Working and Drawing Social Security
at age 64?

by Alice

If you go over the limit you can earn, does SSI take half of what you earn over the limit or half of your SSI benefits after you go over the limit?

Example: You can earn $13,900 and your SSI check is $1150 per month, and you earn $23,900, do they take $5,000 (Half of what you earned over the $13,900 or $575 of your SSI check back?

Wendy's Two cents: OK, if you get $1150 per month from Social Security, and you work and earn $23,900,($9940. above the $14,160 limit)-- Social Security will keep $4970 of your Social Security benefits (half of the $9940 over and above the limit). This is $1 for every $2 you earn over the limit, right?

HOW do they do this? Social Security will stop all payments from January 2010 to May 2010. These five months equal $4970 (and more). Beginning in July 2010, you would receive your $1150 benefit for the rest of the year. In January 2011, they pay the May 2010 amount that is still due.

The good thing, every year you work, Social Security will recalculate your benefit.. so you get an increase for working the additional years! It's well worth it!

If you work past full retirement age, age 66 for you, then you get FULL Social Security and FULL wages. It's a win-win for you!

If this doesn't make sense, you can read more here on the
SS website. Hope this helps!

Comments for Working and Drawing Social Security
at age 64?

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Tired of working
by: David pedroza

OK if I do retire at 64 and I make 80,000 a year how much will they take out of it?

Wendy Ask your tax advisor when you get the 2015 taxes done in early 2016. It depends... where is the income coming from? Federal tax is easy to find online, but does your state tax your retired income (again, depends on the state and where the income is coming from). Does this include your Social Security payment and is that taxable? Do you get a pension and health care from an employer -- and if so, do you pay a portion of the health care premium? (your employer should be able to give you a net pension amount)

As you'd imagine, a simple question with a not-simple answer... nothing with income or taxes is easy!

Need money
by: David pedroza

Why can I work and make all the money I want and still Draw social security and still tax my checks?

Wendy: You can, after "full retirement age"... somewhere from 65-66 (depending on your birth year). Before that, nope... just not what the Social Security regulations allow. At that point, they will pay full SS payments and recalculate the benefit each year too!

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