Social Security

Ask social security questions and get answers ASAP

Ask an Expert,
Get an Answer ASAP!

I am 62 and have filed security retirement: I estimate I…

Customer Question
I am 62 and have...
I am 62 and have filed for social security retirement: I estimate I will earn $80,000 in 2016; will this effect my benefits
Submitted: 2 years ago.Category: Social Security
Show More
Show Less
Ask Your Own Social Security Question
Answered in 9 minutes by:
1/25/2016
Social Security Expert: Christopher B, Esq., Attorney replied 2 years ago
Christopher B, Esq.
Category: Social Security
Satisfied Customers: 4,174
Experience: associate attorney
Verified

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

Yes, it will greatly affect your benefit and it is probably not wise to file for early retirement if you are still working and making a pretty significant income. First, as you probably know, your benefit will be reduced because you retired before full retirement age. If you start your retirement benefits at age 62, your monthly benefit amount is reduced by about 30 percent. The reduction for starting benefits at age 63 is about 25 percent; 64 is about 20 percent; 65 is about 13.3 percent; and 66 is about 6.7 percent." Second , See Social Security link: See link: https://faq.ssa.gov/link/portal/34011/34019/Article/3739/What-happens-if-I-work-and-get-Social-Security-retirement-benefits

"We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016 that limit is $15,720."

So everything you make over $15,720 will reduce your benefit by $1 for ever $2 you make. At $80,000 minus the $15,720, you would be reduced on a base of $64,280 which would reduce your total benefit by $32,140 for the year. If you continue to work, it might be wise to wait until full retirement age (age 66) because this reduction will not make electing for your benefit worth it and you will be able to increase your benefit if you wait as well. If you hold off until age 70 then you can earn additional credits from age 66-70 and increase your benefits approximately 8% per year. Just food for thought.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

Ask Your Own Social Security Question
Social Security Expert: Christopher B, Esq., Attorney replied 2 years ago

Just checking back in, do you have any further question? I want you to be satisfied with my service, so please let me know.

Ask Your Own Social Security Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a social security expertLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Christopher B, Esq. Your Own Question
Christopher B, Esq.
Christopher B, Esq.
Christopher B, Esq., Attorney
Category: Social Security
Satisfied Customers: 4,174
4,174 Satisfied Customers
Experience: associate attorney

Christopher B, Esq. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

dylatess

dylatess

ATTORNEY

3,467 satisfied customers

37 plus years of SSD practice

Megan C

Megan C

Certified Public Accountant (CPA)

4,582 satisfied customers

Licensed CPA, CMA, CFE, CGMA M.Accy Also Teach Accounting courses at Master's Level

LawTalk

LawTalk

Attorney

3,071 satisfied customers

I have 30 years of legal and litigation experience, including representing clients before the U.S. Social Security Administration.

R. Klein, EA

R. Klein, EA

Accountant

334 satisfied customers

Tax & Social Security Benefits specialist

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

233 satisfied customers

Licensed in multiple jurisdictions, experienced business attorney.

AttorneyTom

AttorneyTom

Attorney

16 satisfied customers

Attorney

Stephanie O Joy, Esq

Stephanie O Joy, Esq

Soc. Sec. Attorney

3,283 satisfied customers

22+ years legal exp. - 12+ years owning/operating her own SSD Law practice.

< Previous | Next >

Related Social Security Questions
My husband passed away in Aug 2017. He was 61 years old and
My husband passed away in Aug 2017. He was 61 years old and was an receiving SSD benefit of $1979/mo for several years. After 2 years he received $1851 after his Medicare Part B deductible which is th… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Will other pensions effect my social security? I have a
I have a union pension approx. 1000dollars a month and another pension from a previous job for 100,000 lump sum. I plan to retire early at 62. my social security estimate is 1,569 dollars per month. will these other pensions effect my social security payments? … read more
TaxRobin
TaxRobin
Vocational, Technical or Trade School
1 satisfied customers
I will turn 62 in two months. Like much of the middle class,
I will turn 62 in two months. Like much of the middle class, lost my nest egg in dot com and real estate crashes. Been digging out ever since. Two questions: I have not filed my 2016 taxes yet and it … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I want to retire at 62 but still work. How much can I make a
I want to retire at 62 but still work. How much can I make a month. … read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am a widow at 60 my husband died 2 years ago at 61 I work
I am a widow at 60 my husband died 2 years ago at 61 I work full time and have high earrings am I still entitled to get his social security ?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I'm thinkng of retirering at 62 and still work, can I put
I'm thinkng of retirering at 62 and still work, can I put into a 401k to offset my income … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
848 satisfied customers
I turn 62 on August 11, 2016. I have applied security. I
I turn 62 on August 11, 2016. I have applied for social security. I will make approximately $25,000 this year. My social security payout will be $1,953/month. Can you please tell me how much my payout… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If you turned 65 in March, is it possible file for
If you turned 65 in March, is it possible for you file for benefits at a reduced rate. We had one person say that he could not because he would make more than 41,000 from January to December and anoth… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
Mariano alaniz is there anything I can do to save my social
Hi mariano alaniz is there anything I can do to save my social security retirement benefits … read more
Christopher B, Esq.
Christopher B, Esq.
Attorney
Juris Doctor
4,174 satisfied customers
Myself and my wife both collect social security our ages are
Myself and my wife both collect social security our ages are 64 and 63 we started to collect at 62.We both retired at the same time from Walt Disney world. We only collect $718.00 for my wife and $791… read more
Phillips Esq.
Phillips Esq.
Attorney
JD
20,528 satisfied customers
My birthday is 3/24/1953. I haven't worked years and am
Good afternoon, My birthday is ***** I haven't worked for several years and am collecting maximum benefits, at the time I filed, from disability. Would I, and could I, be wise to file for social secur… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am 62 years of age. I make only 670.00 a month at my job.
I am 62 years of age. I make only 670.00 a month at my job. When I was married my husband at that time was making at least 80,000. per year for the last fifteens years of our marriage. We divorced in … read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
Aloha, I was receiving benefits months out of the year
Aloha, I was receiving benefits for 4 months out of the year ($1358.30 for Sep, Oct, Nov and Dec 2015). Since I am turning 66 this May I will start receiving 10 months of benefits 2016. My estimated e… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am 60 years old and currently drawing 2 pensions, one from
I am 60 years old and currently drawing 2 pensions, one from the state of Arizona ($1800/mo) and the other from the military army reserves ($2650/mo). When I turn 62 and draw social security, will tho… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
If I work until August 31, 2016, will the fact that I have
If I work until August 31, 2016, will the fact that I have earned over $15,000. for the year, prohibit me from collecting my social security benefits in September 2016? Or does the $15,000. limitation… read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am 59, working full time. I am thinking about going part
I am 59, working full time. I am thinking about going part time, to do volunteer work. Will this affect my SS income if I want to start collecting at 62? How far back to you start calculating? I have … read more
LawTalk
LawTalk
Attorney
Juris Doctor
3,071 satisfied customers
I am 57 yrS old and thinking about selling my small business.
I am 57 yrS old and thinking about selling my small business. Was wondering how to find out what amount I can collect when I reach 62… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
How are SS payments determined when you retire, is it estimated
How are SS payments determined when you retire, is it estimated from your working lifetime or is it just the last 3 years of working? Due to the ecomony if I lose my job and am now making $100,000 ann… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x