Life Events


Every stage of life has its own financial needs and concerns. The life events on this page can help you target the key financial strategies and issues that are likely to be most important to you in this stage of your life.

Starting Out    Getting Married    Starting a Family    Saving for College    Planning/Saving for Retirement    Managing College Expenses    Long-Term Care Planning    Planning an Estate    Nearing Retirement/Retirement    Caring for an Aging Parent    Financial Windfall   
 
How Earnings Affect Social Security
How Earnings Affect Social Security

If you begin to receive Social Security retirement (or survivor's) benefits before you reach full retirement age, money you earn over a certain limit will reduce the amount of your Social Security benefit. In 2014, your benefit will be reduced by $1 for every $2 of earnings in excess of $15,480.*

The chart below shows the effect of annual earnings of $10,000, $20,000 and $30,000 on a $12,000 annual Social Security benefit ($1,000 monthly) for someone who hasn't yet reached full retirement age.

How Earnings Affect Social Security

Source: Social Security Administration, 2013

*Special rules apply in both the year you reach full retirement age and the year you retire if you have not reached full retirement age.



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*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS), registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Fairwinds Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.