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dylatess, ATTORNEY
Category: Social Security
Satisfied Customers: 3441
Experience:  37 plus years of SSD practice
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My last day of employment is July 31st. I will receive my

Customer Question

My last day of employment is July 31st. I will receive my last paycheck on the 12th of August. If I start collecting SS benefits on August 1st---
1. Will my earnings from Jan 1 through July 31st penalize my social security benefits
from August through the end of the year?
2. The last paycheck I get on August 12, will be about 600.00 for working the last week in July, plus a pay out of my annual leave which will be around 10,000.00 with taxes withheld also. Will I get penalized on my August SS check for getting paid in August for income earned in July?
Submitted: 1 year ago.
Category: Social Security
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

It depends on your age. If you are taking early benefits (before your full retirement age), your benefits will be reduced by $1 for every $2 over 15,720 annually. If you already earned more than the annual limit (from January through August), your benefits will be reduced or eliminated.

Expert:  emc011075 replied 1 year ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?