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I am resigning from a full time job and switching to a part…

Customer Question
I am resigning from...

I am resigning from a full time job and switching to a part time job. I need to start collecting my social security. Does the money I earned in the full time job count against me if I receive a check these last couple of months?

Submitted: 10 months ago.Category: Social Security
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Answered in 5 minutes by:
9/27/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 10 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

Only if you earn more than 16920 AND THAT's only if you are retiring early (before age 66)

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 10 months ago

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

I hope that you’ll rate me based on my accuracy and thoroughness, rather than any good news/bad news content.

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

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Customer reply replied 10 months ago
I am 62 and earned around $26,000 in the full time job. I am now going to a part time status. Does that $16, 920 start in October when I start getting benefits?
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 10 months ago

They look at it yearly (calendar year/tax year)

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 10 months ago

What will happen is they WILL look at the yearly income reported to them by IRS, so there WILL be a reduction in the first year. then any reduction that would come in the 2018 calendar year will be based on your earnings in 2017.

...

Another very important piece here is that they DO (once you turn retirement age) adjust your benefit to make those reductions back up ... NOT all at once, but over time.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 10 months ago

Does that help?

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,894
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986

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