Can I Receive Social Security Benefits And Still Be Employed?
It is a definite yes that you can now start enjoying your retirement benefits whilst you work. However, the earnings that you earn from retirements benefits have a maximum amount that you can earn per month; if the earnings that you earn monthly from the retirement benefits exceed this amount then they are deemed to result in a decrease of your benefits and this only happens before you reach the full retirement age. The full retirement age is 64 for those that were born 1943-1954 and 67 for those that were born 1960 and later.
Calculating Your Security Benefits While Still Employed
The annual limit for earning the benefits since 2011 is $14,160 and anything you earn above this amount is then calculated using the following basis; one dollar deducted for every two dollars you have above the mentioned ceiling. However, you will get to enjoy the benefits that are with held due to the set limit after you attain the full retirement age. Moreover, if you are self-employed then your monthly benefits shall be determined by whether you perform good services in your business but again, if you work more than forty five hours in your business for a month then it is certain that you will not get benefits for that month.
Calculating Your Social Security Benefits After Attaining Retirement Age
In the year that you are expected to retire your earnings shall descend to one dollar for every three dollars that you earn over $37,680 which is a new limit that was set this year. This limit holds until you reach the month which you are expected to retire after which there will be no more limit no matter how much you earn afterwards.