SOCIAL SECURITY DETERMINES EARNING GUIDELINES; INCOME BEFORE AGE 70 AFFECTS CHECKS

CAPE GIRARDEAU - In addition to being chronologically advantaged, you have to be retired to get Social Security. Once you turn 70 you're considered retired no matter how much you work or earn and you can receive all benefits you normally would be entitled to.

Before age 70, though, there's a limit to how much money you can earn and still be considered fully retired.

The limit for retirees under age 65 is $7,080 in 1991. People age 65-69 can earn as much as $9,720. If earnings don't exceed those limits you'll be considered retired for the whole year and you'll get all your Social Security.

Because the purpose of these limits is to determine whether you are retired; only wages and self-employment income count. Pensions, interest, dividends, disbursements from an IRA or 401k plan and other investment income are not included.

Beneficiaries under age 65 lose one dollar of their Social Security for every two they earn over the limit. Those 65 to 69 lose one for three.

All earnings for the whole year from January through December count. Even money earned before age 62 or before benefits start is included. However, in the year benefits start a special rule allows payment for any month you're retired even though earnings are well over the yearly limit.

In 1991 a newly retired wage earner can get a Social Security check for any month he doesn't earn more than $810 if he's 65 to 69. The monthly limit for younger wage earners is $590. Self-employed people are usually considered retired in any month they don't work more than 45 hours.

Remember that if you don't go over the yearly limit you're considered retired all year and you'll get all your benefits no matter what months you work. But if you're over the limit for the first year the monthly rule will still result in payment for all months after you've retired.