Earnings Test

How Would My Earnings Affect My Benefits This Year?

Category: 

I am turning 62 and May and retiring in July. (earlier than expected but my job is intolerable) I plan to sign up with some temporary services. Work can be on and off. I understand there is a limit of $1420 a month. Supposed I earn 1000 in July and 200 in August and 1500 in September and 800 in October and 1700 in November and want to enjoy Christmas--So that would be 5200. As I will be collecting for half of 2018 I will be earning less than half of $17040. Would this be averaged to $866 a month? What would happen in august and October where I make over $1420 a month.

Can I Continue To Work Full-Time And Receive My Survivor Benefits At Age 60?

Category: 

Can I continue to work full time and receive my survivors benefits at age 60
Or is there a penalty

Hi,

Your survivor benefits would be subject to Social Security's earnings test (https://www.ssa.gov/planners/retire/whileworking.html) until you reach full retirement age (FRA). So, if you filed for survivor benefits at age 60, Social Security would need to withhold $1 of your benefits for each $2 that you earn in excess of $17,040 this year.

Is There A Limit On What I Can Make Through Distributions From My Subchapter S Corporation?

Category: 

I will be turning 62 this year in November and am considering taking Social Security benefits. However, I still plan to work. I have my own business (a subchapter S corporation). I pay myself a minimal salary and take distributions for the rest of the income. My question: Is there a limit to what I can make through distributions from my Subchapter S Corporation? Just wonder if it is the same limit as it is for regular income.

Hi,

How Do I Convince Social Security To Use My Correct 2017 Earnings?

Category: 

SS held back $3600 of my ss retirement checks. They said in 2017 i WAS going to earn more then the $16000 i WAS aloud to earn. I only earned $11081. On my w2 box 1 wages and tips $11081.27. However on box 12b D there is $12039.65. Adding these two numbers together I get 23120.92. That number $23120.92 is in box 3 on the w2 social security wages. However part of the $12039.65 was for money earned in a prior year. Sick pay $4965 and vacation earned but not used. $2346.79.

Will The Vacation Pay I Recieve In A Lump Sum When I Retire Count Towards My 2018 Earnings?

Category: 

Hello,
I will be retiring in March of 2018. I will be 60 and collecting widows benefits. I have three months of income for 2018 which will amount to approximately $10,800. I will also be getting a lump sum payment for vacation days which will total about $7,500, which will put me over the earnings limit. Does social security count this lump sum payment towards earnings? If so how would I be penalized?
Thank you,
Dorie

Hi Dorie,