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how much money can you earn and still draw full sosec benefits…

how much money can you...
how much money can you earn and still draw full sosec benefits after 66?
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Answered in 5 minutes by:
9/3/2013
retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17,267
Experience: 13 years experience in social security
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retirementlawyer :

This is a common issue,

retirementlawyer :

under the social security rules once an individual reaches full retirement there is no longer any income limit,

retirementlawyer :

If you were born between 1943--1954 your full retirement age is 66

retirementlawyer :

so you will have no earnings limit

retirementlawyer :

If you have a significant income, you may have to pay tax on your benefits,

retirementlawyer :

This usually happens only if you have other substantial income (such as wages, self-employment, interest, dividends and other taxable income that must be reported on your tax return) in addition to your benefits.


No one pays federal income tax on more than 85 percent of his or her Social Security benefits based on Internal Revenue Service (IRS) rules. If you:



  • file a federal tax return as an "individual" and yourcombined income* is

    • between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.


    • more than $34,000, up to 85 percent of your benefits may be taxable.





  • file a joint return, and you and your spouse have acombined income* that is

    • between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits


    • more than $44,000, up to 85 percent of your benefits may be taxable.





retirementlawyer
retirementlawyer, Tax Attorney
Category: Social Security
Satisfied Customers: 17,267
Experience: 13 years experience in social security
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