2007-12-09 12:24:00 · 4 answers · asked by Janet G 1 in Business & Finance ➔ Personal Finance
They DID NOT say you can only earn $12,960 per year. They said if you earn more than $12.960 per year, your SS payments will be reduced. The SSA can supply you with details.
2007-12-09 12:30:20 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
I just retired too at 62 got the same letter but my limit is 13000. I think we loose part of our entilement if we earn more. Not suggeting it but I hear that some people will continue to work for a cash only situation. But I think the risk is probably pretty big and would not advise it.
2007-12-09 13:12:25 · answer #2 · answered by Robert T 1 · 0⤊ 0⤋
SS will reduce ur benefits paid to u for every dollar earn over 12960 by 50cents.
so u earn 1000$ over ur limit , ur benefits are reduced by 500$ . whoppee, u still got 500$ more than the SS plantation payment.
if u find a position that pays enough forget about SS.
Oh having a business changes the numbers to ur advantage.
2007-12-09 14:23:22 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For each dollar over $12,600 you earn, you lose 50 cents in benefits.
2007-12-09 12:48:13 · answer #4 · answered by rainman91302 1 · 0⤊ 0⤋