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Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 10121
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
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I will turn 66 in February 2017. Currently employed earning

Customer Question

I will turn 66 in February 2017. Currently employed earning $43,000 annually. My husband passed March 2014. I have been told I am eligible for part of his benefit now but would be half the difference between 43,000 and the salary cap of 15,000? Am I eligible to claim now?k Thanks.
Submitted: 6 months ago.
Category: Social Security
Expert:  Lane replied 6 months ago.

Hi,

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Yes, you're eligible for what are called survivors benefits.

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And those benefits are only reduced while you are under full retirement age

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See this from Social Security:

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"If you work while getting Social Security survivors benefits and are younger than full retirement age, we may reduce your benefits if your earnings exceed certain limits. (The full retirement age for survivors is 66 for people born in 1945-1956 ..."

Expert:  Lane replied 6 months ago.

Lets start here ... the basic percentage, before the "receiving benefits while working limit"

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From SSA.gov

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These are examples of monthly benefit payments:

Expert:  Lane replied 6 months ago.

Now, here are the two limits that may apply (the first one in 2015 and second for a month or so in 2016)

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  • If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016, that limit is $15,720.

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  • In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2016, the limit on your earnings is $41,880 but we only count earnings before the month you reach your full retirement age.
Expert:  Lane replied 6 months ago.

And finally,

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When you reach full retirement age:

  • Beginning with the month you reach full retirement age, your earnings no longer reduce your benefits, no matter how much you earn.
  • We will recalculate your benefit amount to leave out the months when we reduced or withheld benefits due to your excess earnings.
Expert:  Lane replied 6 months ago.

Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd appreciate a positive rating (using the faces or stars on your screen, and then clicking “submit")

I know it takes an extra step, but JustAnswer won’t credit us for the work until you rate.

...

Thank you!

Lane

I hold a law degree (JD, Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security/Medicare, estate, corporate, both for-profit and non-profit, and tax advice, since 1986.