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Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 2922
Experience:  associate attorney
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If I start collecting benefits in July 2016. (set my retirement

Customer Question

If I start collecting benefits in July 2016. (set my retirement date on my 64th birthday) will I be penalized for the amount of money up to that point.
Submitted: 9 months ago.
Category: Social Security
Expert:  Christopher B, Esq. replied 9 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. There are special rules the first year you retire and collect SS. See link:"Sometimes people who retire in mid-year already have earned more than the annual earnings limit. That’s why thereis a special rule that applies to earnings for one year, usually the first year of retirement. Under this rule, you can get a full Social Security check for any whole month you’re retired, regardless of your yearly earnings. In 2016, a person younger than full retirement age for the entire year is considered retired if monthly earnings are $1,310 or less." So no, those earnings from January - August will not count against you in your first year of retirement as long as you do not make $1,310 in a month. Any month that you earn this amount, you will lose your benefit for the month. So essentially your earnings in the first of the year do not count against you because you retired mid-year. 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 9 months ago.
Just checking back in, do you have any further questions?