What are the repercussions when a person retires & collect social security benefits, then goes back to the work force full time to supplement their income. I know that a person can earn 10/11k per year, but what happens when you surpass the amount allowed the government?
2007-08-15 08:41:09 · 2 answers · asked by mickey 1 in Business & Finance ➔ Personal Finance
It depends on your age - if you are old enough there are no effects on your benefits from working also. "old enough" is your full retirement age - that varies depending on when you were born, could be 65, could be up to 67. If you are under full retire,ment age, you can make up to $12,960 without any effect, after that they'll deduct $1 from your benefit for every $1 you earn over the limit.
2007-08-15 08:51:18 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
Once you get over that threshhold, you social security benefits will be deducted. I'm not sure by how much, but they will be reduced. Also, the benefits will be fully taxable I believe.
Hope this helps.
2007-08-15 08:46:02 · answer #2 · answered by dfrank04401 3 · 1⤊ 0⤋