Q. In a few months, I’ll be collecting Social Security at 62. They’re going to take half of it because I only worked 14 years. That will leave me $300. Am I still under the wage limit where I can only make so much money? A. You bet you are. This year that limit is $14,640. If you earn more than that, your Social Security benefit will be reduced by $1 for every $2 you receive in your paycheck. In the year you reach your full retirement age, the reduction will be $1 for every $3 until the month in which you…
Browsing: wages
Whether you are an employee or a retiree, this year is a real bust when it comes to benefits. Employee pay scales are frozen at 2010 levels for two years under a presidential proposal that was approved by Congress. Frozen are cost-of-living adjustments to the General Schedule, Senior Executive Service, wage grade and other pay scales in the executive branch for 2011 and 2012. On the bright side, employees eligible for step increases will still receive them in those years. About 1.1 million GS employees — three-quarters of the GS population — will receive $2.5 billion in raises through step…