You can work and continue to get Medicare Retirement Payments. Social Security will not cut your benefits for the month in which you reach your retirement age. However, your benefits will decrease if you earned over a certain amount for the months prior to reaching your retirement age.
Here’s How it Works:
You can work and continue to get Medicare Retirement Payments. Medicare will use your earnings in 2008 to calculate the amount of your premium for the year 2010. However, if you have a ‘life-changing event,’ you can use the income from another, more current year to determine the premium you will pay. This is a situation in which you may have a one-time event causing an increase in your income for the tax year. If a ‘life-changing event,’ occurs, you can ask Social Security for another award determination. This means they will use a more current year of income, and your premium will be lower.
*Situations that qualify as life-changing events might be a divorce, or the death of a spouse.
*Situations that that are not life-changing events might be an increase in medical expenses, or loss of child support.
*One-time income situations that might cause an increase, but are not life-changing events, might be lottery winnings, or capital gains from the Sale of Property.
You can work and continue to get Medicare Retirement Payments. Your earnings in the month you reach your full retirement age will not reduce your Social Security benefits. However, your benefits will be reduced if your earnings exceed certain limits for the months before you reach your full retirement age. Some of your benefits may be withheld if you have excess earnings.
You can receive work your benefits and still work. When you become 65 years of age, you can continue your job and your benefit will not be decreased, regardless of how much income you make from work.