avoid Any Income Penalty?

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I will be 66 on 8/11/18. I will have w2 income of 32K and passive income of 10k prior to that date. I anticipate continue to work at the same income level for many years. I have done the math and am making the decision to take retirement at 66 rather than wait until 70. Question becomes. When and how do I contact SS to initiate retirement payments. Should i wait until January 2019 to begin collecting SS to avoid any income penalty?

Hi,

How Much Can My Husband Earn Before He Is Penalized?

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My husband is working and collecting SS since his 66th birthday in June,2017. How much can he earn before he is penalized?

Hi,

Since your husband has already reached his full retirement age of 66, he can draw all of his Social Security benefits regardless of how much he earns. The Social Security earnings test no longer applies once a worker reaches their full retirement age (https://www.ssa.gov/planners/retire/whileworking.html).

Best, Jerry