Friday, August 1 2014 9:55 AM EDT2014-08-01 13:55:15 GMT
U.S. employers extended this year's hiring surge into July by adding a solid 209,000 jobs. It was the sixth straight month of job growth above 200,000.Full Story >
U.S. employers extended their solid hiring into July by adding 209,000 jobs. It was the sixth straight month of job growth above 200,000, evidence that businesses are gradually shedding the caution that had marked the...Full Story >
Friday, August 1 2014 9:28 AM EDT2014-08-01 13:28:16 GMT
A three-day cease-fire in the Gaza Strip has gone into effect following heavy Israel-Hamas fighting.Full Story >
A Gaza cease-fire quickly unraveled Friday as violence erupted in and around the southern town of Rafah, with at least 35 Palestinians killed by Israeli shelling and the military saying an infantry officer may have been...Full Story >
Friday, August 1 2014 8:44 AM EDT2014-08-01 12:44:35 GMT
The United Nations says 1,737 people, mostly civilians, were killed in Iraq in July, marking a dramatic decline from the previous month, when some 2,400 people were killed as Sunni militants swept across large...Full Story >
Iraq's most influential Shiite cleric appealed to Iraqi politicians on Friday not to make themselves "an obstacle" in the country's transition as the deadline looms for selecting the next prime minister.Full Story >
MESA, AZ (CBS5) -
You are allowed to collect Social Security and still continue to work when you retire early, but only up to a certain amount. If you don't plan correctly, and earn over the limit, the check you expect to get will be reduced and might even be cut completely in some months.
Monica Cox continues to operate a small upholstering business from her home, even after she retired at age 62. She knew Social Security would deduct money from her monthly benefit checks in 2013 because she earned too much in 2012, but she wasn't aware how they would do it.
"It's not that they lower the amount you are getting, you just don't get a check at all, and if you're depending on that check, it hurts," Cox said.
If she earns more than $15,000 again this year, Social Security will, again, deduct one dollar for every two she earns over $15,000. They don't have to take just a little each month.
"Sometimes they just take it out, and you don't get anything for the whole month, they just arbitrarily withhold your whole month's check," Cox said.
Cox says she lost two full months of benefits and had to dip into savings to pay her bills, but she's concerned about people who haven't planned properly and don't have the luxury of some money in the bank.
"Someone who is older, who doesn't have other resources, it could impact to flat not get a check for the whole month," Cox said.
The money isn't lost forever. Seniors like Cox are reimbursed the full amount deducted after they reach full retirement age.
"You do, eventually, get it back, but if you're depending on that right away, it's not going to happen," Cox said.
So, if you plan on working past age 62 and anticipate making more than $15,000, in the years leading up to your full retirement age - which ranges from 65 to 67 - strongly consider putting off Social Security benefits.
At least plan on getting a smaller benefit check each month, or none at all some months, until you reach full retirement age.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.
Thursday, July 31 2014 9:48 PM EDT2014-08-01 01:48:50 GMT
Green Township Police are looking for a suspect after a man robbed Kroger while wielding a butcher knife. Police say the man entered the store on North Bend Road with the knife around 10:30 p.m. Wednesday.Full Story >
Green Township Police are looking for a suspect after a man robbed Kroger while wielding a butcher knife.Full Story >
Wednesday, July 30 2014 9:12 PM EDT2014-07-31 01:12:13 GMT
The tattoo has not previously been seen widely by the public because cameras are not allowed inside Indiana courtrooms. The Indiana Office of the Courts released the photo on July 30 as part of evidence logged in by police and presented to the court by the Floyd County Prosecutor's Office.Full Story >
The tattoo has not previously been seen widely by the public because cameras are not allowed inside Indiana courtrooms. The Indiana Office of the Courts released the photo on July 30 as part of evidence logged in by police and presented to the court by the Floyd County Prosecutor's Office.