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Ask Megan C Your Own Question

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 15161
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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If Im working, what is the maximum I can earn and is that

Resolved Question:

If I'm working, what is the maximum I can earn and is that monthly?
If I am earning more than the max, is that deducted from monthly benefit checks?
Will my contributions now increase future benefits?
Submitted: 1 year ago.
Category: Social Security
Expert:  Megan C replied 1 year ago.

Megan C :

I realize you have a question about social security. My goal is to provide you with excellent service, and help you better understand your options.

Megan C :

What type of benefit are you on, and what is your age?

Megan C :

If you are age 66 or older and are drawing a regular retirement benefit, you can earn an unlimited amount and still draw your full benefit. Your current work will give you credit for social security, and if it's one of your highest 30 years of earnings you will see a slight increase in your benefits.

Megan C :

If you are disabled, you can earn $750 per month or less. If you earn over that, you can earn an unlimited amount for 9 months then $1,040 per month for 36 months after that. If you surpass that limit, you will not get a benefit that month.

Customer: I'm 63 and have a part-time low paying job at Trader Joe's mainly for the mediv
Megan C :

Then, you can earn $15,120 per year and not have a reduction in benefit

Megan C :

If you earn over that, your benefit will be reduced $1 for every $2

Customer: I'm 63 and not disabled. I have a loe paying job at Trader Joe's, mainly for the medical benefits.
Megan C :

Yes, I understand that. You can earn $15,120 per year and not have a reduction in your benefits. If you earn above that, you will reduce your benefit $1 for every $2

Customer: I'm 63 and not disabled. My income may be over the max but is not close to my highest income previously. Social security comes out of my check but will I just lose it if it is not my high year?
Megan C :

If it's not one of your top 30 years, your benefits will not be impacted by the work.

Customer: So I am contributing for nothing?
Megan C :

Everyone must pay social security tax, unfortunately

Customer: yeah, with the promise of future benefit
Megan C :

I'm truly sorry if this is not favorable to your situation. Unfortunately, the benefits you receive are calculated based on your highest 30 years of earnings. I wish I could tell you differently

Customer: There must be many thousands of people in the same boat. If my benefit is reduced, will it at least be restored to current level once I am no longer working? Apparently I'll have to work until I die.
Megan C :

Yes, if your benefit is reduced, it will go back to what you are currently drawing when you no longer work.

Megan C :

Do you have any further questions? I'm truly sorry if this is not favorable to your situation.

Megan C :

If you would, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Customer: I will, thanks.
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 15161
Experience: Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
Megan C and 2 other Social Security Specialists are ready to help you
Expert:  Megan C replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

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Expert:  Megan C replied 1 year ago.
Thanks for your positive rating. Please come back and see me any time you have a question that needs answered. It was a pleasure working with you today.

In the future you will receive a short survey. Your positive feedback on that survey would be greatly appreciated as it will assist me with rankings on the site. Thanks again for being a valued JustAnswer.com customer.

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