Ask Larry

Earnings Test

If I Start Drawing My Benefits In June 2021 How Much Will I Actually Be Able To Keep?

My wife is retiring at 62 this June and thinking about starting her SS and pulling her pension then. If I start drawing ss at 65 this June and am still working how much will i actually be able to keep compared to waiting till my full retirement of 66 & 4 months. Thanks

Hi,

Posted: 
Wednesday, February 10, 2021 - 15:30

Would Social Security Withhold My Husband's Benefits Due To His Earnings From January To March?

Hi Larry, both my husband and I will be laid off in the very near future. Husband is going to file application to collect social security retirement benefits. He would like to begin collecting either in January 2021, February 2021, March 2021 or April 2021 depending on what you might be able to tell us. Hi is 65, and would reach FRA on Sept. 4, 2021 (birthday is 7/4/1955).

Our daughter is 11 years old. I will be 49 years old this January 12, 2021.

Posted: 
Thursday, January 7, 2021 - 17:24

Does Social Security Count Gross Annual Earnings Or Is It Monthly?

Hi Larry,

I cannot get a straight and accurate answer from Social Security to save my life.

I took early retirement in 2019 at age 63, in March. I thought I understood the earnings limit, and had no idea that Restricted Stock Units (given in 2017) would be included in my W2 as total wages, as well as past earned vacation pay and sick time carried over from 2018 to 2019.

Posted: 
Thursday, December 10, 2020 - 15:06

Is It Correct That It Won't Count Toward The Earnings Limit If I Take Vacation Pay?

I am retiring on December 15th. I will receive my first social security check the 3rd week of January. I was told that I could only make around $1500 in December in order to get my full social security check in January. I figured out I would be making too much money so I was told that if I took a couple of days of vacation that the vacation pay would not count toward that $1500. Is that correct? I also get a travel reimbursement for days worked if I want it. Would this travel reimbursement count toward the $1500? If so I could forego that. Please advise.

Posted: 
Tuesday, December 1, 2020 - 15:09

Does The Higher Earnings Test Limit Apply For The 12 Month Period Prior To The Month You Reach Full Retirement Age?

I will reach full retirement age in January 2022. I would like to start collecting Social Security in February 2021 as I will not earn more than $48,000 in 2021. My question is does Social Security count 12 months before your normal retirement age as the higher earnings amount or do they use calendar months? Thank Larry

Hi,

Posted: 
Wednesday, November 11, 2020 - 09:23

How Will Social Security Calculate The Amount To Be Repaid To Me At Full Retirement Age?

hello i repaid a total of 7,804,00 in the last 3 years from my work. i have read that after you reach full retirement age ss
gives this back to you, can you tell me how they calculate that back to you. thank-you

Hi,

Amounts withheld from a person's benefits as a result of Social Security's earnings test are not returned to the person when they reach full retirement age (FRA), at least in a direct manner.

Posted: 
Wednesday, November 4, 2020 - 05:18

Will My PLOP Payment Affect My Social Security Benefits For This Year And Next Year?

Am 65 and was recently separated from state employer with severance package. I paid into social security for 35 years. Started social security and state pension benefits effective Sept 2020. Have a PLOP (Partial lump sum payment) being paid in Dec 2020. Will this PLOP ($40K) affect my social security benefits for 2020 and 2021?

Hi,

Posted: 
Tuesday, October 27, 2020 - 10:03
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