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If you begin collecting SS at 65 there is a cap on income…

If you begin collecting...

If you begin collecting SS at 65 there is a cap on income you can earn, once you turn 66 (and already on SS) is the cap removed?

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

Nothing else to tell just want to know if you start collecting at 65 is the 'other income' you can earn cap removed when you turn 66.

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Answered in 5 minutes by:
9/25/2017
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Social Security
Satisfied Customers: 2,768
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Welcome to JustAnswer Hello my name is***** ® professional and I will be able to assist you today.

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In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit. In 2017, the limit on your earnings is $44,880 but we only count earnings before the month you reach your full retirement age.

In the years before you reach full retirement age the limit for 2017 is $16,920 before you benefits are deducted.

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Hope this answer has helped! If you have any further questions please let me know.

If you are satisfied with this answer, a positive rating by clicking on three stars or more would be appreciated. Thank you!Hope that helps. If you are satisfied with this answer, a positive rating would be appreciated.

Thank you!

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Social Security
Satisfied Customers: 2,768
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
Verified
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