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I am eligible for full social security benefit in july of…

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Hi I am eligible...

Hi I am eligible for full social security benefit in july of 2018(I will be 66). I am self employed... If I want tobegin collecting in January of 2018, what type of penalty will there be for collecting early? Will I have to pay some of it back based on my income even if I am selof employed?

Submitted: 6 months ago.Category: Social Security
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Answered in 4 minutes by:
12/29/2017
Social Security Expert: Barbara, Enrolled Agent replied 6 months ago
Barbara
Barbara, Enrolled Agent
Category: Social Security
Satisfied Customers: 6,394
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Per Social Security,

"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.

  • We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

For 2018 that limit is $17,040.

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

If you will reach full retirement age in 2018, the limit on your earnings for the months before full retirement age is $45,360.

Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings."

Because you will reach full retirement age in 2018, you can earn up to $45,360, but once you reach full retirement age, there is no limit.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 6 months ago
the amount of money I can earn is 45,360? so I can earn $45,360 from January until July? or is it pro rated by month? Is it AGI or gross?
Customer reply replied 6 months ago
hello?
Social Security Expert: Barbara, Enrolled Agent replied 6 months ago

I'm typing my response.

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Social Security Expert: Barbara, Enrolled Agent replied 6 months ago

You can earn up to $45,360 gross from January through June.

Your full retirement age occurs in July, so there is no limit on your earnings starting in July.

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Customer reply replied 6 months ago
I am self employed. is the amount i9 can earn adjusted for my business expenses?
Social Security Expert: Barbara, Enrolled Agent replied 6 months ago

The 45,360 is the gross amount.

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Social Security Expert: Barbara, Enrolled Agent replied 6 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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