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Angie, Tax Preparer
Category: Social Security
Satisfied Customers: 226
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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If I am 66.5 or older and want to take social security benefits.

Customer Question

If I am 66.5 or older and want to take social security benefits. Will I be penalized if I also work? When is the age for non penalization?
Submitted: 1 year ago.
Category: Social Security
Expert:  Angie replied 1 year ago.
I am happy to help you with your question! The Social security administration says that the limit for 2016 is 15720.00 for earnings. After that.... your social security benefits will drop $1 for each two dollars more than 15720.00 that you earn. There is no age limit, only earnings limits Also be aware that if your earnings $25000 or more then a portion of your social security may become taxable.
Customer: replied 1 year ago.
Thanks Angie. Another question then? I was also told that at the age of 70 there is no limit on what you can earn? Or if your self employed its not taxable also?
Expert:  Angie replied 1 year ago.
That is true about being 70, but self employment earnings are still considered earnings that could reduce your benefits .
Expert:  Angie replied 1 year ago.
I hope this information was helpful. Please take a moment to rate my service.
Expert:  Angie replied 1 year ago.
Just checking back to make sure you got your issue handled. If you are satisfied with my service, I ask that you take a moment to rate me using the stars or smiley faces, this is how I receive compensation from Just Answer and ensures experts like me are available to answer your questions in the future. if you would like to work with me again, simply type "ForCustomeramp;quot; in your question title and I'll be happy to help in any way that I can.