Ask Larry

Larry, I took my Social Security when I turned 62 and now I am 65 and in Oct. of 2018 I will be 66. My question is I have been offered a full-time position at my job and I was wondering since I am on 65, should I cancel it (Social Security) before January 2018 so I can be off Social Security so I can make wages for 40 hours or more at my job? Please help me cause I am confused and don't want to pay 2 dollars for every 1 dollar over the amount I can make.

Thanks. Charles

Hi Charles,

If you are going to start a job that will cause you to earn more than $16,920 this year, or more than $45,360 in the first 9 months of 2018, then you should contact Social Security and give them an estimate of your expected earnings (https://www.ssa.gov/planners/retire/whileworking2.html). They will then withhold some or all of your benefits as needed in order to (hopefully) prevent you from getting overpaid and having to repay any benefits.

Best, Jerry