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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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I will reach full social security 11/25/16. I want to start

Customer Question

I will reach full social security 11/25/16. I want to start collecting in 1/01/16
How much can I earn without penalties?
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.
You can get Social Security retirement benefits and work at the same time.
SSA uses the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.
For 2015 that limit is $15,720.
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In the year you reach full retirement age, SSA will deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.
If you will reach full retirement age in 2015, the limit on your earnings for the months before full retirement age is $41,880.
For 2016 that limit is not yet set. Most likely - it will be a little higher.
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Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.
Let me know if you need any help.