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Old 05-23-2014, 11:34 PM
 
2 posts, read 2,612 times
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I want to retire in July and work full time through Dec 31. I want to get my monthly benefit even if I have some taken away with the 1$ for $2 rule. If for the year I would make $25000, about $2100 a month, can I receive a monthly benefit, and if so how much? Thanks...
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Old 05-24-2014, 04:18 AM
 
Location: Pennsylvania
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Are you saying you want to file for SS and still work?

If so, it depends on your age. If you're full retirement age (currently 66) I don't think there's a limit on income-you'd still get your full benefits.

If not, yes there would be a decrease in the amount you'd get. As for how much, ball park figure would be half (the $1 for $2 you mentioned).

If you want exact figures, you could check the SS web site, and/or contact SS.
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Old 05-24-2014, 05:37 AM
 
Location: Central Massachusetts
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Retiring and then working full time is an oxymoron isn't it? Kind of odd in my book. I get retiring and working part time but... full time kind of defeats the purpose. If by retiring you mean to collect SS that isn't retiring. That is just filing for SS benefits if you are working then there are restrictions based on your age.
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Old 05-24-2014, 11:03 AM
 
Location: OH>IL>CO>CT
5,232 posts, read 8,395,972 times
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Quote:
Originally Posted by rich2015 View Post
I want to retire in July and work full time through Dec 31. I want to get my monthly benefit even if I have some taken away with the 1$ for $2 rule. If for the year I would make $25000, about $2100 a month, can I receive a monthly benefit, and if so how much? Thanks...
Only you or SSA knows what your possible benefit amount will be.

If you are between 62 and 66 y/o, the current income threshold for the 1 for 2 deduction starts at $15480/year.

25000-15480= 9520 1:2 = 4760
So your SS benefit, what ever it is, would be reduced by $4760/year

There is a special rule for the first, partial year of this process. BTW, this deduction is really a deferral. You get credit later for any defered amounts.

Read the SSA booklet at http://www.ssa.gov/pubs/EN-05-10069.pdf to understand how this works.
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Old 05-24-2014, 11:48 PM
 
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I am 64 in late September. I will be only part time after the 1st of January or so. I used the SSA formula and came up with a similar amount . I have to work through the upcoming season(I am in retail) After the 1st of Jan or early Feb things slow down and I would drop to 12-20 hrs a week there after. I won't hit the $15480 untill about Sept.1st 2014. I think that after that they will take my monthly gross vs $1290(1/12 $15480) for the remaining months there after. If I made $2100 a month -$1290= $810 divided by 2($1 for 2 =$405 off my benefit. Reed had that figure $4760=12=$396.667. I go in to the SSA office Tuesday, as they are closed Monday for the holiday...Thanks for your thoughts....Rich
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Old 05-25-2014, 12:35 PM
 
Location: Albuquerque NM
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I found this 2014 SSA publication, How work affects your benefits. I thought the examples provided were a little confusing but it might help you prepare for you meeting with the Social Security office.


http://www.ssa.gov/pubs/EN-05-10069.pdf
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