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To: SoCal Pubbie

That’s not right. You don’t immediately start to lose benefits if you have additional income. What happens is your social security benefits will be partially taxable.


12 posted on 05/16/2020 10:04:41 AM PDT by KyCats
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To: KyCats
"That’s not right. You don’t immediately start to lose benefits if you have additional income. What happens is your social security benefits will be partially taxable."

"The Social Security earnings limit is $1,470 per month or $17,640 per year in 2019 for someone age 65 or younger. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 "earned above the limit." Jun 5, 2019

22 posted on 05/16/2020 10:12:57 AM PDT by billyboy15
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To: KyCats

“Those who receive Social Security benefits and are still younger than their full retirement age sometimes have to have their benefits reduced. As you’ll see below, the amount of that reduction varies according to your age and your income...

The Social Security earnings limits are established each year by the SSA. For 2020, those who are younger than full retirement age throughout the year can earn up to $18,240 per year without losing any of their benefits. After that, you’ll lose $1 of annual benefits for every $2 you make above the threshold.”

https://www.fool.com/retirement/2020/01/24/your-2020-guide-to-working-while-on-social-securit.aspx


24 posted on 05/16/2020 10:15:00 AM PDT by SoCal Pubbie
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To: KyCats

I think you can earn up to $17,000 a year and it does not impact SS payment.

Lot’s of 62 year old’s take SS and then work part time job.


29 posted on 05/16/2020 10:30:46 AM PDT by LeonardFMason (Lou Dobbs)
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