Social Security question

[jawja clay]

I’m retired drawing SS. I’m 66 and maybe going to work in April. It’s for 4-6 weeks. Do I have to pay SS on those earnings? Or are they exempt?

 

[pavogrande]

I believe you do have to pay ss -- be careful how much you earn -- there is a limit to earnings before you pay a penalty --

 

[ARCman47]

Cash and dont look back

 

[The Old Jaybird]

Yes, you have to pay into SS and Medicare, just like before, but it is credited to your account so it will increase your monthly retirement benefit a little bit. I believe that since you are past Full Retirement Age, you can earn as much as you want without penalty. The penalty applies to people drawing the SS retirement benefit at age 62-65 and working. It is just an offset against the benefits you get, and the first $20K or so per year is not penalized. This is roughly correct, check with SS to be sure.

 

[gh1950]

You will pay SS. If you take full retirement, I don't think what you pay in increases your benefits, per local SS office.

The other gotcha is that there is no penalty on what you earn, what you earn increases your tax liability. I make enough that I'm basically paying all of my SS back as taxes. Whoopee!