Working After Taking Social Security
Seniors you can still earn money after taking your Social Security! You can make $19,560 above your social security amount before they start to take money away. Once a person hits 66 years old they hit what is called the Full Retirement Age– and then there is no limit to what you can make and still get social security.
And this is from the Social Security website, look on page 11. It says if born in 1959 full retirement age will be 66 and 10 months, after that can earn as much as they want with nothing taken out. The limit is $19,560 above the social security amount.
If you go over the $19560 amount they will take out $1 for every $2 made above the $19,560. So, for example if you had a job where you made an additional $30,000 beyond Social Security. This is how it would work:
$30000 – $19560 = $10,440 above the limit. $10,440 divided by 2 = $5220 they would take out. (for every $2 over they take out $1) So that 30,000 job really gives them $24,780. So that’s how it works.
What You Need to Know When You Get Retirement or Survivors Benefits
“If you’re younger than full retirement age, and some
of your benefits are withheld because your earnings are more than $19,560, there is some good news. About one year after you reach full retirement age,
we recalculate and increase your benefits to take into account those months in which you received no benefit or reduced benefits.
Also, any wages you earn after signing up to receive Social Security benefits may increase your overall average earnings and your benefit probably will increase.
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