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Dimitry K., Esq.
Dimitry K., Esq., Attorney
Category: Social Security
Satisfied Customers: 41221
Experience:  Licensed in multiple jurisdictions, experienced business attorney.
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I am turning 62 next year and Im considering starting my social

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I am turning 62 next year and I'm considering starting my social security benefits. My account indicates that at 62, I'm eligible for about $1600 a month, and at 67, I would get about $2700 per month. If I elect to take the $1600 per month next year: 1. would my benefits be reduced based on the 1099 agent commission income, no mater how much I made? 2. If I currently owe back taxes, would that reduce, or eliminate my benefit amount? 3. Would I still pay into social security on my IRS taxes and increase my account?

Dimitry K., Esq. :

Thank you for your question.

Dimitry K., Esq. :

Please permit me to assist you this morning.

Dimitry K., Esq. :

If you choose to elect your benefits early, then the benefits you receive for life would be locked in at the lower rate.

Dimitry K., Esq. :

Plus, the benefits you would receive still be subject to the annual income limit for outside earnings.

Dimitry K., Esq. :

The current income limit is $15,120. Here is the link to the information: http://www.ssa.gov/policy/docs/quickfacts/prog_highlights/index.html

Dimitry K., Esq. :

In terms of back-taxes, it would not reduce your benefit BUT your social security payments could be intercepted and garnished for payment. It would reduce the amount you receive, but not the actual benefit you are entitled to.

Dimitry K., Esq. :

If you continue working, you would continue paying into social security even if you own benefit would no longer increase once you elect to take it.

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