A debt collector can not garnish social security benefits. Not unless your debt is to the Federal Government. That violates violates Section 207 of the Social Security Act (42 U.S.C. 407).
Your local Social Security Office can provide you with information on retirement earnings. You can also visit the official website of the U.S. Social Security Administration, where you also have an option of creating an account.
Retirement Planner with Retirement Earnings Do you know what it takes to work towards a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement. Social security is calculated on a sliding scale based on your income. Including a non-working spouse in your plan increases your social security benefits up to, but not over, the maximum.
provides protection against the loss of earnings due to retirement, death, or disability
Social Security benefits are the same no matter what state you live in. Social Security retirement benefits are based on your earnings record or "credits" and your age.
For the social security benefits earnings test amount. The retirement earnings test exempt amount when you are under your NRA (normal retirement age) the annual exempt amount in 2010 is $14,160More information is available at the enclosed website address ssa.gov/
Yes if you choose to start collecting SSB at age 63 before you reach your normal retirement age (NRA) then your earnings each year will be subject to the earnings test each year until the year that you reach your NRA or full retirement age (FRA). For 2010 the earnings test amount is 14160.
Yes it is very possible that the retirement incentive amount will be subject to social security taxes in the year that the is received.
No the retirement income is not a EARNED income. And the amount of your retirement income that you receive during the year would NOT be included in the earnings test amount that could reduce your SSB amount for the year.
If income is earned in the year of full retirement age, the 2008 income threshold is $36,120. If income is earned prior to the year of full retirement age, the 2008 income threshold is $13,560. After those thresholds are reached, social security benefits are reduced. The excess earnings reduction is $1 of Social Security benefits for every $2 of earnings over the lower threshold for people who are not yet in the year they reach full retirement age. In the year a person reaches full retirement age, the excess earnings reduction is $1 of Social Security benefits for every $3 of earnings over the higher threshold. During the month of reaching full retirement age and thereafter, beneficiaries can earn an unlimited amount without a reduction in their Social Security benefits.
There is no income limit once you're over the Full Retirement Age. If you are 67, you're over that limit today - Full Retirement Age for folks born between 1943 and 1954 is 66. In addition, 401(k) distributions are not considered "earnings" for the purpose of the earnings limit for Social Security benefits. Earnings counted toward the earnings limit (for those under Full Retirement Age) includes wages and self-employment income.
Call Social Security at 800-772-1213 for your exact amount, but it will be a reduced amount of your full retirement. Each person's amount is based on a percentage of his earnings, so you have to call SSA to find out. It's possible you can get the answer online, too, at SSA.GOV.
You can receive early Social Security Retirement benefits at age 62 but if you income exceeds a specific dollar amount per year ($12,960 in 2007), your Social Security benefits will be reduced by $1 for every $2 earned over that amount. After you reach full retirement age, you will no longer be penalized for your earnings. For more information, check out the article on Social Security Retirement Benefits-When To Collect at www.Americas-Best-Places-To-Retire.com