Ponce
10th January 2011, 09:48 AM
I wrote them a Email to find out about all this, I hope that it helps some of you.....please notice that the last change was made in 1960 where you have to be 67......they are bound to change it once again pretty soon.
================================================== =======
Thank you for contacting the Social Security Administration.
We use the formulas below, depending on your age, to determine how much your retirement benefit must be reduced when you earn wages:
If you are under full retirement age, when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2010 and 2011, the limit is $14,160. Remember, the earliest age that you can receive Social Security retirement benefits remains 62 even though the full retirement age is rising.
In the year you reach your full retirement age, $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach full retirement age. For 2010 and 2011, the limit is $37,680.
Starting with the month you reach full retirement age, you will get your benefits with NO limit on your earnings.
To determine the effect of the earnings test on your Social Security retirement benefits, access our convenient calculator at the following Internet address:
http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=178
Earned income is defined as income from wages or net earnings from self-employment. Pensions, 401K distributions, dividends, interest, and IRA distributions are NOT earned income.
To determine whether benefits must be withheld because of earnings from work, we consider an employee’s wages when earned rather than when paid. We generally count self-employment income, on the other hand, when received rather than when earned.
Social Security retirement benefits are reduced for each month of entitlement before a person’s full retirement age. However, if a person receives no benefits or only partial benefits for some months because of work, his or her payment amount is increased automatically after reaching full retirement age to give credit for those months.
SSA will have information on the 2012 earnings limits in October 2011. For information on the earnings limits for prior years, see
http://www.socialsecurity.gov/OACT/COLA/rtea.html
What is Your Full Retirement Age?
Year of Birth Full Retirement Age
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943—1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67
From my questions to the Social security Administration........Poncde
================================================== =======
Thank you for contacting the Social Security Administration.
We use the formulas below, depending on your age, to determine how much your retirement benefit must be reduced when you earn wages:
If you are under full retirement age, when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2010 and 2011, the limit is $14,160. Remember, the earliest age that you can receive Social Security retirement benefits remains 62 even though the full retirement age is rising.
In the year you reach your full retirement age, $1 in benefits will be deducted for each $3 you earn above a different limit, but only counting earnings before the month you reach full retirement age. For 2010 and 2011, the limit is $37,680.
Starting with the month you reach full retirement age, you will get your benefits with NO limit on your earnings.
To determine the effect of the earnings test on your Social Security retirement benefits, access our convenient calculator at the following Internet address:
http://ssa-custhelp.ssa.gov/cgi-bin/ssa.cfg/php/enduser/std_adp.php?p_faqid=178
Earned income is defined as income from wages or net earnings from self-employment. Pensions, 401K distributions, dividends, interest, and IRA distributions are NOT earned income.
To determine whether benefits must be withheld because of earnings from work, we consider an employee’s wages when earned rather than when paid. We generally count self-employment income, on the other hand, when received rather than when earned.
Social Security retirement benefits are reduced for each month of entitlement before a person’s full retirement age. However, if a person receives no benefits or only partial benefits for some months because of work, his or her payment amount is increased automatically after reaching full retirement age to give credit for those months.
SSA will have information on the 2012 earnings limits in October 2011. For information on the earnings limits for prior years, see
http://www.socialsecurity.gov/OACT/COLA/rtea.html
What is Your Full Retirement Age?
Year of Birth Full Retirement Age
1937 or earlier 65
1938 65 and 2 months
1939 65 and 4 months
1940 65 and 6 months
1941 65 and 8 months
1942 65 and 10 months
1943—1954 66
1955 66 and 2 months
1956 66 and 4 months
1957 66 and 6 months
1958 66 and 8 months
1959 66 and 10 months
1960 and later 67
From my questions to the Social security Administration........Poncde