Discussion:Social Security and earnings

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

(Difference between revisions)
Jump to: navigation, search
Revision as of 23:47, 26 July 2008
Bbla (Talk | contribs)
(I also elected t)
← Previous diff		 Revision as of 00:48, 27 July 2008
Bean (Talk | contribs)
(Try this link, v)
Next diff →
Line 16: Line 16:
{{ForumReplyPost|UserID=Bbla|Date=26 July 2008|Text=I also elected to receive social security at age 62. I will reach full retirement age 65 & 10 months in August 2008. I recently received a letter from the social security adminstration that states that in August 2008 the earnings limit no longer applies to me. {{ForumReplyPost|UserID=Bbla|Date=26 July 2008|Text=I also elected to receive social security at age 62. I will reach full retirement age 65 & 10 months in August 2008. I recently received a letter from the social security adminstration that states that in August 2008 the earnings limit no longer applies to me.
The letter also states if you decide to return to work, the additional earnings could increase your future benefits. The two page letter seems to encourage me to return to work. The answer to your question is. When your client reaches full retirement age he will be able to earn as much money as possible without reducing his social security benefits. }} The letter also states if you decide to return to work, the additional earnings could increase your future benefits. The two page letter seems to encourage me to return to work. The answer to your question is. When your client reaches full retirement age he will be able to earn as much money as possible without reducing his social security benefits. }}
 +
 +{{ForumReplyPost|UserID=Bean|Date=27 July 2008|Text=Try this link, very helpful: http://www.socialsecurity.gov/retire2/agereduction.htm
 +}}

Revision as of 00:48, 27 July 2008

Discussion Forum Index --> Basic Tax Questions --> Social Security and earnings
Discussion Forum Index --> Tax Questions --> Social Security and earnings

Blrgcpa (talk|edits) said:

26 July 2008
I've checked ssa.gov FAQ and couldn't find an answer to the question my client asked me. I also did a search in the little yellow box on the side.

My client started to collect social security at age 62. He works and is earning less than the allowable $13,560. 

Next year when he turns 66, his full retirement age, will his income still be limited because of the early social security, or will he be able to earn any amount?

Thanking everyone in advance.

Death&Taxes (talk|edits) said:

26 July 2008
Quickfinder spells out that in the year the recipient reaches full retirement age, there is a modified earnings test for the months prior to the date s/he reaches that age, then earnings are not relevant. The wording is 'in the year the individual reaches full retirement age'

The SSA website contains tons of information, but can be difficult to negotiate, or to know what to ask and how to frame it.

Bbla (talk|edits) said:

26 July 2008
I also elected to receive social security at age 62. I will reach full retirement age 65 & 10 months in August 2008. I recently received a letter from the social security adminstration that states that in August 2008 the earnings limit no longer applies to me.

The letter also states if you decide to return to work, the additional earnings could increase your future benefits. The two page letter seems to encourage me to return to work. The answer to your question is. When your client reaches full retirement age he will be able to earn as much money as possible without reducing his social security benefits.

Bean (talk|edits) said:

27 July 2008
Try this link, very helpful: http://www.socialsecurity.gov/retire2/agereduction.htm
Retrieved from "http://www.taxalmanac.org/index.php/Discussion:Social_Security_and_earnings"