Earnings Test

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

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