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Wendy Reed
Wendy Reed, Enrolled Agent
Category: Social Security
Satisfied Customers: 3346
Experience:  15+ years assisting tax clients with taxation and eligibility of Social Security Benefits.
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I am 65 and just got laid off from work. I will be 66 in April

Resolved Question:

I am 65 and just got laid off from work. I will be 66 in April 2012. If I start drawing Social Secuirity starting in November, then get offered a casual position with a company (less than 20 hours a week), what are my salary limitations before social secuirty is affected? I understand that after I turn 66 there are no limitations (is that correct?).
Submitted: 5 years ago.
Category: Social Security
Expert:  Wendy Reed replied 5 years ago.

Hello,

Since your full retirement age is 66, your benefits will be slightly reduced if you start drawing at age 65, see: http://www.socialsecurity.gov/retirement/1943.html

 

Also, you are correct that there is an earnings limitation before full retirement age. If you earn more than 14160, you have to pay back $1 for every $2 you earn over this amount. However, there is a special rule for the first year you retire, and that is you can still get your SS benefit for any month where your earnings are under $1180.

 

In the year 2012, since you will turn 66, the earnings limit is $37680, and you would pay pack $1 for every $3 you made over this amount. Not likely you will do this with a part time job from Jan-April (when the earnings limit is inplay) so it may not affect you adversely for 2012.

 

Here is a link that will describe everything in detail, and it gives good examples. And you are correct that after age 66 there is no earnings limit for you!

 

http://www.socialsecurity.gov/pubs/10069.html

 

Please let me know if I can assist you further.

Wendy Reed and other Social Security Specialists are ready to help you