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annelew12554
annelew12554, Social Security
Category: Social Security
Satisfied Customers: 2355
Experience:  I have extensive knowledge of the rules of Social Seeurity
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I'm 57 and my wife is 51. I'm still active duty military and

Customer Question

I'm 57 and my wife is 51. I'm still active duty military and must leave service at 62, and I'll have 35 years as an enlisted and then officer. I'm thinking about starting my own small business and drawing benefits at 62 while my wife continues to work as a hair colorist. Do I need to worry about making "too much" money in my venture? Also, what if I don't draw at 62 and wait until I'm 65, but earn only half of what I'm making now?
Submitted: 6 months ago.
Category: Social Security
Expert:  annelew12554 replied 6 months ago.

Hi

I'm Anne. I've been preparing taxes for 28 years and I'll be happy to help you.

Yes, if you draw benefits before "Full Retirement Age" you will need to worry about making too much money. Please see below:

https://faq.ssa.gov/link/portal/34011/34019/article/3739/what-happens-if-i-work-and-get-social-security-retirement-benefits

Please Note, if you are Self Employed, SA will only count your NET income.

Also, if you were born AFTER 1937. Full Retirement Age is no longer age 65. It is now 66 plus . Please see below:

https://www.ssa.gov/planners/retire/retirechart.html

SSA calculates your benefits based on your earnings for the highest 35 years averaged and divided by the number of months in 35 years to arrive at Average Indexed Monthly Earnings (AIME). Although the goal is to always make as much as we can, it's also nice to know that even if our earnings are not what they used to be, it doesn't really penalize us. Please see below:

https://www.ssa.gov/oact/progdata/retirebenefit1.html

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