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Can you draw social security and still have income?

Discussion in 'Social Security, Disability & Health' started by Texas6023, Jun 4, 2016.

  1. Texas6023

    Texas6023 Law Topic Starter Member

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    Does social security benefits require you to show income or assets? Can you draw social security if you are of age but still have income as well? Or can you just not make over a certain amount of income?
     
  2. army judge

    army judge Super Moderator

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    Social Insecurity can be drawn when you reach the retirement age for your age group.

    If its Social Insecurity, you can earn $1,000,000 a day, and still draw your your full transfer payment benefit. (Yeah, I know they want it called an entitlement, today. I learned it as a transfer payment. I still prefer that nomenclature.)



    What happens if I work and get Social Security retirement benefits?

    You can get Social Security retirement benefits and work at the same time. However, if you are younger than full retirement age and make more than the yearly earnings limit, we will reduce your benefit. Starting with the month you reach full retirement age, we will not reduce your benefits no matter how much you earn.

    We use the following earnings limits to reduce your benefits: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit.

    For 2016 that limit is $15,720.

    In the year you reach full retirement age, we deduct $1 in benefits for every $3 you earn above a different limit, but we only count earnings before the month you reach your full retirement age.

    If you will reach full retirement age in 2016, the limit on your earnings for the months before full retirement age is $41,880.

    Starting with the month you reach full retirement age, you can get your benefits with no limit on your earnings.

    Use our Retirement Age Calculator to find your full retirement age based on your date of birth.

    Use our Retirement Earnings Test Calculator to find out how much your benefits will be reduced.

    https://www.ssa.gov/retirement/ageincrease.htm

    What counts as earnings:

    When we figure out how much to deduct from your benefits, we count only the wages you make from your job or your net earnings if you're self-employed. We include bonuses, commissions and vacation pay. We don't count pensions, annuities, investment income, interest, veterans or other government or military retirement benefits.

    Your benefits may increase when you work:

    As long as you continue to work, even if you are receiving benefits, you will continue to pay Social Security taxes on your earnings. However, we will check your record every year to see whether the additional earnings you had will increase your monthly benefit. If there is an increase, we will send you a letter telling you of your new benefit amount.


    What happens if I work and get Social Security retirement benefits?
     
  3. cbg

    cbg Super Moderator

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  4. Texas6023

    Texas6023 Law Topic Starter Member

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    Well check out the brain on Brad!!

    Hats off to cbg and Google for the group effort.
     

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