Another Social Security question

[oldtrig]

I think I know the right answer but wanted to confirm. I know the limit is $14,640 on what I can earn in 2012 because I am not 66 yet . My question is this. When does this start? I made over that in the month of January and February if selling my sick and vacation leave counted. I retired March 1st 2012. Is that when the $14,640 limit starts or is it the entire year? I am thinking it starts the day I retire and from that day on until the rest of the year. Is that correct. By the way I am not going back to work anytime soon as I love this thing called retirement. Thanks. oldtrig

 

[W2R]

I found this on the Social Security website. It looks like money earned in the year you claim SS, before you get it, will not be a problem for you if you meet certain requirements after you start getting SS:

Some people who retire in mid-year have already earned more than their yearly earnings limit. That is why we have a special rule that applies to earnings for one year, usually the first year of retirement.

The special rule lets us pay a full Social Security check for any whole month we consider you retired, regardless of your yearly earnings. If you will

• be under full retirement age for all of 2012, you are considered retired in any month that your earnings are $1,220 or less and you did not perform substantial services in self employment.
• reach full retirement age in 2012, you are considered retired in any month that your earnings are $3,240 or less and you did not perform substantial services in self employment.

http://www.socialsecurity.gov/retire2/rule.htm

I am so glad to hear that you are loving retirement!

 

[MichaelB]

Looks like you're fine with the Social Security, Oldtrig, and its good to know retirement is working out so far.