SS_Medicare_flipbook_2017 - page 12

How Working Affects Benefits
If you plan to continue working, it may be wise to delay claiming Social Security
benefits until you reach full retirement age.
If you claim benefits prior to full retirement age and continue to work,
one dollar
in benefits will be
deducted for each
two dollars
earned above the annual limit ($16,920 in 2017).
In the calendar year in which you reach full retirement age,
one dollar
in benefits will be deducted for
each
three dollars
you earn above a higher annual limit ($44,880 in 2017) until your birthday month.
Once you reach full retirement age (66 to 67, depending on birth year), any wages
earned through employment will not affect your Social Security benefit.
Of course, you must pay Social Security and Medicare payroll taxes on any wages earned through
employment.
If your benefits are reduced because of these limitations, your benefit will be recalculated after you
reach full retirement age, and you will receive credit for any benefits you did not receive because of
your earnings.
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