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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 12139
Experience:  Licensed CPA, CMA, CFE M.Accy Also Teach Accounting courses at Master's Level
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I am currently receiving disability and am 61 years of age.

Resolved Question:

I am currently receiving disability and am 61 years of age. When I turn 62, do benefits automatically switch to "regular" social security? Is it the same amount? How is addittional earned income handled tax wise?
Submitted: 11 months ago.
Category: Social Security
Expert:  Megan C replied 11 months ago.

MyVirtualCPA :

I realize you have a question about social security. My goal is to help you better understand your options.

MyVirtualCPA :

When you turn 66, your benefits will switch from disability to regular benefits

MyVirtualCPA :

Your benefits do not change at age 62

MyVirtualCPA :

Up to 85% of your social security benefits could be taxable, if you earn other income.

MyVirtualCPA :

Let me step back and say that your retirement benefit may be slightly higher than your disability benefit - but don't expect a major increase. Maybe $100 or so.

MyVirtualCPA :

Additional earned income is considered taxable, and all of your additional earned income is taxed

MyVirtualCPA :

Up to 85% of your social security benefits may be taxable. You can use a calculator available here to see how much of your benefit is taxable: http://www.calcxml.com/calculators/how-much-of-my-social-security-benefit-may-be-taxed

MyVirtualCPA :

While on disability, you can earn $750 per month indefinitely with no impact on your benefits. If you earn over $750, you become part of a 9 month "trial work" period where you can earn an unlimited amount and still keep benefits. Then, once the trial period is over, you can make up to $1,040 per month and still keep your benefit

MyVirtualCPA :

You can only do this for 36 months. After 36 months you would no longer be eligible for benefits, but your application would stay open and if you found yourself unable to work you would be able to start your benefits back up. You could do this up to 5 years...but at that point you would be retired

MyVirtualCPA :

Once you are full retirement age, you can work an unlimited amount and still draw your social security benefit.

MyVirtualCPA :

Do you have any further questions?

MyVirtualCPA :

If you have no further questions, please rate my response as "excellent" so that I may receive credit for assisting you today

MyVirtualCPA :

I see you joined our chat - how are you today?

Expert:  Megan C replied 11 months ago.
Debra,

I see we were having difficulties in chat. If you would, please review my response. If satisfied, please rate as "excellent" - otherwise, please reply below and let me know how I can further assist. Thanks again for using JustAnswer.com
Customer: replied 11 months ago.

Excellent so far ! Thank you . One more(?) question. I began receiving disability at age 56 - and went through an "audit last year where I provided documentation of medical condition and employment status. I have been through the work trial and continue to generate income of under $1040/month...WHat exactly "can only be done for 36 months'?..if I continue to earn after 36 months ...3 more years? I'll b 64...it seems unlikely they would cut me off ...I applied for Medicare is that protected at this point?

Expert:  Megan C replied 11 months ago.
You can work and earn under 1,040 for a total of 36 months, then your benefits stop. If you stop working, then the benefits start up again. You would still be able to receive Medicare, that would be protected. It's just the income benefit that would not be received after 36 months.

Please let me know if you need further assistance. If not, please rate my response as "excellent" so that I may receive credit for assisting you today.
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 12139
Experience: Licensed CPA, CMA, CFE M.Accy Also Teach Accounting courses at Master's Level
Megan C and other Social Security Specialists are ready to help you

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