• Question
  • pay back

    Asked by someone from Bridgeport, WV on 3/25/2013

    I received $1,587.00 in social security bennifits for 2012 I made $24,000.00 in self employment what am I going to half to pay back to social security

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  • Categories: Social Security, Work and Retirement, Work Penalties

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • How much you need to pay back to Social Security will depend on how old you are.

    If you are younger than full retirement age, your benefits will be reduced. (However, these benefit reductions are not truly lost. Your benefit will be increased at your full retirement age to account for benefits withheld due to earlier earnings.)
    ---> If you were born between January 2, 1943and January 1, 1955, then your full retirement age for retirement insurance benefits is 66. If you work and are full retirement age or older, you may keep all of your benefits, no matter how much you earn.
    ---> If you are younger than full retirement age, there is a limit to how much you can earn and still receive full Social Security benefits. If you are younger than full retirement age during all of 2012, Social Security will deduct $1 from your benefits for each $2 you earned above $14,640.

    This information is from the Social Security Administration's publication: "How Work Affects Your Benefits"
    http://www.ssa.gov/pubs/10069.html#a0=0

    You may also wish to contact the Social Security Administration directly with your question. They can be by calling 1-800-772-1213. They make recorded information and automated services available 24 hours a day. If you need to speak to a representative, they are available between 7 am and 7 pm.

    We wish you all the best. If you have not already, I would also encourage you to use the NewRetirement Calculator to find out if you can afford your quality of life in retirement.
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 3/25/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.