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Old 09-06-2014, 09:33 PM
 
30,065 posts, read 47,304,581 times
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My husband has S-corp business and pays himself a salary from the earnings--
he reaches FRA/66 in December--I am already FRA but have not applied for SS--drawing a teacher's retirement pension currently...
How will his SS annuity be calculated if he continues to pay himself a salary from the S-corp after he turns 66...
he pays pretty much the max on his earnings...
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Old 09-07-2014, 11:07 AM
 
10,812 posts, read 8,056,502 times
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Does this answer your question?

source: Retirement Planner: Getting Benefits While Working

Quote:
When you reach full retirement age:

Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn.
We will recalculate your benefit amount to leave out the months when we reduced or withheld benefits due to your excess earnings.
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Old 09-07-2014, 11:46 AM
 
48,516 posts, read 83,890,268 times
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I have more friends who took up what was only a interest or hobby to make money when retired. Several travel a lot to civic centers that put on yearly events and festivals. The above is right on not losing those reductions.
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Old 09-07-2014, 02:09 PM
 
Location: Florida
4,356 posts, read 3,692,049 times
Reputation: 4084
Quote:
Originally Posted by loves2read View Post
My husband has S-corp business and pays himself a salary from the earnings--
he reaches FRA/66 in December--I am already FRA but have not applied for SS--drawing a teacher's retirement pension currently...
How will his SS annuity be calculated if he continues to pay himself a salary from the S-corp after he turns 66...
he pays pretty much the max on his earnings...
At FRA one of you and maybe both should be doing a file and suspend. It does not reduce your benefits if you are waiting until age 70. Apply early Oct for Dec.

Be sure you are signed up for part A of medicare and B if you are required to.
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Old 09-07-2014, 03:49 PM
 
30,065 posts, read 47,304,581 times
Reputation: 16009
We both are on Medicare A and B

thanks for the link
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Old 09-07-2014, 04:00 PM
 
30,065 posts, read 47,304,581 times
Reputation: 16009
PS--
we have second home in Florida--we were planning on being there from October thru New Year's
can we apply for SS there? vs our local office for our TX home?
I will need to apply in person because I have special documentation to show regarding my spousal benefits' eligibility---
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Old 09-07-2014, 08:25 PM
 
Location: Florida
4,356 posts, read 3,692,049 times
Reputation: 4084
Quote:
Originally Posted by loves2read View Post
PS--
we have second home in Florida--we were planning on being there from October thru New Year's
can we apply for SS there? vs our local office for our TX home?
I will need to apply in person because I have special documentation to show regarding my spousal benefits' eligibility---
YES
Make your appointment now. My local FL office books about 6 weeks out. Call the national 800 number and they can make the appointment. Ask what documents you need. If you think you might need something take it even if they say you do not need it.
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Old 09-07-2014, 08:30 PM
 
Location: Florida
4,356 posts, read 3,692,049 times
Reputation: 4084
I see no one answered your question. The text book answer is that the highest earnings from the last 35 years are used. If his earnings now are higher than, say 35 years ago his benefits should go up a little. Note wages are indexed so this is a rater simple answer.
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Old 09-07-2014, 11:27 PM
 
10,812 posts, read 8,056,502 times
Reputation: 17010
Quote:
Originally Posted by loves2read View Post
PS--
we have second home in Florida--we were planning on being there from October thru New Year's
can we apply for SS there? vs our local office for our TX home?
I will need to apply in person because I have special documentation to show regarding my spousal benefits' eligibility---
Where you apply, and whether you apply in person or not has no effect at all on what benefits you receive. Why do you ask?
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