No, you will not have to return some of your Social Security payments. People who retire in mid-year often earn more than the annual earnings limit for Social Security. That is why there is a special rule that applies to earnings for one year, usually the first year of retirement. Under this rule, you can get a full Social Security check for any whole month that you are retired, regardless of your yearly earnings. After this first year, however, until your full retirement age, you will be subject to the annual earnings limit ($14,160 in 2009) which usually changes annually.
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