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Ask Megan C Your Own Question
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16559
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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i am 65 collecting social security, how money can make year

This answer was rated:

i am 65 collecting social security, how money can make year and still collect social security

MyVirtualCPA :

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

MyVirtualCPA :

How are you today?

MyVirtualCPA :

Since you are under full retirement age, you can make $15,120 per year before your social security is reduced. Above that amount, it's reduced $1 for every $2.

MyVirtualCPA :

Once you reach age 66, you can earn an unlimited amount

MyVirtualCPA :

In the year that you turn 66, you can earn $40,080 in the months before your 66th birthday

MyVirtualCPA :

So this year you could earn $15,120 and next year you could earn $40,080 until you turn 66, at which point you can earn an unlimited amount

MyVirtualCPA :

You can verify this, HERE

MyVirtualCPA :

Is there anything else that I can assist you with today?

MyVirtualCPA :

If not, please rate my response "excellent" so that I may receive credit for assisting today

Customer:

ok i am 65 i will be 66 12/16/2013..am i still in same 15,120 for this year

MyVirtualCPA :

If you are 66 at the end of this year, the $40,080 figure is for you

Customer:

so i will be 66 12/16/2013 so i can make 40,080 this year and next year unlimited correct

MyVirtualCPA :

Correct

Customer:

Thank you!!

MyVirtualCPA :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

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