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lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 29794
Experience:  Taxes, Immigration, Labor Relations
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I received a letter stating: We approved your application

Customer Question

Hello, I received a letter stating: We approved your application for retirement benefits. Your entitlement date is May 2015. We cannot pay you because of your work. You estimated that you would earn $63,000 in 2015. (I earned $60,124 in 2015) So, if I reported that now, would I be receiving pay from May 2015?
Submitted: 1 year ago.
Category: Social Security
Expert:  lev-tax replied 1 year ago.

I assume that you are below your FRA - full retirement age - correct?
And because of that - earnings may affect your benefits.
if you are younger than full retirement age and make more than the yearly earnings limit, the SSA will reduce your benefit. If you are under full retirement age for the entire year, they will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016 that limit is $15,720.

Expert:  lev-tax replied 1 year ago.

You still have an option NOT to repay all or part of your benefits by using a special rule that applies to earnings for one year, usually the first year of retirement.

Sometimes people younger than full retirement age retire in the middle of the year and have already earned more than the yearly earnings limit. There is a special rule that applies to earnings for one year, usually the first year of retirement. Under this rule, you can get a full Social Security benefit for any whole month you are retired, regardless of your yearly earnings.

If you will be under full retirement age for all of 2016, you are considered retired in any month that your earnings are $1,310 or less and you did not perform substantial services in self employment.

Let me know if that answered your question?