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Financial Planning / Tax Strategies
|Subject: Re: Income and SS||Date: 3/23/2007 9:14 AM|
|Author: TMFPixy||Number: 93222 of 121104|
I started drawing my SS benefits 'early' at 62. My DW did the same thing, drawing against my earnings.
I know that I am limited to $12k or so of W2 earnings. My question is, what are my DW's earning limitations? Same as mine or a percentage of mine?
People under age 65 who collect social security retirement, dependents or survivors benefits are subject to an earning limit - amounts earned in excess of the limit reduces or eliminates your eligibility. The earnings limit for 2007 is $12,960. Earn more than that amount before full retirement age, and $1 of the Social Security benefit will be forfeited for every $2 you earn over the earnings limit. Your spouse's earnings limit is the same as yours. She will not forfeit any of her benefit because of your earnings and vice versa.
Hope that helps.
Regards ... Pixy
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