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Publication No.05-10069 Current Annual and Monthly earnings…

Customer Question
Publication No.05-10069...

Publication No.05-10069 Current Annual and Monthly earnings limits

Accountant's Assistant: The Retirement Accountant will know how to help. Please tell me more, so we can help you best.

What are the monthly and annual earnings limit to receive benefits. I am 69, own my own business and have annual earnings over $250,000. I have not signed up for social security.

Accountant's Assistant: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else important you think the Retirement Accountant should know?

I am waiting until age 70 (july10,2017 to sign up for social security benefits.

Submitted: 1 year ago.Category: Social Security
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Answered in 28 minutes by:
12/21/2016
Social Security Expert: TaxRobin, Tax Preparer replied 1 year ago
TaxRobin
TaxRobin, Tax Preparer
Category: Social Security
Satisfied Customers: 18,351
Experience: 15+ years in tax preparation and instruction
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Social Security Expert: TaxRobin, Tax Preparer replied 1 year ago

If you are waiting til you are 70 to sign up for (apply) for SSA benefits then you do not have to be concerned how much you earn when receiving those benefits.

It is when you are younger than full retirement age and make more than the yearly earnings limit that SSA will reduce your benefit.

As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. However, SSA will check your record every year to see whether the additional earnings you had will increase your monthly benefit. If there is an increase, they will send you a letter telling you of your new benefit amount.

If you were under full retirement age then in 2016 the limit is $15,720/yr. ($1,310/mo.) and in 2017 it is $16,920/yr. ($1,410/mo.)

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