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keeperumiami, Senior Tax Expert & Financial Planner
Category: Social Security
Satisfied Customers: 7073
Experience:  Sr Tax Expert/Financial PlannerCPA/PFS (retired)Over forty years of advising individuals & small businesses
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I am retiring in May or June of 2017 (at 64 and 7 months). I

Customer Question

I am retiring in May or June of 2017 (at 64 and 7 months). I would have earned in the neighborhood of 50K. Do I still start collecting the full amount of my ss retirement the rest of the year or does the $15,720 limit apply?
JA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?
Customer: I don't think so. I am disabled, however, I do not receive a disability payment and I still work full time.
Submitted: 7 months ago.
Category: Social Security
Expert:  keeperumiami replied 7 months ago.

Hello, my name is***** goal is to give you a complete & accurate answer. I am working on your request now & I will respond as soon as possible.

Expert:  keeperumiami replied 7 months ago.

For the year of retirement, the earnings limit is applied on a monthly basis.

For example, for retires in 2016, the monthly earnings limit is $1,310.

The earnings limit for 2017 has not been determined, but it is expected to change very little for 2017.

So what that means, using the 2016 numbers, is that for the year when you retire, what you earned prior to the month that you retire, doesn't matter. The annual earnings limit for retires under their full retirement age is applied on a monthly basis, or as described above $1,310. a month. So if your monthly earnings after retirement is less than the comparable figure for 2017, there would be no adjustment (reduction) of your Social Security benefits for any month after retirement that you do not earn more than the $1,310.

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