What is this I hear that if one gets retirement income elsewhere that social security will deduct that amount from the SSA benefit amount? Is this true?
Not exactly.
If you are below full retirement age and still earning income (from a job or self employment) they will reduce your benefit by $1 for every dollar that you're earned income is beyond a certain threshold (right now that's around $14k). This only applies to earned income so if you're taking money out of an IRA or receiving a pension that money doesn't count.
Not exactly.
If you are below full retirement age and still earning income (from a job or self employment) they will reduce your benefit by $1 for every dollar that you're earned income is beyond a certain threshold (right now that's around $14k). This only applies to earned income so if you're taking money out of an IRA or receiving a pension that money doesn't count.
That's what I get for typing in the middle of the night....the reduction is $1 dollar for every TWO dollars you're over the threshold.
What is this I hear that if one gets retirement income elsewhere that social security will deduct that amount from the SSA benefit amount? Is this true?