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ASK RUSTY: SOCIAL
SECURITY’S EARNINGS TEST
by AMAC Certified Social Security Advisor Russell Gloor
Dear Ru&tjj:
I’m 62 and still working but would like to get Social Security
because we could sure use the extra money. I’ve heard that if I keep
working, my Social Security benefit will be less, so now I don’t know
if I should go ahead with my Social Security or just wait. I sure don’t
want to lose money on my Social Security for the rest of my life.
Signed: PerpCeked
You’ve worked hardfor your money...
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■ Wealth Management • Estate Planning • Insurance
• Retirement Planning • Long Term Care
KAREN VINING
Registered Financial Consultant & Certified Senior Advisor
770-971-9141
4994 Lower Roswell Road, Ste 4, Marietta, GA 30068
www. V iningFinancial.com
Securities offered through Triad Advisors, Inc. Member FINRA/SIPC
Investment Advisory Services offered through Wealth & Pension Services Group
Triad Advisors, Inc. and Wealth & Pension Services Group are not affiliated entities
BENSON MANOR
A Retirement Housing Foundation® Community
Benson Manor is a 76-unit affordable senior housing
community designed with stone and sturdy wood-like siding.
Each apartment is approximately 540 square feet. Benson Manor
is conveniently located close to shopping, churches, medical
facilities, and a major bus route.
Residents must be 62 years of age or older. Some units have
special features for mobility and sensory impaired persons.
Income limitations are determined by the U.S. Department of
Housing and Urban Development (HUD). Residents pay 30
percent of their adjusted income for rent. Gross income must not
exceed $23,650.00 for one person and $27,000.00 for two persons.
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For An Application or More Information
Please Call 770-435-6406
2348 Benson Poole Rd.
Smyrna, GA 30082
www.rhf.org
Pear Per peeked:
Social Security rules for when you continue to work after
your benefits start can be confusing. Social Security calls this the
“Annual Earnings Test”. The basic rule is that you can continue to
work after you start collecting Social Security but, depending on
how much you earn, they will reduce your benefit payments if you
haven’t yet reached your “full retirement age.”
But here’s a key point: You don’t actually lose the amount they
will take away, because when you reach your full retirement age (in
your case, age 66) your Social Security benefit will be increased to
account for what they withheld.
Here’s how it works: If you’re working and collecting Social
Security while you’re age 62 through 65, your benefit will be
reduced by $1 for every $2 you earn over $16,920. In other words,
they’ll take back half of anything you earn over $16,920.
In the year that you become age 66, you can earn up to $44,880,
after which they will reduce your benefit by $1 for every $3 you
earn over $44,880 (one third).
Note that these earnings limits are for 2017; they change
annually. Once you reach your full retirement age of 66, you can
earn as much as you want and there will be no benefit reduction.
The way that Social Security gets back what you owe them is by
withholding your benefit payments the following year, for as many
months as needed for them to recover what you owe from over
earning the previous year. That means that you won’t receive any
Social Security payments for one or more months the following
year until they recover what’s due.
Losing those payments can hurt, but don’t fret too much because
when you finally reach your full retirement age, your benefit
JUNE 2017
ATLANTASENIORLIFE.COM
The information presented in this article is intended
for general information purposes only. The opinions and
interpretations expressed in this article are the viewpoints of
the AMAC Foundation’s Social Security Advisory staff, trained
and accredited under the National Social Security Advisors
program of the National Social Security Association, LLC
(NSSA). NSSA, the AMAC Foundation, and the Foundation’s
Social Security Advisors are not affiliated with or endorsed
by the United States Government, the Social Security
Administration or any other state government. Furthermore,
the AMAC Foundation and its staff do not provide legal or
accounting services. The Foundation welcomes questions from
readers regarding Social Security issues. To submit a request,
contact the Foundation at info(a)amacfoundation.com.
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