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Social Security Question:
I turn 62 in Feb 2011.
I retired 2 years ago from the postal service and get $935.00 a month(11,220/ year ) retirement from
Social Security Answer:
I turn 62 in Feb 2011.
I retired 2 years ago from the postal service and get $935.00 a month(11,220/ year ) retirement from their retirement annuity.
I own a art gallery which earns me around $13,000 a year .
My social security benefits will be $1517.00 per month if I collect at age 62
I understand the cap for reduction of my Social security benefits is
My questions are:
Does my Postal retirement count as earned income? I assume it does not.
I understand my earned income from the art gallery counts.
Does owning the business in any way effect collecting benefits
at age 62 as long as I earn less than the $14,100 cap?
In otherwords if I understand the rules.
As long as I earn less than the $14,100 in my gallery per year,
my sosical security benefits of $1517.00/month will not be reduced
Am I correct in all my asumption?
Support Replied ~ 01-11-2010 16:36:16
If your file as a sole proprietor, Social Security uses your schedule S/E and C for your net gain.
If you have owned the shop in prior years and always had the same net gain, there will be no problem with alleging that the net gain will stay the same when you are retired.
The question I have is $1517 the amount Social Security told you is your benefit rate even with your postal service retirement. Was there any WEP deduction or did you have 30 years of coverage? Social Security only counts what is on a W2 or 1040 as income. You can go to the SSA.GOV website and get a benefit rate. See if that says the same as the $1517.
Let me know if you have any further questions....Carol
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You should consult with your local Social Security Office before acting upon any information received as a response to your question on "Social Security Advisor".
"Social Security Advisor" is intended to provide accurate and authoritative information with regard to the subject matter covered. It is offered with the understanding that neither the publisher nor the author is engaged in rendering legal, accounting, investment or other professional advice or services.
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
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