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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3825
Experience:  20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Dear Barrister, I was forced into retirement via permanent

Customer Question

Dear Barrister, I was forced into retirement via permanent disability in 2009. My husband is retired at 70. I'm insulin dependent and medical expenses are not sufficiently supported by our SS benefits. Am thinking of opening a small business to augment our income to support our needs. I want to know what my income limitations and how can I get around them so our benefits will not be affected. Will appreciate your inputs. Thank you.
Submitted: 1 year ago.
Category: Tax
Expert:  Barbara replied 1 year ago.
Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.Generally, you can't start doing "substantial gainful activity" (SGA) and continue to receive disability benefits. In a nutshell, SGA means you are working and making more than $1,130 per month in 2016 (or $1,820 if you're blind). There are exceptions to this rule, however. For SSDI recipients, there is a trial work period during which you can make more than the SGA amount without losing your benefits. The following link contains excellent information you will find helpful: let me know if I can assist you further.Thank you and best regards,Barb
Customer: replied 1 year ago.
This is not answering my question completely. I'm now officially retired at 64 because SS automatically rolls over to retirement and off from disability at 62 starting 2014. So SGA no longer applies. Did I pay for a wrong answer?
Expert:  Barbara replied 1 year ago.
Thank you for the additional information.Quoting the SSA website:"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 2016 that limit is $15,720.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 2016, the limit on your earnings for the months before full retirement age is $41,880.Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings." regards,Barb
Expert:  Barbara replied 1 year ago.
Just following up with you to see if you have any other questions or concerns. If so, please come back to me here, and I will be happy to assist you.Thank you and best regards,Barb