Social Security Questions? Ask a Social Security Expert
I assume that you are below your FRA - full retirement age - correct?And because of that - earnings may affect your benefits.if you are younger than full retirement age and make more than the yearly earnings limit, the SSA will reduce your benefit. If you are under full retirement age for the entire year, they will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016 that limit is $15,720.
You still have an option NOT to repay all or part of your benefits by using a special rule that applies to earnings for one year, usually the first year of retirement.
Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is 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 benefit for any whole month you are retired, regardless of your yearly earnings.
If you will be under full retirement age for all of 2016, you are considered retired in any month that your earnings are $1,310 or less and you did not perform substantial services in self employment.
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