2015 Earning Limits Outlined for Social Security Benefit Recipients
Annual Payroll and Withholding Update Part 2 of 5
If you receive social security benefits, you can still continue to earn wages – the limits are outlined in Anders Annual Payroll and Withholding Update.
Social Security Benefits
You can continue to earn income while receiving full social security retirement benefits, provided your earnings do not exceed certain limitations. The 2015 yearly earnings ceiling for individuals who have not reached full retirement age will increase to $15,720.00 in 2015. Benefits of $1.00 will be lost for every $2.00 earned in excess of the ceiling.
For recipients who reach full retirement age in 2015, the earnings limit is $41,880.00 until the month the individual reaches full retirement age. Benefits of $1.00 will be lost for every $3.00 earned in excess of the 2015 ceiling. Once you reach full retirement age, you can collect full benefits, regardless of the amount of your earnings.
In the next blog post from the Anders Annual Payroll and Withholding Update, we explain Social Security, Medicare and Pension Withholding.