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Retiring at 62

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chetjester

Veteran Expediter
Driver
If I retire at 62, I can still earn $14,620 before it affects my SS benefits. If I'm self-employed and receive a 1099, is it my net after expenses? If I get a normal paycheck, is it my gross income?

Just wondering if I can work part time so I don't lose my mind sitting at home.
 
Monty

Monty

Expert Expediter
Net is earnings ..... that is the figure IRS looks at ....

Your gross earning are divided between fuel, food, truck payments, insurance, etc .... how much did you take home?
 
Steady Eddie

Steady Eddie

Veteran Expediter
Owner/Operator
chetjester said:
If I retire at 62, I can still earn $14,620 before it affects my SS benefits. If I'm self-employed and receive a 1099, is it my net after expenses? If I get a normal paycheck, is it my gross income?

Just wondering if I can work part time so I don't lose my mind sitting at home.
Click to expand...

To my understanding- Your income is based on net. So after the IRS rules, perdim, mileage so on...Your net may be zero, even if your gross was 60k. You would be good to go. CPA needs to come in and define the SS $14,620. Is this taxable income?

Now, if you earn $14,621, then the following year SS will be $14,619.
 
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L

leebarnes987

Seasoned Expediter
The $14,600 is taxable income. After you reach full retirement age there is no limit.

Sent from my SCH-I800 using EO Forums
 
F

Fkatz

Veteran Expediter
Charter Member
The Social Security payback is based on your net income after all deductions from your schedule C, as a sole propreitor self employment, W-2, Pensions, Interest, or Unemployement you receive, if it comes up over the $14,640 you will have to payback at the rate required, for every $2 you make you have to payback $1. It is based on all of your income that you recieve. Not just on your Self emploment.
 
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