If you decide to turn on your Social Security before your full retirement age, the IRS has something called the Social Security Earnings Test where they assess a penalty if you make over a specified amount during that tax year. For 2022, that amount is $19,560 and the penalty is $1 for every $2 you earn over that threshold, but not many taxpayers realize that Social Security actually refunds you the penalty amounts once you reach full retirement age. In this article I’m going to go through

• Social Security Full Retirement Age Based on Date of Birth
• Social Security Earnings Test
• How they assess the Social Security earnings penalty
• How does Social Security refund you the penalties paid when you reach full retirement age
• Other social security filing considerations

Social Security Filing Strategy Video:    • Social Security Filing Strategies  

Contact Michael Ruger with Questions: 518-477-6686 or [email protected]
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