Why Does Social Security Put Limits On How Much Our Seniors Can Earn?
January 3rd, 2010 by admin | Filed under social.If seniors make over a certain amount (13 grand I think) they must pay back to Social Security a larger amount. This seems to limit how much they can work. Doesn’t it make sense to encourage our seniors to work, earn more money, and pay more taxes?
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Yes, it does make more sense to do those things, but it makes even more sense to get the government out of the business of providing for retirement and putting the responsibility where it belongs — on the individual. If you save and/or invest for retirement instead of relying on Social Security, you won’t need to work when you retire.
Many retirees are not starting their SS benefit at age 62… they are working longer and waiting longer to let the benefit increase over time.
Once you start to receive the benefit, thats it.. you receive it for the rest of your life (unless, of course, you are still working and the benefit is recalculated annually based on new earnings).
At “full retirement age” (65, 66, etc) based on the SS chart below (source box) - there is no limit.
I know many retirees who are working full time, living on working wages, and banking their full SS check so that when they choose to retire… just a few years down the road, they have a nice nest egg to help them out.
My understanding is after you are a certain age, I believe 72, then a senior’s social security is not be based on their earning. Senior’s who receive social security benefits and work for lower wages tend to resent having to keep paying into the social security program when in actuality they will never benefit from the contribution that they are required to make even though they have paid the required quarters.
Social Security does not put limits on how much our seniors can earn, Congress–the folks who make the laws–do. If you wait until full retirement age, there is no limit on what you can earn. If you want to go out early, you have to accept the conditions imposed on you.
If you have reached full retirement age, there isn’t a limit on how much you can earn without their reducing your ss payments. That’s only if you are collecting early - then the reduction is $1 for each $2 you go over the limit.
Social security was originally supposed to support you during retirement. If you are working you dont need the support.
This restriction is only for people in early retirement. It is 35,000 at normal retirement age and unlimited for seniors after retirement age.
There is an offset if you take EARLY retirement. If you wait until full retirement age, or once you attain full retirement age, there are no more offsets.
It does not put limits on how much they can make and they do not pay back a larger amount; however, there is an offset.
They are trying to encourage you to delay taking your benefits until your above age 65.
My landlords husband is 70 and he can make as much as he wants and never has to repay a dime. but it starts at 70
yes, it does. I don’t understand the reasoning either.