Nov
21
2011
By Guest (not verified)
My husband is sick and i want to start collecting my social security in 6/2012. I will still need to work part time. I know we are able to work up to a certain amount while on social security but I need to know when that starts during the first year on social security. I will be over the amount i am able to earn if it starts on the calendar year for the first year only. How will that work. Also, how can i work part time if i met the allow earnings prior to my going on social security. I am only concerned for the first year I am on socail secuity
Thank you
Forums:
Earnings limit while working and receiving Social Security
In general, a beneficiary under the full retirement age can earn $14,160 a year and not lose any benefits in 2011. The SSA will deduct $1 in benefits for every $2 earned above $14,160.
However, there are special rules for the first year you retire.
Some people who retire in mid-year have already earned more than their yearly earnings limit. That is why Social Security has a special rule that applies to earnings for one year, usually the first year of retirement.
The special rule lets the SSA pay a full Social Security check for any whole month they consider you retired, regardless of your yearly earnings.
http://www.socialsecurity.gov/retire2/rule.htm
http://www.socialsecurity.gov/pubs/10069.html
http://www.ssa.gov/OACT/COLA/RTeffect.html