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Stephanie O Joy, Esq
Stephanie O Joy, Esq, Soc. Sec. Attorney
Category: Social Security
Satisfied Customers: 13285
Experience:  19+ years legal exp. - 10+ years owning/operating her own SSD Law practice.
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I am 64 collecting social security can work again at 40,000

Customer Question

Customer: i am 64 collecting social security can work again at 40,000 annual income what are the restictions
JA: Thanks. Can you give me any more details about your issue?
Customer: I am currently collecting around $1500.00 a month from SS. I have an opportunity to work in 2016 at $40,000 a year. How much of the $1500 am I going to lose.
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Submitted: 11 months ago.
Category: Social Security
Expert:  Stephanie O Joy, Esq replied 11 months ago.

Good morning, OK, so you opted to collect retirement "early", thereby incurring a significant discount to your monthly amount, for the rest of your life. Now, you are thinking you can secure a job at $40k/year. Here is what will happen: Because you collected early, in addition to reducing your monthly SS income permanently, you are also subject to an earnings limit until you are of your full retirement age (FRA). For 2015, this means that if you earn more than $15720, you will owe back $1 for every $2 you earn above that threshhold. So, $40000-15720 = 24280. For every 2, you owe the government 1, so you will owe back $12,140 of your benefits paid for that year. The same for next year, in a similar fashion, using 2016 number.

Expert:  Stephanie O Joy, Esq replied 11 months ago.

I hope this helps! My goal is toprovide you with excellent and accurateservice – if you feel you have gotten anything less, please reply back, Iam happy to address follow-up questions.

Kindly rate me "excellent"when you are done. I look forward to assisting you in the future, shouldyou have legal questions. Be sure tostart future posts with "To ***** Esq., ONLY" ifyou want me to specifically answer it.

Sincerely, ***** ***** Joy, Esq.

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