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I will be 66 years old in Oct, born in 1951. If I start to…

Customer Question
I will be 66...

I will be 66 years old in Oct, born in 1951. If I start to draw social security this year will I receive a lower rate base on having worked this year?

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

I am wanting to start drawing on social security in November, by birthdate is 10/12/1951. My income is over 48K YTD. Will this affect my payments?

Accountant's Assistant: Is there anything else the Retirement Accountant should be aware of?

I do not believe so

Submitted: 11 months ago.Category: Social Security
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Answered in 6 minutes by:
9/20/2017
Social Security Expert: lev-tax, Tax Advisor replied 11 months ago
lev-tax
lev-tax, Tax Advisor
Category: Social Security
Satisfied Customers: 33,340
Experience: Taxes, Immigration, Labor Relations
Verified

You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit.

Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

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

In the year you reach full retirement age, the SSA will deduct $1 in benefits for every $3 you earn above a different limit, but they only count earnings before the month you reach your full retirement age.

If you will reach full retirement age in 2017, the limit on your earnings for the months before full retirement age is $44,880.

Let me know if you need help with determination.

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