For those who are working while collecting benefits, Social Security has applied what is known as the “Earnings Test.” That means if you are 62-64 years old, every $2.00 earned over $10,080 (as of the year 2000) results in a $1.00 deduction from your social security benefit. This is usually done by a reduction in your benefit.
Until recently, the earnings test was applied to the age 65-69 group, although to a lesser degree. That earnings test has been repealed, and all of those who have had benefits withheld during the year 2000 will receive a refund check in May or June of 2000, as well as start receiving full Social Security benefits in June of 2000 with no limit on the income they can earn. If you earned so much that you would have had all of your Social Security benefits withheld anyway, you can apply now and receive full benefits retroactive to the first of the year. If you turned 65 sometime after the first of the year, you will receive a refund retroactive to that date. Milwaukee elder law attorneys recommend speaking with a lawyer who specializes in elder law to best prepare for your future. It’s important to note that it’s never too late to prepare for the future of you and your loved ones.