Excess Earnings - Defined
June 8, 2008 by admin
1802. Excess Earnings - Defined
1802.1 What are "excess earnings"?
"Excess earnings" are your earnings that exceed the annual exempt amount. (See §1803).
1802.2 How do excess earnings affect your benefit amount?
If you are younger than full retirement age (FRA) (see §723.5), your excess earnings are subject to a $1 deduction from benefits for each $2 you earn. In the year you reach FRA, you are subject to a different annual exempt amount, and your excess earnings are subject to a $1 deduction from benefits for each $3 you earn.
Last Revised: Sep. 27, 2005
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Comments
66 in July and retiring
February 25, 2009 by Guest
I'm going to be 66 in July and am planning on retiring then. How much money can I make from Jan.-July 2009 and not be penalized when I start getting my SS? Am I eligible for my full SS amount this year?
Earnings limits for retirement benefits
February 25, 2009 by admin
If you were born January 2, 1943, through January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn. If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2009, Social Security will deduct $1 from your benefits for each $2 you earned above $14,160.
If you reach full retirement age during 2009, Social Security will deduct $1 from your benefits for each $3 you earn above $37,680 until the month you reach full retirement age.
See here for examples :
http://www.ssa.gov/pubs/10069.html#howmuch
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