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Social Security Question:
Retirement Benefits when securing a Full Time Job for six months
Social Security Answer:
Good Evening Carol,
I retired at age 64 (in December '10) and started to draw earned Social Security Benefits at that time. I am being offered a full time position as a W2 employee for the next six months. (June '11 through December '11).
What is your recommendation on how to stop social security for the next six months, so the Social Security can be resumed at the completion of the 6 six month employment in mid December? Will this six month employment impact future payments in a positive or negative amount?
Support Replied ~ 05-17-2011 09:40:12
Since you retired in 2010, you will be subject to a yearly test. That means that you are allowed to earn $14160 with no consequence. If you earn over that, Social Security will hold $1 for every $2 that you earn....For example, if you earn $20140.00, SS will hold $3000 of your benefits. If you get $1000 a month, they will hold 3 months and then your checks will resume.
If you are earning over the amount allowed, $14160, you need to call the toll free number and give them a work estimate....You will receive a letter in about 2 weeks explaining how many checks will be withheld. If SS needs to hold all checks until the end of the year, you should do an annual report in January 2012 after you get your W2
to restart your checks. It is hard to tell you what will happen because you did not give me an estimate of what you will make or how much your benefit rate is.
Working can benefit your retirement amount if it is one of your 35 highest years. You must judge if the pay is going to be worth losing your SS checks (If in fact you are earning over the $14160). Write back if you need more info.....Carol
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Information obtained from RetirementCommunity.com, including e-mail responses from "Social Security Advisor" should be considered as general educational information. You must never rely upon the advice given here. Your individual situation may not fit the generalizations discussed. Only your local Social Security office can evaluate your individual situation and give you advice.
|In the news:
Read Carols comments in this BankRate.com Social Security article
Thank you so much. The amount of infomation you provided on our call went a long way in helping to resolve the issues I had with the social security rep I was working with.
Tom F. 02-21-2017
Thank you so much. You provide a fantastic service and I really appreciate all your help. The next time I have a question regarding Social Security I will go to you first and save myself a lot of time.
Carol J. 02-09-2017
Thanks for the straight forward answers. It would have save a lot of time if I knew about this site months ago.
Emily D. 01-29-2017
Great talking with you and thanks for the help. Things now seem to be going in the right direction.
Chris H. 01-29-2017
Hello, thank you so much for responding to my inquiry, I really did not expect to get an answer from you so quickly. Brought the information you sent to my social security office an the issue, i have been dealing with for months, was resolved in an hour.
Veda M. 01-09-2017
Thank you so much for the reply.
Tom C. 12-10-2016
Thank you so much for returning my email so quickly.
Laverne J. 11-30-2016