Earnings Test

Do I Need To Contact Social Security To Let Them Know That I'll No Longer Be Working?

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Hi Larry, I am 63 and presently working but signed up to begin my SS benefits in January 2018. My income for the year would have been $33,000 and they are suspending my benefits until September. I will no longer be employed after July. Do I need to contact SS to let them know that I will no longer be working and to not suspend my benefits? Will I get my suspended benefits of 2018 in 2019 since I did not reach the $17040 threshold in? Thank you for any help!

Hi,

Does Money I Draw From Investments Count Toward The $17,000?

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does money I am drawing from investments count toward the $17,000?

Hi,

No, unearned income such as interest, dividends and capital gains doesn't count toward the Social Security earnings test exempt amount. Only earned income (i.e. gross wages and net earnings from self-employment) is counted (https://www.ssa.gov/planners/retire/whileworking.html).

Best, Jerry

Should I File At Age 62 If I Have A Younger Wife And Minor Child?

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I'm 61 years old Income $41500 I plan on working up into my 70's if I can
My wife is 42 $21000
Daughter 10
I'm like to take my Social Security at 62 so that I can take advantage of my daughters 50% (until 18) and my wives 50% until my daughter turns 16 even if I don't get a penny on mine until 66.6 because of my income
With the above info ...what is my best strategy?

Hi,

Can I Draw Benefits At Age 66 And Continue To Work Full Time?

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I turn 66 years of age this Nov.30. Born 1952. Spouse deceased about 12 years ago. If I retire this November can I collect my or my deceased spouses Social Security checks and continue to work full time? I was informed this was possible; however I am believing it must be a part of of my deceased spouses check and I may continue to work as many hours as I like (full time is what I would plan on presently). Please advise

Hi,

Will I Be Penalized And If So How Much?

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I will be 66 on10/04/2019 if I am still working the full year of 2019 and want to start drawing my social security on 01/01/2019 would I be penalized if so how much?

Hi,

If you start drawing benefits effective with January 2019, $1 of your benefits would need to be withheld for each $3 that your earnings for the period 1/2019 through 9/2019 exceed next year's earnings test exempt amount. The 2019 exempt amount won't be announced until the latter part of this year, but the exempt amount for people reaching full retirement age in 2018 is $45,360.

When Should I Apply In Order To Avoid A Penalty?

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I am 64 would like to retire December 31, 2018 and apply for/draw early social security rather than wait until I'm 66. I plan to find a part time job to supplement my benefits, keeping in mind the benefit cap. I was given very confusing advice at the local social security office about when to file. I am especially confused about when it is best to file to avoid a penalty Should I apply for benefits after January 1, 2019 when I am no longer employed and earning income?

Hi,

Can You Explain How Social Security Would Calculate An Overpayment For A Given Year?

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Hi,

During 2014 at age 64, I began to receive social security benefits (approx. $2,100 per month). In 2014, I also was working part-time and earned income unevenly during the year. Some months I had no income, and several others I exceeded the earned income limit. Work was based on an as needed basis, and it was not known what hours may be needed in advance to support an engineering consulting firm.