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I just turned 66 and I am collecting a pension and social…

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I just turned 66...

I just turned 66 and I am collecting a pension and social security and a part time job which I make about $10,000. Will I still be penalized since I turned 66?

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I was penalized last year will it happen again.? I would like to know what to do?

Submitted: 10 months ago.Category: Tax
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Answered in 5 minutes by:
8/28/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 10 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,644
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi. My name's Lane - I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

...

No. Once one turns Full Retirement Age (FRA), age 66 for those born between 1943 and 1954, there i no longer a reduction in benefits for earning above the annual limit and taking Social Security.

...

That only applies to those working while taking benefits EARLY (before FRA).

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating (using the stars or faces on your screen, and then clicking “submit")

That’s the only way JustAnswer.com will compensate me for the work here.

Thanks,

Lane

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,644
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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