How much will SS take out and when? (social security, retired, years)

[rferd]

I will be retiring April 1 09 at retirement age. During the first three months of 09 I would have made $42,000 from my present job. Since I am over the $36,000 (approximate) earning limit for the first year, they will deduct $1 from SS from every $3 I earn during that first year, even if I earned them before I retired. My question is this, will SS take the 2000 (42000-36000 = 6000 divided by 3 = 2000) on the first check or will they prorate it for 2009 (2000/9 = $222) $222 per month for April through December?

Thanks.

[deckdoc]

Originally Posted by rferd

I will be retiring April 1 09 at retirement age. During the first three months of 09 I would have made $42,000 from my present job. Since I am over the $36,000 (approximate) earning limit for the first year, they will deduct $1 from SS from every $3 I earn during that first year, even if I earned them before I retired. My question is this, will SS take the 2000 (42000-36000 = 6000 divided by 3 = 2000) on the first check or will they prorate it for 2009 (2000/9 = $222) $222 per month for April through December?

Thanks.

if you are truly retirement age (66) you can earn all you wish without hitting limit! Are you sure that the limit applies for work done before retirement? This does not jibe with what I was told!

[allforcats]

It always seems to me that the most accurate source of information is the source itself. I phoned them a few years ago and got very helpful info from real SSA reps.

Here's the SSA's retirement benefits page:
Retirement Benefits

Fairmark is a reliable source of interpretations:
Guide to Social Security Retirement Benefits

[DanBev]

I understand that age 70 not 66 is what you are talking about.

[texdav]

Depends on when you were born is my understanding.

[Keeper]

Rfred.. I would call SS and ask them. When I retired before 65, I told them what I made for the 3 months, they then figured up what I would get each month based on that info. Once I got a letter stating I owed them X amt. and they were going to reduce my monthly check or I could send them the whole amt. Just so happened they were wrong and I had to go to SS office to get that straightened out.

[maggiekate]

go to there web site I think the year you retire and collect s.s. different rules apply to what
they do take out. They have lots of answers to questions there. Because some people donot turn
retirement age until the middle of the year etc.,

[Ellwood]

If you were working until April 09, SS doesn't begin until you retire, assuming May 09. Therefore dollars you earn AFTER your retirement start date would be against SS. The money you earned January thru April would have no bearing on SS earnings.