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emc011075
emc011075, Tax Adviser
Category: Social Security
Satisfied Customers: 2310
Experience:  Tax adviser IRS licensed Enrolled Agent and tax instructor
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I will be 64 on 8/8. I need income now. Is it a stupid time

Customer Question

I will be 64 on 8/8. I need income now. Is it a stupid time to start Social Security? What are income limitations once you start to receive? Jay
Submitted: 6 months ago.
Category: Social Security
Expert:  emc011075 replied 6 months ago.

Hi. My name is ***** ***** I will be happy to help you.

If you apply for social security benefits before your full retirement age (66), you benefits will be permanently reduced.

You can use the online calculator bellow to find out by how much, depending on when you actually start receiving your benefits: https://www.ssa.gov/OACT/quickcalc/early_late.html

Also, your benefits will be reduced by $1 for each $2 you earn over $15,720 ($1,310 per month).

Up to 85% of your benefits could also be taxable if if your total income is over 25K.

Expert:  emc011075 replied 6 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?

Expert:  emc011075 replied 6 months ago.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. You find the rating bar on the top of the page – 5 stars. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.