THE EVERETT ADVOCATE – FRiDAy, JunE 9, 2023 Page 21 Say nr Sa a y Senior Seni by Jim Miller What Happens if You Work While Receiving Social Security? Dear Savvy Senior, I started drawing my Social Security retirement benefi ts back in 2021 when I was forced to retire early, but I’m now interested going back to work part-time. Will this aff ect my benefi ts, and if so, how much? Back to Work Dear Back, You can collect Social Security retirement benefits and work at the same time but depending on how old you are and how much you earn, some or all of your benefits could be temporarily withheld. Here’s how it works. SSA Earning Rules Social Security says that if you’re under your full retirement age and are collecting benefi ts, then you can earn up to $21,240 in 2023 without jeopardizing any of your Social Security if you don’t reach your full retirement age this year. But if you earn more than the $21,240 limit, you’ll lose $1 in benefi ts for every $2 over that amount. Full retirement age is 66 for those born between 1943 and 1954, but it rises in two-month increments every birth year to age 67 for those born in 1960 and later. You can fi nd your full retirement age at SSA.gov/benefi ts/retirement/planner/ageincrease.html. In the year you reach your full retirement age, a less stringent rule applies. If that happens in 2023, you can earn up to $56,520 from January to the month of your birthday with no penalty. But if you earn more than $56,520 during that time, you’ll lose $1 in benefi ts for every $3 over that limit. And once your birthday passes, you can earn any amount by working without your benefi ts being reduced at all. Wages, bonuses, commissions, and vacation pay all count toward the income limits, but pensions, annuities, investment earnings, interest, capital gains and government or military retirement benefi ts do not. To fi gure out how much your specifi c earnings will aff ect your benefi ts, see the Social Security Retirement Earnings Test Calculator at SSA. gov/OACT/COLA/RTeffect. html. It’s also important to know that if you do lose some or all of your Social Security benefi ts because of the earning limits, they aren’t lost forever. When you reach full retirement age, your benefi ts will be recalculated to a higher amount to make up for what was withheld. For more information on how working can aff ect your Social Security benefi ts see SSA.gov/benefi ts/retirement/ planner/whileworking.html. Be Mindful of Taxes Too In addition to the Social Security rules, you need to factor in Uncle Sam too. Because working increases your income, it might make your Social Security benefi ts taxable. Here’s how it works. If the sum of your adjusted gross income, nontaxable interest, and half of your Social Security benefi ts is between $25,000 and $34,000 for individuals ($32,000 and $44,000 for couples), you have to pay tax on up to 50 percent of your benefi ts. Above $34,000 ($44,000 for couples), you could pay on up to 85 percent, which is the highest portion of Social Security that is taxable. About a third of all people who get Social Security have to pay income taxes on their benefi ts. For information, call the IRS at 800-829-3676 and ask them to mail you a free copy of publication 915 “Social Security and Equivalent Railroad Retirement Benefits,” or you can see it online at IRS.gov/pub/irs-pdf/p915.pdf. In addition to the federal government, 12 states – Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, Rhode Island, Utah, Vermont and West Virginia – tax Social Security benefi ts to some extent too. If you live in one of these states, you’ll need to check with your state tax agency for details. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. ~ Home of the Week ~ SAUGUS....Desirable one-owner Ranch features 5 rooms, 3 bedrooms, spacious kitchen with dining area and slider to deck, large, unfinished lower level, walk-up attic for future expansion, laundry hook-ups in kitchen and lower level, wrap-around cement, circular driveway, gorgeous, gorgeous level yard!! Located in sought-after Iron Works neighborhood! Great opportunity to own this one-level home! Offered at $499,900. 335 Central Street, Saugus, MA 01906 (781) 233-7300 CITY OF EVERETT - LEGAL NOTICE - ZONING BOARD OF APPEALS 484 BROADWAY, ROOM 24 EVERETT, MASSACHUSETTS 02149 To Whom It May Concern: This notice is to inform you that a public hearing will be held on Tuesday June 20, 2023 at 6:00 PM, Everett City Hall, 3rd Floor George Keverian Hearing Room. All interested parties may attend and opinions will be heard regarding the following petition. Whereas a petition has been presented by: Property Address: 41 High Street Map/Lot: L0-02-000125 Person Requesting: Mr. Anthony Rossi 516 Broadway Everett, MA 02149 PROPOSAL: The applicant seeks to convert the existing 2 family residence built approximately in 1970 into a 3-family residence. No exterior alterations or alterations to the existing parking configuration are proposed. The property is located in Dwelling District Permit was denied in accordance with the City of Everett Zoning Ordinance Appendix Part II as follows: Zoning and Violations: - Section 4 (A) – conversion to a three-family use is not permitted if the structure was built after the city adopted its first Zoning Ordinance in August 1926. A use variance is required. - Section 4 (B)(2)(c)-all uses other than one-family and two -family dwellings require a floor area ratio of no more than .50. The property is already nonconforming as to lot area, as it contains on 3,800 s.f. of area, whereas 7,000 s.f. is required. The proposed conversion will increase the area nonconformity. A special permit is required under Section 3 (C). - Section 17 (A)(2) requires two parking spaces per dwelling unit. The property is already nonconforming as to this requirement, as it contains only three spaces, whereas four are required. A special permit will be required to increase this nonconformity, pursuant to Section 3 (C) of the Ordinance. Alternatively, the applicant may opt in to the Transportation Demand Management provisions of Section 35 of the Ordinance. MARY GERACE - Chairman Roberta Suppa - Clerk of the Board of Appeals June 02, 09, 2023 View the interior of this home right on your smartphone. View all our listings at: CarpenitoRealEstate.com nior ior
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