Phone Number: 763-639-0868

Monday, December 10, 2018

Myths and Facts about Social Security

 

Myth: If you earn money after you retire, you'll lose your Social Security benefit.

Fact: Money you earn after you retire will only affect your Social Security benefit if you're under full retirement age.

Once you reach full retirement age, you can earn as much as you want without affecting your Social Security retirement benefit. But if you're under full retirement age, any income that you earn may affect the amount of benefit you receive:

If you're under full retirement age, $1 in benefits will be deducted for every $2 you earn above a certain annual limit. For 2012, that limit is $14,640.

In the year you reach full retirement age, $1 in benefits will be deducted for every $3 you earn above a certain annual limit until the month you reach full retirement age. If you reach full retirement age in 2012, that limit is $37,880.

 

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