I need to know what the total income for 2009 will be allowed by Social Security. This is the amount a person can earn and not have to pay any back out of their social security earnings.

Clough

Hi, ljstoker!

I just moved your question to this topic area in the hopes that it might get noticed and answered the best. I'm not sure if this is exactly the right topic area for it, but I'm sure that it will get noticed more in the section by the appropriate experts than where it was over in Home-Based Business.

Thanks!

ebaines

I don't belive the SSA has announced the 2009 limits yet. Based on inflation they should certainly be higher than for 2008. Quick review of the rules for 2008:

If you are older than full retirement age, there is no limit.
If you are younger than full retirement age for all of 2008, your benefits are reduced by $1 for every $2 you earn over $13,560.
If your reach full retirement age in 2008, you must deduct $1 for every $3 you earn over $36,120 until the month you reach full retirement age, and after that nothing.

ljstoker

So what I am to understand is: Since I turn 66 in January and that is my full retirement age, I can make anything I want and not be penalized. Am I understanding this correctly?

ebaines

In your case - yes. But if you draw any social security in 2008, you would be docked $1 for every $2 over $13,560 that you earn in 2008.

d-fore

if you get married and your husband dies and he has one step child is that child elgible for social security benefits even though the real father pays child support

d-fore

if my husband dies and we have been married for only 6years am i intilted to any social security benefits

ebaines

d-fore: you should not tack a new question onto an old one. I suggest you ask this question in the retirement forum and someone (perhaps me) will be glad to answer it there.