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.
If you take Social Security income and your circumstances change, you can âwithdraw your applicationâ even if you have been taking income. You can pay it back but note that you can only do this in the first year. Once you have taken benefits 12 months or longer, this option isnât available. You are working part time. You can still earn income when you draw Social Security early, there are limits though. In 2014, you can earn up to $15,480 a year and receive your early Social Security payment. Over and above that threshold, your Social Security payout is reduced by $1 for every $2 you earn. In the year you reach your full Social Security age, you can earn up $3,450 a month before you reach 66, without affecting your benefits. (In that year, itâs reduced by $1 for every $3 you earn over the limit). The bottom line is if you earn more than the threshold, it doesnât make sense to take your benefit early. Once you have reached your full retirement age, you can earn as much as you like from a job or business and it doesnât affect your Social Security benefit.