In fact, with the exemption in effect, shoppers from the suburbs and perhaps those from nearby parts of Connecticut, which has a 6.35 percent sales tax, might be enticed by a simple calculation: Shop for clothes (under $110) in New York City, and pay no sales tax. And city residents might be enticed to stay.
For example, if you're 64 years old, taking home $1,100 a month in Social Security benefits ($13,200 annually), and you earn $24,000 in wages in 2016, you can expect the SSA to reduce your 2016 annual benefit by $4,140 ($24,000 minus $15,720, then divided by $2). Your net benefit would be $9,060.
How Much Money Can You Make in 2017 Without Reducing Your Social Security Check? If you collect Social Security and you're younger than full retirement age, then you can earn up to $16,920 in income in 2017 and still collect 100% of your Social Security payment. The average American's retirement savings remains anemic, wages are only inching higher, and employers continue to abandon pension plans.