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Earnings Test

Will Any Money Be Taken Back If I File For Social Security In January?

I turn 66 on november8th today. My FRA is 66 and 4 months. If I file for Social Secutity January 8, I realize I take a reduction for the 2 months early. Will any money be taken back and if so when. I could clarify how that would and I realize you can make more the year that retire in. I believe it's over $50000.00. I was assuming that as long as you make this much before your FRA you would be ok.

Posted: 
Tuesday, November 8, 2022 - 12:03

Is There A Limit On How Much I Can Earn In The Months Prior To Starting My Benefits?

Hi Larry, I am 63 years old and plan to retire mid year in 2023 (maybe April ) and take my divorced survivor benefits at that time and let my own benefits grow till I am 70.
My question is: Is there a limit to how much I can earn prior to April 2023, prior to starting social security in order to avoid any reduction in social security? Any limit on total amount earned till April 2023 and also if any limit on per month earnings (during each of the months of Jan, Feb., and March 2023) prior to retiring?

Posted: 
Saturday, October 29, 2022 - 18:54

When Does Social Security Start Counting The Extra Income You Can Make From Working?

If I start receiving ss at 62 in March , when does ss start counting the $19, 960 extra income from working , in January or March ?

Hi. First off, to clarify, the annual earnings test exempt amount for people who are under full retirement age (FRA) in 2022 is $19,560. Social Security hasn't yet stated what the exempt amount will be in 2023.

Posted: 
Tuesday, October 4, 2022 - 19:28

Why Are Retirees Penalized For Continuing To Work?

Why in the world are retirees penalized because we want to continue to work when the government pays kids out there just to stay home? Makes no sense what-so-ever!!

Hi. I assume that you're referring to the Social Security earnings test (https://www.ssa.gov/benefits/retirement/planner/whileworking.html). The earnings test can result in full or partial withholding of a person's Social Security benefits if they claim benefits prior to their full retirement age (FRA).

Posted: 
Wednesday, September 28, 2022 - 17:43

When Are Your Benefits Reduced If You Earn More Than The Limit?

If you are working part time, and earning income prior to FRA, and you will be earning near or slightly more than the $19,500 limit, when are your benefits reduced? After the $19,500 has been exceeded?

How does a reduction in benefit payments affect future payments? Do you lose that amount of reduced payments forever, or can it be carried forward?

Posted: 
Tuesday, September 20, 2022 - 18:16

How Will Earning $25,000 Annually Affect My Social Security Benefits?

I plan on retiring at 63 I make 25,000 a year as a seasonal employee for Nassau county how will this affect my social security benefits?

Hi. Until you reach your full retirement age (FRA), Social Security would need to withhold $1 of your Social Security benefits for each $2 that you earn in excess of that year's annual earnings test exempt amount. In 2022, the exempt amount for people under FRA is $19,560 (https://www.ssa.gov/benefits/retirement/planner/whileworking.html).

Posted: 
Monday, August 22, 2022 - 12:52
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