A bit of background before my questions... I'm 64 and have been on Social Security since I turned 62 in 2012. My wife just turned 67 and is also on social security. She was getting a long-term disablity from her last job up until November of last year, which cut our income by about 40% with its loss...
My questions are
1) A friend is starting a business and since I'm a retired computer tech, he wants me to be the IT manager for his business. He has asked what kind of salary I'm looking for, and before I can give him a number, I need to address some issues. I understand, with social security, you can have a job and make up to a certain amount, after which they deduct $x per $x from your social security payments.. My wife got nailed by this during half of the last year she worked prior to retiring.. She estimated (incorrectly) how much she would be making, and it turned out she was off by some figure, which caused social security to take back around $3000 from her benefit..
I'd rather not have to worry about this, so what I'd like to do is ask for an amount that would cover me putting my social security benefit on hold while I'm working, and also cover the approx $2200/mo we're down.
2) Can I put my benefit on hold, except for the Medicare part B premium that I expect will start coming out of my payment starting March 1 (I turn 65 on March 31 and am already enrolled in Medicare and a Medicare Advantage plan)...
3) What is the max salary you can make before they start taking your benefit?
Thanks
Dave Frandin
-- Edited by daveinlv on Thursday 8th of January 2015 07:46:34 PM
You can find the information you are looking for on the Social Security website it is in the manual. It seems the answer might be different for a couple but I can give you what I have discovered for myself. I am single, and retired when I was 62, this was my first year to file taxes after receiving Social Security for a full year. For a single person, it allows me to make up to $25,000 annually and no taxes are paid, I did work a couple of temporary jobs and got refunds back from the temporary jobs. When I turn 65 years old, I can make up to $50,000 annually and my social security income will not be penalized, I believe you still have to make below $25,000 before not having to pay any taxes though, but your Social Security payments will not be penalized.
It would nice if someone from the government who worked in Social Security that is retired could be available for questions. That would be a nice benefit.
Thanks... I started Social Security when I was 62, and will be 65 the end of March, so I can make up to 50K without it dropping my SS benefit??? Nice to know...
