Tuesday, July 20, 2010

Question about working and social security?

If I were to increase my work from 2 days to 3 days a week, would I lose my social security? I currently earn $7.35 a hour(but on Sundays get a $1 more) but am going to get a either a forty- five cent or fifty cent raise in March. I was thinking of working Thursday(our weekest night and same for Friday)- Saturday night . I work at a local Walmart doing overnight matience.





I copied this information from Social Security website to help with this question. Would adding a extra night to my work week affect my social security?





SSA uses the formulas below, depending on your age, to determine how much your benefit must be reduced:





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If you are under normal (or full) retirement age (FRA): when you start getting your Social Security payments, $1 in benefits will be deducted for each $2 you earn above the annual limit. For 2008 that limit is $13,560 and for 2007, that limit is $12,960. Remember, the earliest age that you can receive Social Security retirement benefits remains 62

Question about working and social security?
Your increased annual earnings will still be under the limit. However make sure you do not have other income that could push you over the limit. However even if you are over the limit you will only lose 1/2 as much as you have over the limit. For example being over the limit by $500 means you will lose $250 in social security benefits.


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