Working and receiving social security??

[tpack]

If you’re under full retirement age and receiving social security benefits, the annual earnings limit is $18,960 in 2021. Is there any certain amount per month that you can`t make or is the$18,960 amount based on a 12 month period.. For example: You work and earn 18,500 in 4 months(4625 per month) and then work and earn no more in 2021. You would be 460 dollars below the earnings limit for the year and it would not reduce your monthly check........ That is how I interpret the information I am reading on the world wide web.

I am returning to work tomorrow and will contact a professional this week with the correct info. I was just wondering if anyone might have a little information on the matter today. Thanks

[tvc184]

I believe that once you start drawing SS at less than full retirement age, they deducted $1 for every $2 that you earn. Basically you are working for half pay.

If you are making $1,500 monthly in SS and make $1,000 in salary, they deduct $500 penalty $1,000/2=$500). So.... $1,500 - $500 = $1,000 in SS. Add in the $1,000 in salary that you made and you have $2,000 total in SS + salary.

Or, your $1,000 salary became effectively $500 after SS penalty/deduction.

AKA, you are working for half pay. It might be great to stay busy or add a little more income

[tvc184]

Also, assuming you are making $1,500 in SS but have a job making $3,000 or more, you have reduced your SS to zero.

I think SS grows at a guaranteed 8% per year so if you are going to make enough to reduce your SS to near zero, you are better off not drawing it and letting it grow.

In my opinion....

[sqiggy]

There is a guy that has retired from here. He comes back every spring to work our outage. He told me he can’t make more than $16,000 or it would effect his monthly SS check. He gets pretty close to that amount by the time the outage is over. That’s all I know.

[db@100]

If possible, wait until full retirement age and then wages don't matter.

[tpack]

If possible, wait until full retirement age and then wages don't matter.

It`s not that simple. I was laid off 7 months ago and 2 months prior to my 62nd birthday. I decided to start receiving my SSI@ 62 because I did not think I would get called back to work at all, less known in 7 months. Now I need to find out how much I can make without effecting my monthly social security. I can cancel it completely in the first 12 months and return all money I have received. I just want to make the correct decision based on the correct information. I also don`t know if I will be there for 3 months or 3 years.

[Drycreek3189]

It`s not that simple. I was laid off 7 months ago and 2 months prior to my 62nd birthday. I decided to start receiving my SSI@ 62 because I did not think I would get called back to work at all, less known in 7 months. Now I need to find out how much I can make without effecting my monthly social security. I can cancel it completely in the first 12 months and return all money I have received. I just want to make the correct decision based on the correct information. I also don`t know if I will be there for 3 months or 3 years.

Why don’t you ask someone in the Social Security Administration ?

[LAW]

$1550.00 per month

[Johnny Dangerr]

I looked it up.

https://www.aarp.org/retirement/social-security/questions-answers/social-security-earning-full-retirement.html

[tpack]

I looked it up.

https://www.aarp.org/retirement/soci...etirement.html

I also found something that had some information that was helpful. I understand it to say that I can earn $18,960 from my job in 2021 without it effecting my social security. That will give a little time to decide if I want to cancel my benefits and continue working or go ahead and retire like I was going to. Anything I would make above $18,960 would be taxed very heavily.

https://faq.ssa.gov/en-US/Topic/article/KA-01921

What happens if I work and get Social Security retirement benefits?


You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2021 that limit is $18,960.

In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2021, the limit on your earnings for the months before full retirement age is $50,520.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

Use our Retirement Age Calculator to find your full retirement age based on your date of birth.

Use our Retirement Earnings Test Calculator to find out how much your benefits will be reduced.