Planning to work after you start receiving Social Security?

Planning to work after you start receiving Social Security?

You are able to work after starting to receive social security benefits. However, if you have not reached the full retirement age when you start receiving social security, there is a limit on the amount you can earn without affecting your social security benefits.

 

If you are under full retirement age for the entire year, social security will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2017, that limit is $16,920

 

To see the current earnings limit and to determine the impact on your benefits, see the Social Security Administration’s articles, “Retirement Planner: Get Benefits While Working” and “Retirement Planner: How We Deduct Earnings From Benefits.’

If you have reached the full retirement age prior to receiving benefits, your earnings will not impact your benefits.

The cost for Medicare is based on your income level the year before so tax planning is important in order to keep under the amounts that cause premiums to increase.

See the Retirement Planner on the Social Security Administration website for information on how to plan your retirement.

 

 

Colleen Minnich

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