{"id":2539,"date":"2018-04-10T07:14:19","date_gmt":"2018-04-10T11:14:19","guid":{"rendered":"http:\/\/keysolutions.us\/blog\/?p=2539"},"modified":"2018-04-10T07:14:19","modified_gmt":"2018-04-10T11:14:19","slug":"social-security-age-consideration-does-working-affect-benefits","status":"publish","type":"post","link":"https:\/\/keysolutions.us\/blog\/social-security-age-consideration-does-working-affect-benefits\/","title":{"rendered":"SOCIAL SECURITY AGE CONSIDERATION: DOES WORKING AFFECT BENEFITS?"},"content":{"rendered":"

<\/h3>\n

SOCIAL SECURITY AGE CONSIDERATIONS<\/strong><\/span><\/h3>\n

DOES WORKING AFFECT BENEFITS?<\/strong><\/span><\/p>\n

 <\/p>\n

Some individuals retire and begin to collect their hard-earned Social Security retirement benefits. What happens if they decide to work in their retirement years?<\/p>\n

First, the individual is allowed to receive Social Security retirement benefits and work at the same time. However, if the person is younger than full retirement age and makes more than the yearly earnings limit, the Social Security Administration (SSA) will reduce the recipient\u2019s monthly benefit.\u00a0Here is how the reduction works.<\/p>\n

If you, the recipient, is under\u00a0full retirement age for the entire year<\/u>, the SSA deducts $1 from your benefit payments for every $2 you earn above the annual limit. For 2018\u00a0that limit is\u00a0$17,040.<\/p>\n

In the year you reach full retirement age<\/u>, it deducts $1 in benefits for every $3 you earn above a different limit, but it only count earnings before the month you reach your full retirement age. If you will reach full retirement age in 2018, the limit on your earnings for the\u00a0months before full retirement age is\u00a0$45,360.<\/p>\n

Once the individual reaches full retirement age<\/u>, the SSA will not reduce the monthly benefit regardless of how much the person earns.<\/p>\n

The SSA suggests you use its Calculators<\/a> to find your full retirement age based on your date of birth and how much your benefits will be reduced by your earnings before you reach full retirement age. The good news is that the SSA does not include as wages monies received from pensions, annuities, investment income, interest, veterans, or other government or military retirement benefits.<\/p>\n

Sometimes your benefits may increase when you work. As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. The SSA will check your record every year to see whether the additional earnings you had will increase your monthly benefit. If there is an increase, the SSA will send you a letter telling you of your new benefit amount.<\/p>\n

You can reach the SSA by calling\u00a01-800-772-1213\u00a0(TTY\u00a01-800-325-0778) between\u00a07 a.m. to 7 p.m., Monday\u00a0through\u00a0Friday, or contact your\u00a0local Social Security office<\/p>\n

If you would like to discuss your business or personal tax planning<\/a>, tax preparation<\/a> and other financial concerns with an experienced tax professional, we invite you to call 610-594-2601<\/a> today to make an appointment at our Exton PA CPA office<\/a> to discuss your situation. You can also schedule a consultation at Click Here<\/a>.<\/p>\n

Copyright \u00a9 2018 Keystone Financial Solutions, P.C.\u00a0 All rights reserved.\u00a0 BE SURE TO READ THE DISCLAIMER PAGE: Content in this blog is for educational purposes only and should not be considered as the rendering of tax, legal or investment advice. The publisher of this blog makes no representations as to the accuracy or completeness of any information herein, will not be liable for any errors or omissions, and shall not assume liability for any losses, injuries, or damages from the display or use of this information.<\/strong><\/h5>\n","protected":false},"excerpt":{"rendered":"

SOCIAL SECURITY AGE CONSIDERATIONS DOES WORKING AFFECT BENEFITS?   Some individuals retire and begin to collect their hard-earned Social Security retirement benefits. What happens if they decide to work in their retirement years? First, the individual is allowed to receive Social Security retirement benefits and work at the same time. However, if the person is […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[],"class_list":{"0":"post-2539","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-irs-tax-planning-ideas-tips-news","7":"entry"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9W9tf-EX","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/2539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/comments?post=2539"}],"version-history":[{"count":4,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/2539\/revisions"}],"predecessor-version":[{"id":2543,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/posts\/2539\/revisions\/2543"}],"wp:attachment":[{"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/media?parent=2539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/categories?post=2539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/keysolutions.us\/blog\/wp-json\/wp\/v2\/tags?post=2539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}