• Question
  • work after retirement

    Asked by someone from Hollywood, FL on 9/28/2013

    is there an earning cap for a 65 year old retiree

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  • Categories: Work and Retirement, Jobs for Retirees

Answers

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  • Thank you for the question. There is no limit to how much you can earn. However, how much you earn may subject benefits, like Social Security to higher taxation or reductions, assuming that you are receiving it.

    Here are a few resources about how:
    http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/236/~/how-work-affects-social-security-retirement-payments
    http://ssa.gov/planners/taxes.htm

  • Login to rate this answer:   Answered on 10/2/2013
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  • To clarify, if you work beyond what Social Security considers to be your full retirement age (you can confirm your full retirement age here: http://www.ssa.gov/pubs/ageincrease.htm) you will receive your full retirement benefits available at the age you start receiving them. However, if you earn over $15,120 in 2013, your Social Security benefit will be reduced by $1 for every $2 earned over this limit. People born in 1947 or 1948 generally have a full retirement age of 66. Those born later might have higher full retirement ages.

    There are special rules that apply to earnings in the calendar year you reach full retirement age. Generally speaking, your earnings limit increases to $40,080 in the months prior to reaching full retirement age. Any earnings above that limit causes your Social Security benefit to be reduced by $1 for every $3 earned above that limit.

    This answer is provided as general information only and provided by students pursuing a degree in Personal Financial Planning at Texas Tech University. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or Certified Financial PlannerTM as to your unique financial situation.

  • Login to rate this answer:   Answered on 10/2/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.