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Social Security’s “First Year Rule”
In this article appearing at Kentucky’s SurfKY News, our own AMAC Foundation weekly Ask Rusty column discusses a question from someone who is about to retire from work at age 62 and wants to collect his Social Security benefits immediately, but realizes that his pay before he retires will be more than Social Security’s annual earnings limit. Exceeding the annual earnings limit can cause Social Security to withhold benefits, which is exactly what this person wishes to avoid. Fortunately for him, there is a “first year rule” which will apply in his case and which will exempt his earnings prior to the time he claims his early Social Security benefits. Click here to read more.