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I am 62 and want to collect social security and work. I am…

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I am 62 and...

I am 62 and want to collect social security and work. I am looking to leave my current job and go to a job that pays less. $52,000per year plus my social security. How will this work my first year in terms of money I will receive monthly.

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

I currently make $92,000 plus bonus now. But want to make less and have a less stressful job.

Submitted: 4 months ago.Category: Social Security
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Answered in 8 minutes by:
3/8/2018
Social Security Expert: socrateaser, Attorney replied 4 months ago
socrateaser
socrateaser, Attorney
Category: Social Security
Satisfied Customers: 40,075
Experience: retired
Verified

Hello,

The Social Security Administration (SSA) reduces early retirement benefits by $1 for each $2 earned during the calendar year for amounts in excess of $17,040. As a practical matter, this means that if you earn twice the aforementioned amount (17040*2): $34,080, then while SSA will confirm your benefit eligibility and the amount that you would receive were you not working at all, by earning $52,000 gross, you would exceed the $34,080 threshold and thus receive $0.00 in benefits during the year.

The numbers are more beneficial after you reach full retirement age (I'm guessing 66 years), because you can earn an unlimited amount and collect full retirement benefits simultaneously.

But, at the moment, your contemplated plan will yield no economic benefit.

I realize that my answer may not be exactly what you were hoping to read. However, under the circumstances, the best that I can do is to explain what the law is and is not, so that you can avoid expending valuable resources looking for answers that do not exist, and concentrate on the options that are actually available.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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Social Security Expert: socrateaser, Attorney replied 4 months ago

Hello again,

It's a well-known fact (among lawyers and accountants) that accountants are lousy lawyers and lawyers are lousy accountants. My math is incorrect. The correct amount where you would be entirely deprived of benefits is: $17,040 * 3 = $51,120.00.

Based on your earnings at $50,000 gross, you would receive $560.00 in retirement benefits for the entire year. This amount would be payable in December 2018. During the rest of the year, you would receive no benefits (unless you declare in your SSA application that you don't expect to earn more than $17,040 during the calendar year.

My apologies for the computation error. Thanks again for using Justanswer!

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