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Reduction in retirement benefits if you work

Reduction in retirement benefits if you work

February 7, 2009 by admin

If you are younger than full retirement age during all of 2009, Social Security must deduct $1 from your benefits for each $2 you earned above $14,160. It is presumed your full retirement age is 66.

Let us say that you begin receiving Social Security benefits at age 62 in January 2009 and your payment is $600 per month ($7,200 for the year). During the year, you work and earn $20,480 ($6,320 above the $14,160 limit). Social Security would withhold $3,160 of your Social Security benefits ($1 for every $2 you earn over the limit).

See here for details : http://www.ssa.gov/pubs/10069.html

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