When does the limit on what you can make kick in?

Say you didn’t start drawing until mid year, does what you made prior to count in the what you can make number?

When I reached full retirement age, I had to be 68 or beyond to continue to run my business' without financial penalty.

If you reach full retirement age according to the SS administration and don't draw it early. you have basically unlimited income potential without penalty.

If you draw early due to being of age @ 62 1/2 and prior to your designated full retirement age you will have cap limits on your yearly earnings.

That was the guidelines when I reached retirement age. When you take your SS early typically you will lose some of your monthly benefit dollars and are limited on your additional annual income.

Not sure what that amount is currently.

The limit is 23400. The question is, if you have already made over that when you start drawing, will you be penalized that year?

I don't remember the amount but...

The people I have talked to that seemed to have it figured out said...

You are allowed to make say $30,000 a year before you are penalized... so they dont retire in December, they retire in June or whatever to make the $30k before they retire.

Its just like taxes... its what your reported income for the year is. Im not sure how it works though if you make say 40k and have 11k in write offs... Usually that makes it $29k but I don't know if that counts like that for drawing $ limits... thats more tax law?

Anway, then the next year they can work at walmart if they want to for less than $30k.

Find out if you are drawing from a 401k or something... that may count as income towards it... im not sure about that either.

Sorry I'm not alot of help but in helping you to find the right questions to ask.

Yes you will be penalized, you are over for the income that year... doesn't matter what part of the year. They don't know if you made it in Jan or picked up work in December. It doesn't matter it all goes into the same jar for what you made for the year.

Hobbie Trapper you should give the SS office a call. I retired April 1st and was 240 dollars under the limit. The person from SS told me if I made anymore to call them before starting work and they would help me.

Good luck calling an SS office right now....

They will open back up soon.

I suspect you're right, D Cobb, in a couple days there's gonna be a whole lotta welfare rats that aren't very happy with their elected democratic officials. Don't think health care for illegals and transvestites will seem as important once the SNAP checks stop rolling in.

No.....SSA does know you made that before you qualified. The clock starts ticking when your get your first SS payment.

That’s why the guard is sitting in all these cities. They aren’t there for ICE. lol

The President knew this was coming and the predictable democrats are acting just as he anticipated. He gave them a brush and they painted themselves in a corner.

Can I find some documentation on this? It would sure make my day if this is the case.

SSA website

Don't let that stop ya Hobbie !!!

Hobbie, work for cash like the illegals do. No problems that way.

LOL, I called the SECOND the local.office opened, months ago, and an.automated voice told me to.expect an estimated 1 hour and 48 minutes wait time.
Chose the call me back.option.
Woman did actually call me back a few hours later, didn't understand my question ( kept giving me an answer that didn't come close to addressing my question) and eventually, gave me an answer that was WRONG.

GOOD LUCK!

You are correct. For me full retirement age was 67. After that the amount I could earn was unlimited. I stayed working until I was 80.

No can do.

I got a letter today saying my SS will be cut by $200 per month. The past few years has been a cost of living increase. Is the cost of living decreasing now?

You can find everything you need to know on the SSA website. You should have opened your account ASAP. You will be able to check everything about your work history and answer every question that was asked here. In my case after age 66 I was able to earn unlimited income without effecting my SS payment.

As someone else stated the clock starts when you start drawing benefits.