Earnings Test

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.

Will My Gross Or Net Income Count?

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I am 63, taking early retirement. Planning on returning to work as a business owner, so, will my income regarding maximum allowable earnings be calculated on the gross or the net income?

Hi,

Assuming that your business income is reported as self-employment as opposed to wages from a family corporation, then your net self-employment earnings would be what counts for Social Security earnings test purposes (https://www.ssa.gov/planners/retire/whileworking.html).