Q & A
Can income hurt benefits?
Answer: You may be counting on Social Security as a mainstay of income in your looming retirement. But when you take those benefits and how long you continue to work are both factors that can shrink that monthly check. When you receive Social Security benefits before your full retirement age – 67 if you were born in 1960 or later – an earnings test can reduce or even eliminate the benefit you plan on. If you file for benefits early, at 62, you’ll get a lesser amount than if you waited until full retirement age, or FRA.
If your annual earned income exceeds $15,720 this year and you reach your FRA after 2015, Social Security will withhold $1 from your benefit for every $2 you’ve earned over this limit. Read more…
Source: Jim Blankenship – AdviceIQ, via www.macon.com 8/3/2015
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