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retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17080
Experience:  13 years experience in social security
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I am now 65 i started collecting my SS. at age 62. I realize

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I am now 65 i started collecting my SS. at age 62. I realize that I will make more this year than I am allowed. Is that amount $15500? Can I stop my SS. in Aug or is it better to just pay back what I earn over the allowed amount? If I earn $20,000 do I pay back the total amount that I earned over the$15500?

retirementlawyer :

The 2013 amount is $15120

retirementlawyer :

For every $2 over this limit, you will see your Social Security benefit reduced by $1. For example, if you are 63 and your wages are expected to be $24,000, this puts you $8,880 over the earnings limit and will reduce your benefit by $4,440.


 


If your Social Security benefit happens to be $2,220 per month, Social Security will withhold payments for the first two months to cover the $4,440 excess amount and then resume your normal payment in the third month.

retirementlawyer :

You should notify social security as soon as possible that you will have increased income, so they will start reducing your benefits,

retirementlawyer :

you would not be able to stop social security,

retirementlawyer :

Social security will reduce your benefit now, so you will have no issue of owing them any money,

Customer: replied 3 years ago.

I am confused on your statement You would not be able to stop Social Security. Could you explain that please? I still don't quite understand what I need to tell SS. If i know how much more I will make for the rest of the year do I tell them and they will then reduce my SS. amount that I get each month. Thank you

You will tell them now the amount you expect to make, and they will reduce the amount from your social security payments. In terms of stopping social security you will not be able to stop social security checks, once you apply they are sent, they would only be reduced $1 for every two over the $15120.
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