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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 19483  
Subject: Income limits on SS Date: 3/23/2007 8:59 AM
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Cross posted in Tax Strategies

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
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 11222 of 19483
Subject: Re: Income limits on SS Date: 3/23/2007 9:14 AM
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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





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Author: ep0001 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 11223 of 19483
Subject: Re: Income limits on SS Date: 3/24/2007 7:55 AM
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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.


Also, as I understand the system, For each monthly check you give up due to earnings excess, one months penalty taken for retiring early is restored when you reach FRA, I'll find out this Fall.

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