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Ask Christopher B, Esq. Your Own Question
Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2938
Experience:  associate attorney
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Do earning limits Security include earnings prior

Customer Question

Do earning limits for Social Security include earnings prior to the first month I receive Social Security as well as income from annuities?
Submitted: 11 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 11 months ago.
My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship. Kind of, if you take your benefit at full retirement age (age 66 in 2016), the first year of receiving social security is calculated different. For people attaining retirement age in 2016, the annual exempt amount is $41,880. This higher exempt amount applies only to earnings made in months prior to the month of NRA attainment. Social Security withholds $1 in benefits for every $3 of earnings in excess of the higher exempt amount. Earnings in or after the month you reach NRA do not count toward the retirement test. Beginning in the month you reach full retirement age, you become eligible to earn any amount without penalty. See link: https://www.ssa.gov/OACT/COLA/rtea.html If you are taking social security at ages 62-65, your benefit is reduced by $1 for every $2 earned over $15,720. So if you have significant income working it can completely wipe out your benefit. For the earnings limits, SSA doesn’t count income such as other government benefits, investment earnings, interest, pensions, annuities, and capital gains. See link: https://www.ssa.gov/pubs/EN-05-10069.pdf Please let me know if you have any further questions and please positively rate my answer if satisfied. There should be smiley faces or numbers from 1-5 to choose from. This extra step will cost you nothing extra and will ensure that I will be compensated for my time by the site.
Expert:  Christopher B, Esq. replied 11 months ago.
Just checking back in, do you have any further questions?