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I plan to take SS benefits soon but will work part-time. I will be allowed to have around 15K income before penalties ( I just rounded out the number). My question is, if I make 16K or even $50 over, how does SS deal with that? What method do they use? I've tried the SS site and there's no specific answer. Thanks for any help here.
I plan to take SS benefits soon but will work part-time. I will be allowed to have around 15K income before penalties ( I just rounded out the number). My question is, if I make 16K or even $50 over, how does SS deal with that? What method do they use? I've tried the SS site and there's no specific answer. Thanks for any help here.
"If you are younger than full retirement age, $1 in benefits will be deducted for each $2 in earnings you have above the annual limit ($15,480 in 2014)"
I plan to take SS benefits soon but will work part-time. I will be allowed to have around 15K income before penalties ( I just rounded out the number). My question is, if I make 16K or even $50 over, how does SS deal with that? What method do they use? I've tried the SS site and there's no specific answer. Thanks for any help here.
That's what I did, and still do. Ten years ago the earnings limit was $12,500 so I would only work nine months a year. I had a job I could go back to in January. If you make more than the limit they'll take out $1 for every $2 over the limit so, basically, half. Better than having to pay back all of it I guess. I have to say I really enjoyed those three months off every year. Made me feel like I was really retired! lol
Be aware, the $1 reduction in benefits for every $2 over $15,400 is not "lost", it is "deferred"
Once you get to your full retirement age, social security will re-calculate and add back in the money benefit that was reduced (the $1 ), when you were younger that full retirmeent and were paid more that $15,400
Be aware, the $1 reduction in benefits for every $2 over $15,400 is not "lost", it is "deferred"
Once you get to your full retirement age, social security will re-calculate and add back in the money benefit that was reduced (the $1 ), when you were younger that full retirmeent and were paid more that $15,400
Yes, important fact to know.
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