Collecting early Social Security Retirement, now offered a job.....

[Lydarose]

What is the name of your state (only U.S. law)? Illiniois

I started collecting early retirement from Social Security. Have been collecting for 4 months. Offered a job that would make me go past the earnings limits for early retirement. I could "unretire" and pay back the money collected, but is there another option? Can I have the benefit simply stopped because my earnings were too high and take the "penalty" down the road? Don't really have the money to pay back for 4 months. Thanks!

 

[Onderzoek]

What is the name of your state (only U.S. law)? Illiniois

I started collecting early retirement from Social Security. Have been collecting for 4 months. Offered a job that would make me go past the earnings limits for early retirement. I could "unretire" and pay back the money collected, but is there another option? Can I have the benefit simply stopped because my earnings were too high and take the "penalty" down the road? Don't really have the money to pay back for 4 months. Thanks!

It is the end of October. The annual earnings test for those under full retirement age for 2013 is $15,120 but since this is your first year of entitlement, you get a (one time only) monthly earnings test instead so the $1260 monthly amount applies. If you are full retirement age, the amount is different.

You need to contact SSA and complete a work report stating what months you are going to earn over the monthly amount. You should not be paid for Nov and Dec (which are paid in Dec and Jan) Then, in early 2014, you complete an annual report verifying what months you earned over the monthly amount and then give your anticipated 2014 earnings.

Depending upon how much money you are going to get in this job and how long you keep it, it very well could be a long term financially smart decision to withdraw your early retirement claim and pay back what you have been paid and then reapply when you have really retired which means you would get a higher benefit for the rest of your life. But that only works if you can pay back what you have been paid.

http://www.socialsecurity.gov/OACT/COLA/rtea.html
http://www.socialsecurity.gov/retire2/rule.htm