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.
Starting with the month you reach full retirement age, there is no limit on how much you can earn and still receive your benefits. Let's look at a couple of examples: You are receiving Social Security retirement benefits every month in 2017 and you. Are under full retirement age all year. You are entitled to $800 a month in benefits. ($9,600 for the year) You work and earn $26,920 ($10,000 over the $16,920 limit) during the year.