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My wife and I received a notice from y'all stating that due…

Customer Question
My wife and I...

My wife and I received a notice from y'all stating that due to our increase in income in our 2016 IRS return, our monthly social security check would be reduced by roughly $1000 per month. I thought that once you reached the age of 65, there was not a penalty on what your income was.

Accountant's Assistant: The Retirement Accountant will know how to help. Is there anything else important you think the Retirement Accountant should know?

My social security # is *********** and my wife's is ***********. My name is William ********** and her name is Katherine *****************

Submitted: 7 months ago.Category: Social Security
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Answered in 6 minutes by:
12/13/2017
Social Security Expert: Lane, JD,CFP, MBA, CRPS replied 7 months ago
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,622
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.

...

Please understand that you are not talking to Social Security here. You're on JustAnswer.com ... a website that puts verified experts together with people who have questions about everything from Social Security, to tax, to finance, to the way these things work together.

...

I CAN, however, tell you exactly what's going on here.

...

Full Retirement Age (FRA) is age 66 for those born between 1943 and 1954. It's only once you reach FRA that the reduction for retiring early and still earning over the limit no longer applies.

...

The FRA moving up was placed into law a few years back. It moves up gradually by birth year until stopping at age 67, for those born 1955 and later. For those born 1060 and later FRA is age 67.

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Lane
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 14,622
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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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