Social Security Report

Q & A

My wife and I recently turned 62 and signed up for our Social Security. We plan to sell several pieces of property we own in order to have some money to supplement our Social Security. But a neighbor told us that this would count as earnings, and because it’s more than $11,520, we will lose our Social Security. Is he right?

Answer: No, he’s wrong. The law says if you are under your full retirement age, we must withhold $1 from your benefits for every $2 you “earn” over $11,520. And in this case, “earn” refers to wages from a job or self-employment income from a business. The money you will be making will come from the sale of an asset, not from work.

Source: Nexstar Broadcasting, Inc., http://www.wetmtv.com/guides/finance/story/Social-Security-Q-amp-A/WN3i5kKulkmgN7NnVL5Q2A.cspx

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