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DOB 5/2/1952 Age 65 Gross earnings from wages YTD $26,000.

Customer Question
DOB 5/2/1952 Age...

DOB 5/2/1952 Age 65 Gross earnings from wages YTD $26,000. If I apply or ss benefits now, is the excess between $26,000 and the $16,830 limit or $9170 impact my monthly benefit since it was earned prior to taking ss? Expected ss monthly benefit approx. $2200.

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?

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Submitted: 11 months ago.Category: Social Security
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Customer reply replied 11 months ago
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9/14/2017
Social Security Expert: lev-tax, Tax Advisor replied 11 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,360
Experience: Taxes, Immigration, Labor Relations
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Your earning BEFORE retirement will NOT affect your social security benefits.

While you are correct - the SSA will deduct $1 from your benefit payments for every $2 you earn above the annual limit - if you are under full retirement age (FRA )for the entire year

Your FRA is 66. For 2017 that limit is $16,920.

For 2018 - the year you reach full retirement age, they will deduct $1 in benefits for every $3 you earn above a different limit. and the limit in this case will be $44,880.

Please be aware about special rule for the first year you retire...

Sometimes people who retire in mid-year already have earned more than the annual earnings limit. That’s why 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 check for any whole month you’re retired, regardless of your yearly earnings.
In 2017, a person younger than full retirement age for the entire year is considered retired if monthly earnings are $1,410 or less.

So far - if you choose to fully or partially retire - your benefits should not be affected, but you might want to communicate your specific situation to the SSA.

Let me know if you need any clarification this matter.

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Customer reply replied 11 months ago
You state in 2017, someone like myself at age 65 for the entire year is considered retired if monthly earnings are $1,410 or less. I assume that the monthly earnings would begin when I begin taking benefits, say October1 and not go back and prorate the $26,000 earned in the previous months over the entire year? This would be the special rule for 1st year?
Social Security Expert: lev-tax, Tax Advisor replied 11 months ago

That is correct - if your first retirement month will be October - and the check for that month will arrive in November based on SSA schedule - your monthly earning will be limited in October by $1,410 - thus if you will earn less - your social security benefits will not be affected.

Similarly for following months of 2017.

However the SSA doesn't have information about your monthly earning - all they have - your annual earning.

So - that would be your responsibility to bring them that information.

For instance when you apply - you may show your up to date earning and ask to consider that amount.

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Social Security Expert: lev-tax, Tax Advisor replied 11 months ago

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If you still have any doubts, need clarification - please be sure to ask.
I am here to help you with all Social Security / Tax related issues.

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