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Home » Elder Law » Is There A Penalty For Working While Receiving Social Security?

Is There A Penalty For Working While Receiving Social Security?

October 17, 2012 by Jeffrey A. Nirenstein, Estate Planning Attorney

Greater Hartford retirement planning is going to involved gaining an understanding about the ins and outs of the Social Security program. The first question that most people are going to ask would involve the age of eligibility. People who were born in 1954 and earlier than that are going to reach full retirement age according to the Social Security Administration when they celebrate their 66th birthdays.

The age at which you qualify for your full retirement benefit then goes up by two months per year until 1960. Everyone who was born during 1960 and after becomes eligible to receive their full Social Security benefit at the age of 67.

You may wonder if you are allowed to earn income after you start receiving Social Security without suffering any type of penalty. If you wait until you reach full retirement age before you start receiving a benefit you can in fact earn any amount of money without a penalty being imposed with regard to your monthly benefit amount.

However, you can choose to retire early, but if you do this you must accept a reduced benefit. 62 is the youngest age at which you can apply for Social Security. If you do accept the reduced benefit it is cut by one dollar for every two dollars that you earn above a particular limit. This limit is subject to change but at the current time it is $14,160.

The best way to gain a full understanding of all of the details surrounding Social Security benefits is to visit the Social Security Administration website. The site offers a lot of good information and interactive tools that are quite useful to people who are looking forward toward their retirement years.

 

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Jeffrey A. Nirenstein, Estate Planning Attorney
Jeffrey A. Nirenstein, Estate Planning Attorney
Founding Partner and Vice President at Nirenstein, Horowitz & Associates PC
Jeffrey A. Nirenstein is a founding partner and vice president of the law firm of Nirenstein, Horowitz & Associates, P.C. He received his bachelor of arts degree in government from Clark University and his law degree from New York Law School.

Mr. Nirenstein is licensed to practice before the courts of the State of Connecticut and the United States District Court. He is a member of the Connecticut and Hartford County Bar Associations, and the Estate and Probate, Elder Law, Business Law and Real Estate Sections of the Connecticut Bar Association.
Jeffrey A. Nirenstein, Estate Planning Attorney
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Filed Under: Elder Law Tagged With: Elder Law, Retirment Planning, Social Security

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