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Ask Rusty – What Counts for Social Security’s Earnings Limit?

January 17, 2023 | Presenting: Russell Gloor - AMAC Foundation Social Security Advisor

Dear Rusty: I retired on February 1st of this year (2022). I collect a pension from my employer plus a union pension, as well as Social Security, all of which started in February 2022. I am married and I’m 65 years old. I only worked 4 weeks in 2022 before retiring, but my income ended up being far more than expected. I got 5 weeks’ vacation pay and a retroactive check from an overdue labor contract. I also got hazard pay and a small check for a class action lawsuit my union filed years ago. All of that brings my 2022 income to about $35,000 which means I have exceeded what I can make as far as Social Security goes. My question is, should I contribute some money to my IRA to offset my earned income? And is it even possible for me to do that? Signed: Retired but Concerned

This recording presents the viewpoints of the AMAC Foundation’s Social Security Advisory Staff, trained and accredited under the National Social Security Advisors program of the National Social Security Association, LLC (NSSA). NSSA and the AMAC Foundation are not affiliated with or endorsed by the United States Government, the Social Security Administration, or any other state government. To request additional information, contact our Advisory Staff at 888-750-2622, or email us at [email protected].