When one retired left work in August last year and approached social security at the age of 63 and 5, he thought he was doing everything in the book. In a Reddit post, he shared that his first check occurred in September, but just a few months later he was shocked by a letter stating that he owed the social security administration $ 9,648 for overpayment.
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Question? His earnings for a year have already exceeded the annual limit of social security recipients at the full age of retirement age.
Here’s what other future retirees can learn from it.
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If you start collecting social security before getting a full retirement age, there are restrictions on how much you can earn by working without seeing your benefits.
2024. The annual earnings was $ 22,320. If you earn more than the SSA holds $ 1 for each $ 2 that you earn over the limit.
In this case, the pensioner earned about $ 48,500 before starting work in early August. It was much larger than the annual limit, which automatically caused its entire 2024. The perseverance of the benefits. As his first four checks increased to $ 9,648, the total amount was marked for recovery.
Many retirees do not realize that there is a special rule for those who leave the year. This rule allows you to use the monthly earnings limit in the first year of pension, not throughout the year.
2024. The month limit was $ 1,860. This means that if you earned less than $ 1,860 in a period of month, you can still get your social security benefit all that month – even if your total year’s income had exceeded the annual limit.
In this retirement, he earned only $ 900 from August to December – Okay – to the month of the month. According to a special rule, he can still qualify to maintain the benefits in those months.
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If you get a message about the overpayment and you think you have a qualifications according to the monthly income test, SSA allows you to remove from the annual earnings test for some months. Based on SSA guidelines, these are months when your earnings were less than the month’s boundary and you were considered a pensioner.