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My wife and i are 62 how much can we earn and not pay back

Resolved Question:

My wife and i are 62 how much can we earn and not pay back any social security if we take it now
Submitted: 5 years ago.
Category: Tax
Expert:  Ed Johnson replied 5 years ago.

DearCustomer

 

Thank you for your question.

 

when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2009 that limit is $14,160; and for 2008, that limit is $13,560. Remember, the earliest age that you can receive Social Security retirement benefits remains 62 even though the FRA is rising.

  • In the year you reach your FRA: $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach FRA. For 2009, this limit is $37,680; for 2008, this limit is $36,120.
  • Starting with the month you reach FRA:, you will get your benefits with NO limit on your earnings.
  •  

     

    NOTE FRA means Full Retirement Age.

     

     

    Ed Johnson, Tax Preparer
    Category: Tax
    Satisfied Customers: 10760
    Experience: GPHR Cert; U.S. Treasury Tax Advocacy Panel appointee
    Ed Johnson and other Tax Specialists are ready to help you

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