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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12691
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Second opinion] I'm 65 years old and have a partner ship in

Customer Question

Second opinion] I'm 65 years old and have a partner ship in a business my base income is 85,000 per year but I also receive distributions right now I received $100,00.00 my questions is this if I wait till I'm 66 can I draw full S/S benefits and still make $280,000-300,000 per year extraJA: These retirement benefits are supposed to help us but they can be so complicated! The Retirement Expert will help you get the most benefits propertly. Is there anything else the Retirement Accountant should be aware of?Customer: you there?
Submitted: 1 month ago.
Category: Tax
Expert:  Lane replied 1 month ago.

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 1986.

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Once an individual turns full retirement age (FRA), which is age 66 for those born between 1943 and 1954, there is no reduction in Social Security benefits for having earned income.

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It's only those that take Social Security EARLY (between age 62 and 66) where the annual earnings limit (16920 in 2017) applies and can cause Social Security to reduce benefits by $1 for every $2 earned over that limit.

Expert:  Lane replied 1 month ago.

You can read more about that here: https://faq.ssa.gov/link/portal/34011/34019/article/3739/what-happens-if-i-work-and-get-social-security-retirement-benefits

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Thanks,

Lane