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I am looking to retire in January, but am going to work part…

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I am looking to...

I am looking to retire in January, but am going to work part time, looking at how much I;m going to get, what I'm allowed to make and figure out how much money per week I'm allowed to make

Submitted: 7 months ago.Category: Social Security
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Answered in 1 minute by:
10/5/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,202
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
Verified

HI, MY NAME’S 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.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this.

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago

The answer depends on whether you are retiring early (can be as early as age 62). FULL retirement Age (FRA) is age 66 (for those born between 1943 ad 1954.

...

If you ARE retiring early, SSA will reduce your benefits by $1 earned for every $2 you ear over an annual limit that they publish every year. For 2017 that limit is 16,920.

...

They DO figure this back unto your benefit once you TURN Full Retirement Age, but they look at this annually, and if you earn, say, 2000 over the annual limit in 2017, then they'll stop benefits in 2018 until you're "caught up."

...

Let's say that your social security full benefit would be 1000 (just to make the math easy). This means that they would stop benefits for two months the following year.

...

Now, if you retiring (starting Social Security Benefits) AFTER FRA, then there IS no reduction whatsoever.

...

you can read more about this here:https://www.ssa.gov/planners/retire/whileworking.html

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 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

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Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago

Hi. Just checking back in

...

Did my answer help?

...

let me know if you need more here.

...

Lane

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,202
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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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