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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Social Security
Satisfied Customers: 16547
Experience:  Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level
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My wife and I entend to retire next year. I will be age 65

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My wife and I entend to retire next year. I will be age 65 when I retire in March (March 14th birthday), my wife will be 64 when she retires in May (May 16th birthday). Both of us expect to sign-up for our social security after we retire. But, we both intend to work until we retire. How much can we earn in 2014 without loosing some of our benefit?

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 :

How are you today?

Megan C :

The current threshold of how much you can work without it impacting your benefits is $15,120. The 2014 earnings limit will be announced later on this year...but shouldn't be too much more than that.

Megan C :

If you earn over $15,120 your benefits will be reduced $1 for every $2

Customer:

So in January of 2015 we will have no reduction and receive full benefit?

Megan C :

How old will you be in January of 2015? No reduction will take place after you reach full retirement age of 66

Customer:

65

Megan C :

Yes, you will still have reductions if you continue to work in 2015

Customer:

So if we stop working in March and May, but earn over 15,120 each before we stop working we could still have our benefit reduced? In other words, we do not intend to work after we retire.

Megan C :

No, in the first year there is a special rule

Megan C :

You receive your benefit each month that you do not earn over $1,200

Customer:

65

Megan C :

Do you have any further questions?

Customer:

no...thank you so much?

Megan C :

I'm glad I could help

Megan C :

Please take a moment to rate my response as "excellent' so that I may receive credit for assisting you today

Megan C and other Social Security Specialists are ready to help you
Thanks, Michael for your positive rating and generous bonus. Please come back and visit me any time you need a question answered. It was a pleasure working with you today.

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