(TIP: Don't forget to share this article with your friends.)
WORKING WHILE RECEIVING SOCIAL SECURITY Viewed 1,136 timesBy: Mickie Douglas
Published for Logan, Utah (Area-Info.net Apr. 03, 2012)
For people who receive Social Security retirement benefits, the “earnings test” numbers have gone up.
If you have reached your full retirement age (age 66 for anyone born between 1943 and 1954), the earnings test does not apply and you may earn as much money as you can without any effect on your benefits. However, if you are younger than full retirement age, collecting benefits and still working, we do offset some of your benefit amount after a certain earnings limit is met. For people under full retirement age in 2012, the annual exempt amount is $14,640, and if you do reach that limit, we withhold $1 for every $2 above that limit from your monthly benefit amount. For people who retired early, continue working and will obtain full retirement age in 2012, the annual exempt amount is $38,880 and we will withhold $1 for every $3 you earn over the limit from your monthly benefits.
If you are working while receiving retirement benefits, our website has a calculator that can help you figure out how much of your benefits might be withheld if you are earning over the limit. Here’s the link: http://www.socialsecurity.gov/OACT/COLA/RTeffect.html .
You can learn more about the earnings test and how benefits may be reduced by visiting our website, www.socialsecurity.gov, and searching on the topic “earnings test.”
Find out what your full retirement age is at our Retirement Age page, www.socialsecurity.gov/pubs/ageincrease.htm
You also may want to read our publication, How Work Affects Your Benefits. It’s available at www.socialsecurity.gov/pubs/10069.html.
Mickie Douglas is the Public Affairs Specialist for the Social Security Administration for the state of Utah. She has worked for the agency for 35 years. She has a continuing goal of educating the citizens of Utah about Social Security's programs.
(TIP: Share your opinion, or news from your point of view: Go to Your View)