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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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How much income can you make while drawing social security ...

Customer Question

How much income can you make besides your social security anual income? Does age have anything to do with the amount of income you can make besides social security?
Submitted: 9 years ago.
Category: Tax
Expert:  RD replied 9 years ago.

You can work and still receive Social Security retirement benefits, but the income that you earn before you reach full retirement age may affect the amount of benefit that you receive. But once you reach your full retirement age(which is 67 years), You can make any amount of income without affecting your social security income .

If you're under full retirement age: $1 in benefits will be deducted for every $2 in earnings you have above the annual limit

In the year you reach full retirement age: $1 in benefits will be deducted for every $3 you earn over the annual limit (a different limit applies here) until the month you reach full retirement age

Once you reach full retirement age, you can work and earn as much income as you want without reducing your Social Security retirement benefit.

 

Let me know if you have any question. Bonus and Feedback will be highly appreciated!!!

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases.