There is a common misconception among physicians that earning too much money after reaching retirement age results in huge withholdings from their Social Security benefits. This is no longer true. Congress repealed the "earnings test" in 2000, giving wage-earners over retirement age the right to collect their entire Social Security check. There is no limit on earnings after you have reached full retirement age.
In 2003, the full retirement age is 65 and two months. This will increase gradually until it reaches age 67 for people born in 1960 or later.
The news is not so good for people under full retirement age who have opted to begin receiving Social Security benefits. In 2003, people under full retirement age receiving benefits have an earnings limit of $11,520. For every $2 earned over this limit, $1 is withheld from their benefits. In the year you reach full retirement age you may earn up to $30,720 without penalties. For every $3 you earn over this limit in this year, $1 is withheld from your benefits until the month in which you reach full retirement age.
Visit www.ssa.gov for more information and the latest on any changes to this policy.
Learn More: Contact VISTA to Learn More about Locum Tenens
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