Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Author: arahfool Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121586  
Subject: Income and SS Date: 3/22/2007 2:33 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
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?

Thanks,

arahfool
Print the post Back To Top
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 93222 of 121586
Subject: Re: Income and SS Date: 3/23/2007 9:14 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
arahfool asks:

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


Print the post Back To Top
Author: arahfool Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 93223 of 121586
Subject: Re: Income and SS Date: 3/23/2007 11:34 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Thanks Pixy. I had been able to find my limits on their website but could not find DW's. I had wrongfully 'assumed' that hers would be based on some percentage of her benefits.

arahfool

Print the post Back To Top
Author: Matt1344 Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 93224 of 121586
Subject: Re: Income and SS Date: 3/23/2007 11:54 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
"I had been able to find my limits on their website but could not find DW's."

Hi arahfool,

Did you also notice that in the first year of early benefits your maximum earnings are based on each months earnings being less than 1/12th your annual limit? My first 7 months(started collecting for June on) I couldn't earn more than $1,000 each month for a maximum of $7,000 for 2005 provided I earned $1,000 each month... after I got into 2006 the limit was for the year no matter when it was earned...

Regards, Ken

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Advertisement