Limits on Social Security Income
If you are collecting Social Security benefits and are still working, there are two factors that may be working against you. The first factor you must consider is the so-called Social Security "give-back." If you are age 62 or older, under the full retirement age (65 - 67 depending on your birth year), and receiving reduced Social Security benefits, you must "give back" $1 for every $2 earned above $13,560 in 2008. If you attain full retirement age in 2008, your benefits would be reduced by $1 for each $3 earned over $36,120. Upon attainment of full retirement age, you may earn as much as you like and Social Security benefits are not reduced.

The second factor is the potential taxability of Social Security benefits. Individuals with higher levels of earned income (including tax-exempt interest) might have to pay regular income taxes on as much as 50% to 85% of their Social Security benefits. Again, the taxable amount depends largely on actual benefits received, your tax filing status, and your adjusted gross income (AGI) with certain additions. It is important to consult a qualified tax professional for specific details, especially if you want to - or must - continue working for the extra income.

Copyright © 2008 -- Liberty Publishing, Inc. All rights reserved.
4030 Smith Road
Suite 400
Cincinnati, OH 45206
ph: (513)745-7007
fax: (513)745-9708

Welcome to Dougherty & Associates

At Dougherty & Associates, our purpose is to guide you to a more secure future. We look at every possible way to help you maximize all you've achieved in life. We offer a full range of wealth advisory services designed to help satisfy your personal financial needs.

You've succeeded in so many ways. You've "made it" - on paper at least. But still you wonder, "Is it enough?" "Could I do better?" "Is this the best I can do for my loved ones?" You need to know the answers. Because there are as many ways to enjoy what you've built as there are potential missteps that can cripple your financial future.

We believe that it's not only our responsibility to help you make the most of your income and assets, but also to help you make the most of your life. It's our plan for your future.

Put Your Future in Capable Hands

A financial advisor you can trust; an organization you can count on. With Dougherty & Associates, you get both. Here's how we work:

  • We identify your needs and objectives.

  • We fully analyze and evaluate your personal situation.

  • We give you input and advice to help you make timely, informed decisions.

The benefits of this approach are obvious. You gain a greater appreciation of your financial situation and the impact that various options can have on the financial well-being of you and your family. This places you in a better position to make wise decisions, and makes implementation much easier.