Continuing to Work (At 66 Before FLA) Earning Limit Issue
I have signed up for Social Security while wrapping up my career. I am 66 and have will be 67 in early January. Evidently there is an earnings limit that is set at $65,160 which applies to those in their final year before turning 67. I understood that I would be in this group (I have shown an image using Dec 31, 1959 as an example). My birthday is actually a couple of days later than this date and I now have been told that my limit remains at a much lower $24,480. This seems fundamentally unfair to those of us with birthdays in January, as we would never be able to have the limit raised to $65,160 as nearly everyone else is able to do. How can I be penalized due to the fact that I was born a couple days after the cutoff date? Once I reach 67, the earnings limit is removed. Is anyone else in this same predicament? I talked with the Social Security office and left even more confused than when I went in. The person told me that I should consider refunding the payments already sent, and cancel Social Securiy until I reach 67. Again, why should I be penalized because I was born a couple of days late? Not exactly my fault! The other issue I discussed at the SS office was if the funds held back ($1 of every $2 over $24,480) would be returned to me during the following year (as shown on the Social Security website). I was told: no, this is not accurate. Any insight on these issues is greatly appreciated.
