Q. I am retired with 30 years of service. I also have 22 years of substantial earnings in Social Security. I am working as a consultant and plan to until I get to 30 years of substantial earnings.
2013 substantial earnings are $20,175 and above. I earned about $24,000. That is my gross amount. Are substantial earnings based on my gross amount or my net amount (after I deduct my expenses)?
A. You’ll find the answer you’re looking for at www.ssa.gov/pubs/EN-05-10069.pdf.
3 Comments
I am 67 yrs old and I am still working. Not retired.
I have worked for over 40 yrs but as of 12/31/16 I have only 29 yrs of substantial earnings. If I retire now the 85% windfall rule will apply. I want to stay on working until I complete 30 yrs of substantial earnings.
Like I said I am still working as of 1/2017 hoping to complete the required 30 yrs sub. Earnings so the 90% formula can be used.
Do I have to work all of 2017 to complete the 30 yrs of substantial earnings or only up to the point I earn enough to cover the substantial earnings amount of 2017? What is the substantial earnings for 2017? Thank you
No, you don’t have to work an entire year to meet the substantial earnings amount for 2017. Since the Social Security Administration hasn’t yet posted the figure for 2017, all I can give you is the one for 2015-2016: $22,050.
So as long as I earned the required $ amount
Substantial earnings for 2017 it will count as one year of substantial earnings total of 29 + 1=30 yrs of substantial earnings. So the 90% formula will be used and no windfall rule will apply to my case. Thank you