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CGCPA
CGCPA, CPA
Category: Social Security
Satisfied Customers: 3820
Experience:  My experience over the years has involved Social Security,
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I have been getting social security at $1080 per month and I

Customer Question

I have been getting social security at $1080 per month and I have started working making $33,000 per year. I am 62 years old, how much will social security penalize me every month
Submitted: 1 year ago.
Category: Social Security
Customer: replied 1 year ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 1 year ago.
I just want to see what the difference in my monthly bills, etc can be.
Expert:  CGCPA replied 1 year ago.

There is no need for a telephone call to answer this question. I will check the amounts for you and return momentarily.

Expert:  CGCPA replied 1 year ago.

Here is the answer you are seeking, direct from Social Security:

If you were born January 2, 1943,
through January 1, 1955, , then your
full retirement age for retirement
insurance benefits is 66. If you work,
and are full retirement age or older, you
may keep all of your benefits, no matter
how much you earn. If you’re younger
than full retirement age, there is a limit
to how much you can earn and still
receive full Social Security benefits. If
you’re younger than full retirement age
during all of 2015, we must deduct $1
from your benefits for each $2 you earn
above $15,720.

Accordingly, you will see a benefit reduction of $8,640 ($33,000 - $15,720 = $17,280/2 = $8,640) . This will not happen immediately. Instead it will happen after Social Security processes your W-2 form(s). Then full monthly payments will be reduced to zero until the amount is recovered by them. Therefore, I recommend you begin by putting $720 per month into a savings account, or something similar, so that you do not experience difficulties when the recovery begins.