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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4325
Experience:  35 years tax and professional advice in all matters money
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My husband and I both retired at age 60. Both of us work

Customer Question

My husband and I both retired at age 60. Both of us work part-time. We are not suppose to earn more then $15,700 a year because we retired at 60. We both turned 65 this year. Can we now make more then $15,700 without a penalty?
If the answer is we still can't make more then $15,700 extra a year. If we make more then $15,700 in a year extra I'm not clear on how much we have to pay back to social security? I've never been clear on that.
Submitted: 7 months ago.
Category: Social Security
Expert:  PDtax replied 7 months ago.

Hi from just answer. I'mCustomer I'll assist.

Claiming early requires that you repay social security benefits if you work and earn $15,720 or more in 2016. You repay $1 for every $2 in social security for any wages you earn over that threshold.

Once you reach full retirement age, you can work and earn any amount. FRA is age 66 for both of you.

Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer