Does Social Security Recognize An Annuity As Earned Income?
When you are reporting income to the Social Security Administration you do not have to include income received from an annuity. The only income that Social Security is interested in is income from a job. IRA’s, annuities, pensions, capital gains and any other form of non-employed income does not apply to your income qualifications for the program. People receiving government monies from other programs do not have to claim it as income. However, any money that you earn at a job or through self employment must be reported to the Social Security Administration.
Why Does Social Security Want To Know About My Income – I Am Old Enough To Retire
Many people find that at retirement age they are not interested in retiring. Some find that they still want to stay active and keep a part time job. Whatever the case, the Social Security department believes that if you are not fully retired, you should not receive full retirement benefits. Fair or not, it is the rule until you reach the age of 70. Once you have reached 70, any income that you make is not counted against your retirement and you will receive full Social Security benefits.
Will Social Security Pay Retirement Benefits If I Want To Volunteer Full Time?
If you become a senior volunteer you do not have to worry about your Social Security benefits. Even the volunteer jobs that give a stipend or bonus to seniors for gas or supplies do not have to worry about this type of income affecting their benefits. The only income that needs to be reported is income earned through employment. Many seniors find volunteering a way to stay active without endangering their Social Security benefits through employment.
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