• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Kuhn and Kuhn Law Firm

South Carolina Estate Planning Attorneys

  • Home
  • Our Firm
    • About Our Firm
    • About The American Academy
    • Advantages of Working With Our Firm
    • Attorney and Staff Profiles
    • Talkin Law
  • Services
    • Asset Protection & Business Planning
    • Charleston Pet Planning
    • Elder Law & Medicaid Services
    • Estate and Gift Tax Figures
    • Estate Planning Services
    • Family Farms and Businesses
    • Healthcare Documents and DPOAs
    • Incapacity Planning
    • LGBTQ Estate Planning
    • Living Trusts
    • Probate
    • SECURE Act
    • Special Needs Planning
    • Will Packages
  • Reports
    • Advanced Estate Planning
    • Basic Estate Planning
    • Estate Planning for Niches
    • Trust Administration
  • Resources
    • Client Resources – Estate Planning
    • Consumer Resources – Estate Planning  
    • Elder Law Reports
    • Professional Resources
  • Contact Us
    • Directions to Our Charleston Office
  • Blog
Home / Retirement Planning / Is There a Penalty for Working While Receiving Social Security?

Is There a Penalty for Working While Receiving Social Security?

October 24, 2012 by John Kuhn, Estate Planning Attorney

People sometimes decide that they would like to continue working even after they reach the age of Social Security eligibility. Some simply enjoy their work and they see no real reason to step away. Others continue working out of financial need.

If you do not want to be forced to work as a senior citizen you would do well to engage in some intelligent retirement planning. When you work up a cogent plan for the future with the assistance of a good South Carolina financial planning attorney you have a game plan to stick to that leads to the fruition of your goals.

On the other hand, people who improvise on a day-to-day basis without any cogent framework to live by are often those who wind up with little choice but to work until they simply can’t do so anymore because of physical limitations.

Those who choose to work while receiving Social Security should be aware of the guidelines. Your full retirement age depends on your year of birth, but if you are not receiving Social Security yet it is somewhere between the age of 66 and 67.

If you wait until you reach full retirement age to apply for Social Security you can earn any amount of money working without seeing your benefit reduced at all.

However, under Social Security rules you can receive your benefit early. Once you reach the age of 62 you can apply for your benefit, but it would be less than you would have received had you waited until you reached the age of full benefit eligibility.

There is a potential benefit reduction for people who continue working after accepting Social Security early. In 2012 you can only earn $14,640 before a benefit reduction kicks in. Your Social Security benefit is reduced by one dollar for every two dollars that you make that exceeds this figure.

It should be noted that this $14,640 limit is subject to change on an ongoing basis.

 

  • Author
  • Recent Posts
John Kuhn, Estate Planning Attorney
Former South Carolina State Senator, John Kuhn is a founding partner of the Kuhn & Kuhn Law Firm.The Kuhn & Kuhn Law Firm is a boutique estate planning (wills, trusts and probate) firm, which he and his wife opened in 2002.The law firm was created to serve clients who want an excellent and thorough estate plan.
Latest posts by John Kuhn, Estate Planning Attorney (see all)
  • Preparing for Coronavirus - March 10, 2020
  • Incapacity Planning - December 20, 2018
  • Special Accounts for People with Special Needs - December 17, 2018

Filed Under: Retirement Planning Tagged With: Financial Planning, Retirement Planning, Social Security

Primary Sidebar

Subscribe to Our Blog

Kuhn & Kuhn Law Firm

Charleston
473 Savannah Highway
Charleston, SC 29407
Phone: 843-577-3700

Charleston Map

map for Charleston office

Kuhn & Kuhn Law Firm

Summerville
421 Old Trolley Road
Summerville, SC 29485
Phone: Our Satellite Office

Summerville Map

map for Summerville office

Opening Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

Footer

  • About The Academy
  • Disclaimer
  • Privacy Policy
  • Sitemap
  • Contact Us

© 2022 Kuhn and Kuhn Law Firm
All Rights Reserved.
Attorney Advertisement

footer-logo

Subscribe to our newsletter

  • Facebook
  • Linkedin
  • Youtube
  • Twitter

© 2022 American Academy of Estate Planning Attorneys, Inc.

Copyright © 2022 · Kuhn & Kuhn on Genesis Framework · WordPress · Log in