The annual limit isn’t the only factor in play. There are situations where you can work with no penalty to your monthly benefits, even if you’re not full retirement age.
Tampa Bay, Florida (PRWEB) May 27, 2014
Attorney Antonio Viera, an experienced social security attorney with the highly-regarded Tampa Bay law firm of Carlson, Meissner, Hart & Hayslett, P.A., advises recipients of social security benefits on how much they work may affect the assistance they receive each month.
According to Federal law, workers have a limit on how much they can earn annually while receiving social security benefits. The annual income limit in 2014 is set at $15,480. “Reaching that limit does not cancel Social Security benefits,” attorney Viera explained. “However, it will begin to reduce the monthly payments based on how much they’ve earned.”
The effect on payments depends upon the age of the worker. Workers receiving benefits who are under full retirement age for the entire year will have $1 deducted from their benefits for every $2 earned above the annual limit. Workers who will reach full retirement age have only $1 deducted for every $3 earned beyond the limit. Once a worker reaches retirement age, they can receive full benefits regardless of any money earned throughout the year.
“The annual limit isn’t the only factor in play,” Viera noted. “There are situations where you can work with no penalty to your monthly benefits, even if you’re not full retirement age.”
Disabled recipients can start a Trial Work Period, which can be up to nine months, not necessarily consecutive, over a 60-month time span. A Trial Work Period begins when a disable worker earns more than $770 in a month or works 80 hours in a month while self-employed. In either case, their monthly benefit is not reduced in any way.
After exceeding the Trial Work Period, workers enter an Extended Period of Eligibility for another 36 months. During this time, workers can earn up to $1,070 a month, or $1,800 for blind persons, with full benefits. If that number is exceeded, however, all benefits for the month are forfeited. Exceeding that threshold also means that Social Security benefits will cease after three months, as the worker is presumably no longer disabled.
“This can put workers in a difficult position,” explained Viera. “The good news is that if a worker falls below that income threshold during the EPE, they can have their Social Security reinstated. It’s important to secure expedited reinstatement in these cases. If you’re receiving Social Security, you still have a right to try an earn a living, you just have to be aware of how the law can affect what you receive.”
This information is provided for educational purposes only and does not constitute legal advice.
About Carlson, Meissner, Hart & Hayslett , P.A.
The law firm of Carlson, Meissner, Hart & Hayslett P.A. was founded in 1971 by attorneys Ed Carlson and Paul Meissner. For more than four decades, they have been committed to protecting the injured and defending the accused. Their attorneys have established a solid reputation of case success throughout Florida, providing strong legal representation, easy accessibility and a high level of dependability. A client-centered approach ensures that clients know what is happening as their case progresses, and understand their options every step of the way. With a focus on personal injury, they help victims of auto accidents, slip and falls and wrongful death accidents. The firm is well-known for their innovative criminal and DUI defense work, defending both local and high-profile clients. Attorney and Partner Kevin Hayslett is widely recognized as The Attorney to the Stars, providing strong legal representation for notable celebrities and dignitaries throughout Florida. The firm also handles social security disability, workers compensation, divorce, family law and immigration cases. They offer free initial consultations and have five convenient Tampa Bay Area locations. Attorneys are available 24/7 for emergencies. Count on the legal team of Carlson, Meissner, Hart & Hayslett, P.A. to be there, fighting for you, protecting your rights. For more information or to schedule a consultation, call 877-728-9653 or visit their website http://www.carlsonmeissner.com