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Angie, Tax Preparer
Category: Social Security
Satisfied Customers: 225
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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If I am 66.5 or older and want to take social security benefits.

Customer Question

If I am 66.5 or older and want to take social security benefits. Will I be penalized if I also work? When is the age for non penalization?
Submitted: 6 months ago.
Category: Social Security
Expert:  Angie replied 6 months ago.
I am happy to help you with your question! The Social security administration says that the limit for 2016 is 15720.00 for earnings. After that.... your social security benefits will drop $1 for each two dollars more than 15720.00 that you earn. There is no age limit, only earnings limits Also be aware that if your earnings $25000 or more then a portion of your social security may become taxable.
Customer: replied 6 months ago.
Thanks Angie. Another question then? I was also told that at the age of 70 there is no limit on what you can earn? Or if your self employed its not taxable also?
Expert:  Angie replied 6 months ago.
That is true about being 70, but self employment earnings are still considered earnings that could reduce your benefits .
Expert:  Angie replied 6 months ago.
I hope this information was helpful. Please take a moment to rate my service.
Expert:  Angie replied 6 months ago.
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