This is true, but depends on the month of your birth - MT Posted: Aug 9th, 2017 - 10:50 am In Reply to: Soc Sec Rules - ExMT
The $40,000 (approximate, but at least $40,000) limit occurs in the year you become full retirement age. If you recently turned 65, this age is likely 66. If your 66th birthday is not until 2018, then the $40,000 limit is next year. For instance, if your 66th birthday is in July 2018, you can earn the $40,000 (approximately) between January 1 and July 1 before SS reduces your benefit by $1 for every $3 you earn over the limit. After you reach 66, there is no limit on your income, no social security deductions from your benefit total. If you recently turned 65, then you are correct in that the limit of $15,700 (Not sure of exact number) does apply for the rest of this year, and you lose $1 in benefits for every $2 earned over the limit.
I was told, if I have any stock market profit (I wish) or inheritance, this money is not counted as earned income.
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- Sink or Swim - gramd (Views: 1195, 2017-08-08, 6:16 pm)
- Sink or Swim - I am not responding (Views: 643, 2017-08-08, 8:45 pm)
- Soc Sec Rules - ExMT (Views: 527, 2017-08-09, 12:39 am)
- This is true, but depends on the month of your birth - MT
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