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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29558
Experience:  Taxes, Immigration, Labor Relations
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I just retired, if I go back to work can I take some of my

Customer Question

I just retired, if I go back to work can I take some of my income and defer it to avoide losing my social security
Submitted: 1 year ago.
Category: Tax
Expert:  Lev replied 1 year ago.

I assuming that you start social security benefits before your full retirement age - correct?
You may defer tax liability on your wages by making contributions into qualified retirement plans.

But that woudl not make any effect on your earnings for social security purposes - that deferral still will be subject to social security tax and will be reported to the SSA.

If you are under full retirement age for the entire year, the SSA will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2016 that limit is $15,720.

If you earning is substantial - you might want to suspend your social security benefits.

Customer: replied 1 year ago.
If I understand, there is no way to not lose 1 dollar for every 2 earned over 15.700
Expert:  Lev replied 1 year ago.

That will not be actual "lost" - as any reduction will be accounted toward future benefits - and reduction because of starting benefits before the FRA will be less.

Expert:  Lev replied 1 year ago.

However - if you want to receive wages AND social security benefits at the same tile - that will be subject to limitation.

Another issue - that limit is larger in the year you will reach your FRA.

.

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