Not affiliated with the US Social Security Administration

Income max

If I retire in August and begin collecting Social Security, how do they figure my income? That is..My income for the year is over the Social Security limit... can I collect the full monthly amount for the last 4 months if I am not employed...or am I penalized because my yearly income was so high?

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Sometimes people who retire in mid-year already have earned more than the yearly earnings limit. That is why there is a special rule that applies to earnings for one year, usually the first year of retirement. Under this rule, you can get a full Social Security check for any whole month you are retired, regardless of your yearly earnings.

Please see this page for details :

http://ssa.gov/pubs/10069.html#special

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Not affiliated with the US Social Security Administration