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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 currently 62 years old (my birthday is XXXXX 1st) and

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I am currently 62 years old (my birthday is XXXXX 1st) and at this time I work full time. I earn ~$50,000.00 per year. I am looking at my future options and have the following questions.
1. I am a widow and I am thinking about retiring and drawing against my husbands social security beginning next year sometime - possibly starting in ~June. My question is....will the amount of monthly Social Security payments be less if I make more than $15,120.00 prior to June? I know there is a rule that Social Security withholds $1 for every $2 over the limit of $15,120, but when does that start to apply?

Thank you,
M Clark

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 :

In the year you retire, there is a special rule. You will receive your social security check for each month that your earnings are below $1,260 and you do not perform substantial services.

Megan C :

So, your earnings from January to June would not count against you if you started drawing in June.

Customer:

Thanks. Have the limits been set yet for 2014 or will it remain at $15,120.00?

Megan C :

The limit hasn't been announced for 2014 yet, if it goes up it will only be by a few hundred dollars

Customer:

Thanks, Megan. I'm planning on leaving my social security alone until I'm at least 66 and plan to draw against my husbands. Are there any special rules that apply to a widow's benefit versus my own social security?

Megan C :

No, there are no special rules. Your benefit will continue to grow until it reaches its max at age 70

Megan C :

But the same earnings limits and rules apply

Customer:

thanks....you've been a lot of help. I've gotten mixed answers at our local social security office. I was told that SS would withhold the first 5 months of SS payout if I earned my current salary prior to June. I like your answer much better!

Megan C :

I'm glad I could help.

Megan C :

Is there anything else I can assist you with today?

Customer:

Not today...thanks. You might hear from me again next year if I decide to retire in June, 2014.

Megan C :

Here's the link to the rule that I told you about, so you know I'm not just pulling your leg CLICK HERE

Customer:

Great!

Megan C :

Thanks so much :-) Once you have the information you need, please take a moment to rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Will do....

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