For many people, the promise of Social Security benefits offers the opportunity to transition from working full-time to some form of retirement. If certain requirements of age and previous work experience are met and approved by Social Security, your monthly payments can begin. However, these payments are often insufficient to live on, and if you are looking to earn more, a Greensboro Social Security disability attorney can prevent reductions in your monthly benefits.
If you receive Social Security, the good news is that Social Security regulations permit you to earn some income at any age. The primary factor is the age you reached before receiving benefits. The older you are, the more you can earn without a benefit reduction. Additionally, a Greensboro Social Security disability attorney found that once a Social Security recipient reaches age 70, there is no reduction in benefits regardless of income.
Social Security law is complex and gives ordinary words technical meanings. For example, earnings include wages and net proceeds from self-employment, but do not include stock dividends or income from the result of work done in previous years.
There are certain risks involved if a retiree attempts to “shift” income to avoid a benefit reduction, such as when a husband and wife own a joint business. However, in the first year of eligibility, known as the “grace” year, additional income can be earned without penalty.
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