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Will the earnings test apply if I work a part time job, making my earnings above the annual limit?

Full question: I will turn 65 in 4/22, not drawing Social Security right now and still working. If I begin drawing Social Security now and retire this summer with my income being just short of 19.5K, avoiding the penalty, but in the fall pick up little part time job maybe making $500 or so a…

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Will my benefit decrease for retiring before collecting Social Security?

Full question: I retired at age 60, since I am no longer working will my benefit amount go down for the years not worked before I start collecting Social Security? Hi there, Your benefit amount is calculated based on your highest 35 years of earnings both indexed and face value. If you worked less than…

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Are Social Security benefits subject to FICA taxation?

Full question: Thank you for your videos! I’m thinking about drawing Social Security sometime soon as well as retiring, I’m 65. I know that I will be paying federal tax (prob 85%) on my benefit. My question is, while you are drawing Social Security do they still take out OASDI taxes? Hello, I’m glad you…

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Can paid insurance premiums be deducted from my earned income to avoid earning limit penalties?

Full question: At age 62 I’m going to apply for Social Security and still work part-time. I will purchase health insurance on my own. Can premiums paid be deducted from income earned to conform to earning limits to avoid penalties? Hello, Unfortunately, no. There are no strategies that can lower your earned wages to stay…

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If an individual is turning their FRA and still working to earn 40 credits, will the new credits be added into their PIA?

Full question: If a retiree is turning their FRA and they do not have all 40 credits required to receive the full benefit, can they continue to work to obtain all 40 credits? If this retiree claims at his FRA, can he continue to work and will the credits be automatically recalculated into his PIA?…

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Will earnings at ages 58 and 59 be indexed for inflation and increase the PIA?

Full question: If a 58-year-old employee of a corporation is able to increase his wages during this year and the year he is 59, will they be indexed for inflation and increase his PIA?  Hello, The Primary Insurance Amount (PIA) is based on our highest 35 years of earnings, and those up through your 59th…

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