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New rules have been passed by Congress effective with 1961. This., new law recognizes that many people prefer to keep working and do, not retire until thev^jC well past 65. Under the^C provisions, it is possible for a person to earn well over $1200 during the year and. still draw some of his social se-. curity benefits. When la social security beneficiary earns over $1200, his total benefits for the year will be reudced to $lye cmh year are reduced by $1 for each $2 that he earns from $1200 to $1700. For every $1 that his earnings go above $1700, his benefits for the year will be reduced by $1.
Mr. Earl presented this example of how this new rule works: Ray Shaw, age 655, receives $100 a month from social security. His wife, Patricia, age 66, gets $50 each month as a wife, on Ray’s social security account. Together they receive a combined check of $150 a month.
In 196L Mr. Shaw works throughout the entire year and earns $125 a month,o*i$1500 'for the year. His earnings exceed $1200 by $300. This means that $150 will be deducted from the benefits 4ue the family for 1961.
These pew rules mean that a
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