What happens if your clients work while receiving Social Security?
Dear Savvy Senior, I started drawing my
— Back to Work
SSA Earning Rules
Full retirement age is 66 for those born between 1943 and 1954, but it rises in two-month increments every birth year to age 67 for those born in 1960 and later. You can find your full retirement age at SSA.gov/benefits/retirement/planner/ageincrease.html.
In the year you reach your full retirement age, a less stringent rule applies. If that happens in 2023, you can earn up to
Wages, bonuses, commissions, and vacation pay all count toward the income limits, but pensions, annuities, investment earnings, interest, capital gains and government or military retirement benefits do not.
To figure out how much your specific earnings will affect your benefits, see the Social Security Retirement Earnings Test Calculator at SSA.gov/OACT/COLA/RTeffect. html.
It’s also important to know that if you do lose some or all of your
For more information on how working can affect your
Be mindful of taxes too
In addition to the
Here’s how it works. If the sum of your adjusted gross income, nontaxable interest, and half of your
About a third of all people who get
For information, call the
In addition to the federal government, 12 states —
If you live in one of these states, you’ll need to check with your state tax agency for details.
(Send your senior questions to: Savvy Senior, P.O. Box 5443,
JIM
MILLER
Savvy Senior
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