Income Limits When I Collect Social Security Benefits
|Home||Elderly Abuse||Elderly Care||Elderly Health||Elderly Law||Death & Mourning||Retirement|
In case one is taking the benefits of Social Security before their full retirement ages and if they earn something crossing the limit of their annual earnings, then their benefits are reduced. These reductions apply to years prior the fulfillment of retirement ages. But this reduction is applicable only if the worker is earning even after the start of taking these benefits.
In case someone starts taking the benefits at the year they attain the retirement age, they no longer would be entitled for the earning limits. These people may earn as much and as long as they can. Someone who is at the verge of retirement age or above than this, is free from all earning limits while they receive such benefits.
Workers who were born after the year 1943 and before 1955, the retirement ages towards the receiving of these benefits is sixty-six years, but for people who were born in the year 1960 or afterwards, the age for retirement is 67 years. The reduction in terms of these benefits is temporarily and can be restored once the person attains the retirement age.
It is important noting here that there are certain considerations as well that must be kept in mind by the workers. These may help them towards the retirement benefits offered by the Social Security Administration. People who have been employed by some other person, for these people only their wages are counted for the calculation of their earning limits as per the rules framed by the Social Security, whereas in terms of the self employed workers, just the net earning is counted for these limits.
More Articles :