What's the answer ? Can you keep learning money and your retirement of social security or not .Does it prolong your receiving your payment or shorting it.
Technically, this is an insurance program, with the policy premiums paid by the people currently working TO the people who are retired. Most people will receive MORE than what they contributed.
How dare they take anything if a person is able and willing to work especially since it's not much to begin with. If only this applied to politicians. 😊
@@websterhays8352 So they don't lose money? Take a 72 year old still working. If they were not taking their SS, then they would have lost 2 years worth of money at the age 70 rate.
From my observation and historical market pattern, there might be a bit of turbulence in the market coming up, but here's the deal: Trying to guess what's going to happen next is less important than spreading your bets when trading and thinking long term. It's not about guessing the market's next move. it's about playing it smart and steady...managed to grow a nest egg of around 180k to a decent 832k in the space of a few months...
Now imagine how difficult it is to meet those simple needs if income is limited to a monthly Social Security check. Unfortunately, millions of people now face that life-sobering challenge because they could not set and address their investment goals earlier in life.
truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a financial advisor... mind sharing info of this professional guiding you please?
This is my fifth year after retirement. I’ve been following the 4% rule thing I saw on a TH-cam channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get worried.
Amazingly, you were able to save that much during your active years. Not a lot of people can save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
@@ChristophersHoyts Inflation is gradually going to become part of us and due to that fact, any money you keep in cash or a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
@@JuneTalley Hey, this caught my interest. I worry that I have a couple more months before retirement, and I want to switch to using a financial advisor, but I don’t know how to find one.
@@LucaMurgia-j7b Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with MARGARET MOLLI ALVEY for the last five years or so, and her returns have been pretty amazing.
@@JuneTalley Thank you for this tip. it was easy to find your coach. Did my due diligence on her. She seems very proficient and I'm grateful for your guidance.
People collecting SS need to work. Groceries are out of sight as well as gasoline and everything else needed to live . Sixty five should be the age where you can make what you want.
The way the world is today . Just social security isn’t enough to live on. You must have to keep working depending on what age group you’re in. Try living on about 500 dollars per month when everything around is going up?
Regardless of whether you're a Wise person, it's best to consult a professional advisor right away. As a business owner in the service industry as well as an ebay reseller of all product categories, I can attest to the fact that we are in a severe recession and that everyone is running out of money
Starting early is simply the best way of getting ahead to build wealth, investing remains a priority. I leant from my last year's experience, I'm able to build a suitable life because I invested early ahead this time
My $305k growth has been stagnant since 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could be retiring in next 3 years
It's crucial to have a well thought-out strategy and not make impulsive moved based on short-term market fluctuations. Patience and a long-term perspective are keys. you should consider a market expert to guide you
I am 63, working full time for $77,000 and hoping to retire near the end of 2024. Before watching this, I thought I could apply to receive monthly benefits as soon as I had less than $22,500 of salary left to earn from my employer in the year. Now I know that is wrong. I wanted to apply for social security a few months before I stop working so I am collecting both my salary and my social security. $77,250 / 12 = $6437. The earning limit would be $22,500 / 12 = $1875. That means I should not try to do this. I don’t believe in an earnings limit. Such BS, trying to force people to live poor or force us to stay in the full time work force long after the workforce wants us. The age discrimination is awful.
Taking Social Security early, in my view, is a greed tactic by SS to entice people to take less than what they contributed to OASDI / FICA, over their working lives. Don't fall for it. If you're working and don't need the money, don't take it; let it grow to 100% and collect at your Full Retirement Age (FRA). You'd only be collecting 70% starting at age 62 and increase 8% (simple interest) per year until your FRA and through age 70. Nobody can collect more than 124% plus .05% per month of their benefit, anyway. Let it ride and take your benefit at your FRA, then go make as much you want without penalty. Don't torture yourself crunching numbers until you go blind, it's all about the long game and survivial. Collecting as many monthly checks as you can until the end.
Become a 1099 contractor. You can write off your health insurance, home office depreciation, mileage, plus a portion of your utilities and maintenance.
@@skipmatsey8352 Thank you for your comment. I don't know if I can do that, since I am not actually working from home. I have an employer and I work at the plant.
The income limit is ridiculous, while working in retirement you're still paying into ss, why should there be any penalty? It's designed to keep us poor.
Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioral psychology. How can I generate more income to retire with at least $3m for long term care?
We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioural bias especially if they engage professional help.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my father through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Thank you for this. I am a CPA and thought I had all this info down, but your video answered every question I have been searching all over the internet to answer. How the income clawback by SSI gets added back to your benefits (it's added back in months, thereby reducing the time you took benefits before retirement age) is something most people are not aware of. So we are not penalized for filing early and keep working, it just gets added back to the pot. We don't lose those benefits really, it just increases our benefits later.
There should be no limit as how much you make on any job . Total B/S you payed into it for years then collect it and you can't supplement your income unlimited.
After you attain your full retirement age (FRA), you can collect 100% or Primary Insurance Amount (PIA) of your earned Social Security retirement beneift, and earn as much income as you wish without penalty.
The Congress has to wake up and do some to let retired people work without any penalty. It is about starving, surviving, it is about having a dignity lifestyle, not a miserable one.
I am 63, Social Security is holding 8 months of my SS because of an overpayment. It is awful!! Due to this economy I had to work and it barely seemed enough.plus to cover insurance. Now I need to work more to cover the loss. Horrible!
Please provide a real life example using math. In the first scenario, retired at 63, still working making $45,000 yearly, for every $2.00 over limit, $1.00 is withheld. This is what I would really like to see. Do get anything from SS, or is everything withheld until you stop working?
You are right people in the congress and senate are able to get paid by us and make deals on the side.We should be able to work and continue putting in to the system. They are not thinking about how much stuff cost.
I’m also semi retiring at 64 and my first payment in April this year, I have a part time job, I’m hoping to save a good amount of my SS money into my savings, cause now I’m broke….😅
Information everyone......this is an "Insurance Plan" we are paying premiums not a tax and regardless, look what you paid in, it's a good deal regardless. It can be made HONEST by our Federal Govt. to STOP double taxing our SS Benefit.
I read somewhere that sometimes the SSA makes mistakes calculating what you are due. How can a person figure out if they are getting as much a monthly benefit as they deserve?
A few years ago, I realized social security was helping themselves to a part of my social security check. Instead of paying my 1068.46 , they started paying just $ 1068. For most people, not a big deal. .for me on disability that .68 cents is 2 breakfast servings of food. 😢
Just had this one pop up in my feed, most likely because I am a new subscriber. Great info. You touched briefly on self employment, which is where I am now. 40 plus years as an employee and am now SS eligible but the language used on the SS website was a bit confusing about benefits while being self employed. Any of your other videos simplify this?
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
My CFA ’Margaret Johnson Arndt’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Margaret.
I'm 69. I work full time and get SS. My total income combined was $49,000. The feds want $810 because no taxes were taken out of the Social Security. Why am I being taxed if retirement age is 66?
Hi I'm 69 and get $ 700. I had to go back to work 😢 and no one would tell me why I'm getting a low amount I work within a school part time coming home with about $ 670. every two weeks someone help me understand this please IN NEW JERSEY
Taking $$$$$ back from a widow or widower is a real blow. And to add insult to injury if you make over a mere $22,320 you lose more ….at a time when you really need it - to eat and keep a roof over your head.
And after two years of a spouse passing you’re now taxed at a SINGLE rate!!! What? I didn’t want to be single/widowed! I cried like a babe over that one.
i know when i filled out the s.s. form for retirement they asked about wages and tips and if i were self employed, so my understanding is a 401k or an ira account is not counted as earned income
This clearly shows that the system is not designed to give you back your earned benefits, but only give benefits to those who in the eyes of the government “need it“. If you decide to work more, then they penalize you. Lesson: if somebody says I’m from the government, and I’m here to help, don’t vote for them.
I get an federal civil service retirement annuity with social security supplement (because I was forced to retire at 57 before I reached retirement age 62). When SSA finds out that I have gone over the earning limit, do they just take if from the SSS amount ($1 for every $2 I'm over) from from the SSS or do they take it from the annuity as well?
Thank you so much for the information… 1. Positive on the rental income. Is that count toward the earnings limit? 2. Does the gross income on the self employed count toward the earnings or net after all the deductions?
I was 67 when I retired BUT STARTED SS AT 62. There is a catchup 401k amount which can be contributed so that was held out of my pay. Therefore, my W2 showed my income as less than that required to withhold any SS..
Thanks for explaining in an easy to follow manner. On to my questions. I’m a CSRS retiree receiving my pension (we did not pay into Social Security). I went back to school, became a massage therapist, & got my 40 quarters. My SS is penalized because of WEP (Windfall Elimination P…?) by 2/3s because of my Federal pension. I’m 70 & am past my FRA. I’ve gone back to P/T work with Visiting Angels. I’m paying into SS almost as much as I get in benefits after the Medicare premium is paid. My 1st question is since I’m drawing SS, will this additional money be counted toward future benefits? My 2nd one is since I’m drawing SS, why do I have to pay more money into SS on my new job?
Retired early here; Been trying to find a part time job since the retirement check is so small. Part time jobs are low paid:( I guess, I will have to go back and work full time. It is a mess since now the government will hold my retirement check and withhold $1 from every $2 that I make over $22K!!!. It is horrible the way we are controlled by government. Incredible in the USA! :( I feel like the gov is pulling us down so that we can never advance in life:(
Question If I worked as a teacher till end of school year then decide retire at 62 in September..how does the $$ I earned affect my benefit and, should I wait to apply for SS
Hi Devin! My question is about working and applying for Social Security Surviving Spouse benefits. I will be turning 60 next August. I have been a widow since 2017 and my late husband was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 withheld for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower working income.. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.
Yes, you were. If you apply at 60 for survivor benefits while you make over $50,000 or even a very low amount annually then your Social Security benefits will stay super low FOREVER. Do a lot of research on your own and watch as many relevant TH-cam videos as possible.
how and when do you notify social security that you're going to exceed the income limit? Say it's 6months in and I'm over the income limit by a few thousand. Should I let them know then? (and how?) or should I wait till Jan? Or until I file my taxes in April?
Thank you so much for posting this, its priceless information, but I have one question. When they say, "income limit", is that income in ADDITION to your social security or is social security income included in your income limit? I know this sounds like a stupid question, but its a bit confusing.
Don't give them any ideas! The answer to your question is your SS check is not included in the limit! In my book, the limit should be $2,500/month before they even think about deducting your SS check.
Can you stop your benefit temporarily, say if you knew your earnings would exceed the income limit? If so, do you recommend the stop or is it a bad idea?
I am on SSDI due to severe neurological complications. I knit and crochet as a hobby to keep my sanity. I might only be able to complete a few projects per week, while other weeks I can’t. Can I sell the completed projects online so they stop piling up without risking SSDI?
Does Etsy report your earnings to the government (send a 1099)? The $600 minimum might go into effect again in January? Below $600 I’d guess you are safe to be left alone.
I needed to start taking my monthly social security benefits in 2020 at age 64. At that time along with my social security I started working part time. In April of this year (2023) I reached my full retirement age. Currently I am planning on continuing to work my part time job at least throuh the end of 2024. I know because I started taken my benefits before reaching my full retirement age, my benefits were reduced. But now that I am at full retirement age and still working and paying into S.S. My question is will I be able to get any additional benefits or credits for the money I am paying into S.S. now?
so if I am turning 62 in Nov. 2024 and want to get the paper work ball rolling so I can start collecting my SS in Jan 2025 I assume I should go to the local office in Sept / October because I would think it takes about 3 months for the government to do the paper work?? I can still work full time until New Years then start collecting checks and just work about 2 days per week and make around $20,000 which should be fine with me.
Well I am screwed! I received survivor benefits and barely can survive. I had to find a part time job and make roughly $600.00 hundreds more monthly than my benefit and even making that extra earned income I still have to borrow at times for my expenses, especially my car repairs and house repairs are in the hundreds of thousands! Do they not count emergency expenses and cost of living?!!!
Still somewhat confused. I retired at 65 in March 2021. I am now 67; so If I decide to get a part-time job, all of that income, no matter the total wage amount, will not affect my monthly SS checks?
During the year of retirement you said I make $59,520 without a penalty. At the end in the "What counts as income you said gross wages from employment income. My question is does that mean Gross Taxable Income? Example if a person makes 70k and puts 20k into a 401k then they would have a Taxable income of 50k Thank you in advance I enjoy your videos
This is absolutely crazy we all put into it it’s an insurance it is not welfare it’s an insurance and we’re all entitled to get our part of the insurance and if somebody babysits a little or watches the neighbors dog and gets paid 20 or $50 for it who cares I just can buy a little more groceries maybe some fresh fruits and vegetables come on this is ridiculous. That’s our money. The government certainly spend it with impunity. We should at least get what we need to buy her food with.
A lot of the numbers and the words that he's saying are making my eyeballs glaze over. I think the easiest way to remember it is this. Please tell me if I'm wrong. if you are physically able and it is possible, work until your full retirement age before you pull your social security. After that, you can continue to work and earn what you want and still pull your Social Security, and there will be no penalties unless you're making like a million dollars a year. for the average Joe, this is the simple thing, I hope. At least that's my plan. And I'm going to try to hold out an extra 2 years continue working before I pull my social security. That way my numbers will go up, because I'm sorry to say, my social security is my retirement. And in the meantime I'm banking every dollar I can!!
Some people die, or have complications nearing retirement, its when all you money will basically go to medications, bills to the drs, that's why is called retirement. Imagine my boss telling me that he will use he's retirement money to live comfortably, I could not say anything to him, but wish he can retire just now, he can't do he's job anymore or be compliant. Why wait longer he's not really going to enjoy that money.
For the question of "What Counts as Income", for the Earnings limitation, Capital Gain income is allowed, and raw land is a Capital Asset. However, do the profits from land "flipping" count as allowable earnings? Or would land flipping profits be considered ordinary income, and not capital gain income, for purposes of this SS Earnings limitation?
Thank you for the information. When applying for SS, what year is used to see if my self employment income is over the earnings limit? Is it the actual from the previous year or is it an estimate for the current year?
I am 63 and work full time for an employer, I also have a small sole priority business that nets less than the SS annual limit. I have read but don’t understand that I would be limited on the amount of hours worked per year if I were to retire now but keep the side hustle. How exactly does self employment income work against SS benefit? Thanks in advance
I started collecting survivor benefits in July but social security counted my wages for the whole year which put me over by $2400. They are now making me pay back dollar for dollar. Shouldnt i have only had to pay for what i earned after july?
I have heard from other TH-cam Investments pages that the amount you can earn working starts the day you file. Example, if I file in July this year but have already earned $30,000, that money does not go against my cap of $22,500 for 2024. It's only every dollar I earn once I start benefits that gets considered. Can anyone verify if this is accurate?
The SS rep I spoke to said that if you have NOT already earned $22,500 in the year that you retire then they go by the yearly amount until you hit that limit. If you have already earned over $22,500 then they go by the monthly amount ($22,500 \ 12) for the months that you receive benefits or the month in which you go over the $22,500 threshold. This special rule only applies to the first year that you receive benefits if you receive them mid year.
It would be nice if it was explained in simpler way to undertand it all What you explained is like me reading what is on SS website Showing examples to more common people you know? What if I waite till 70 to file and I die at age 68 will my spouse be able to file instead of me and get my benefits completely?
I am close to retiring, probably within the next year or two. This info has been very helpful as to what to expect. I subbed you and hope to find out some more valuable info from you on this subject.🙂
Disabled Veteran on SSDI at 54. I have started 1099 driving 3 days a week. Is my net after allowable deductions counted towards ssdi income limit? I'm understanding 1099 self employed has more wiggle room on income limits / hours etc... Just been getting misconstrued answers...
Hi Devin. Your the best, so I am asking you this question as I cant get a straight answer.. Have W-2 where I include the S Corp greater than 2% shareholder medical in Box 1 of W-2. But it does not go in Box 3 and not Box 5. So for the social security earnings limitation does the SS Admin use the lower of Box 3 & 5 or the higher of Box 1? I always thought they use 3 or 5 but do they do that when Box 3 and 5 are lower??? PLease help, will pay for a consulation answer. thank you
It is totally ridiculous to limit people when they are younger @ 62 the more you could make the more they could take, and who feels like working as you get older? Seems to me the whole thing is backward.
Question: If I start social security in July. (Being under FRA) is the gross income limit of $22,320 calculated from July to Dec. 2024 or retroactively calculated from Jan to Dec 2024?
Here in Florida my husband and I have to live in the poverty level because he has drawn SSI for the last 15 years and when I made any kind of money at all they took it away from us that check was only $700 maybe a bit more at the end. He now draws his Social security but we are still at the power level. I think it's very unfair I could have stayed in the workforce so much longer but I was discouraged and did not do so because they took all my money what's the point in working if you're not making any money? . I wrote Governor DeSantis about it and I never received an answer they don't care.
I reach full retirement age in the middle of the year... You said that the rule changes during calendar year you reach retirement age, would one have to wait till the next calendar year then, to avoid a reduction in benefits?
In the year of full retirement only the income prior to that is counted So if your full retirement age is in June any money earned after that does not count You can make as much as you want
Is the amount you spoke of at the beginning,😢 for someone who is past retirement age, in ADDITION to your social security? Or does it include your social security income?
Hi I know you are busy with other projects but can you do a video where you have social security disability benefits when you get a part time job how much do you have altogether in retirement benefits. With social security disability and part time job and do a video when you have social security disability benefits and you work a full time job how much you have in retirement. I need help to explain those parts
the problem is our government is punishing old people for reaching for retirement and got too much energy left to still work. they dont want you rich, they want you poor.
Question about monthly earnings during Special Rule Year. I retired in early October and worked full time until October 31st and eligible for SSI in November. Does a check earned in October but paid in November count as November income? My part time job started November 1st which will stay under the limit but pay overlaps.
Googled my own question for anyone else wondering. I found a page on SSA website that says: "Wages count toward the earnings limit when they’re earned, not when they’re paid".
Did you ever get an answer? I am in the same boat. SS rules say earned but in other places, it is clear they use IRS rules of accrual, which would be earnings are reported when paid. There is a big difference between earned and paid when I plot it out on a calendar. I can be under for paid purposes every month but be over a lot of months if SS really does look at when earned. I cannot even imagine how they would know when I earned the money without having my employer report each day I worked and how much I made. Do they really do this?
I only had to worry about it 2 months. New year is annual so doesn't matter but it does say earned so I'd have to believe what you declare by the last day of the month.@@lucytascone
I asked the same question here then googled it and found a page on SSA website that says: "Wages count toward the earnings limit when they’re earned, not when they’re paid". So I think that answers both our questions.
Is putting the amount of income that's over the limit into 401k helps avoiding my SS benefits withheld? I am 62 and working PT with $3,600 monthly, and I will be collecting SS in June. By putting %50 of my earnings into 401k would help me to become under the income limit? Thx.
There shouldn't be any earnings limit. Everyone who has worked their whole life has earned SS. Shouldn't matter what you do after. retirement.
Absolutely 100% correct!!
Why would anyone collect SS while they are working???
I didn't "earn" my monthly pittance, I paid it in hoping they would save it for me.
Agreed. It's just an additional way of delaying your money.
I worked 27 years, retired at 62
It's our money. I've been paying SS tax for over 30 years. It's my money. Why is the government telling me what the hell I can do with my money!
yes, and they call it a benefit !!! lol
What's the answer ? Can you keep learning money and your retirement of social security or not .Does it prolong your receiving your payment or shorting it.
It's the return of stolen goods in my mind.
Technically, this is an insurance program, with the policy premiums paid by the people currently working TO the people who are retired.
Most people will receive MORE than what they contributed.
@@CrochetIsLife54 If you neglect the time value of money, which you can't.
How dare they take anything if a person is able and willing to work especially since it's not much to begin with. If only this applied to politicians. 😊
Plus their Social Security is put into another account.
Theirs is never touched either.
Why would anyone collect SS while they are working???
Why would anyone collect SS before they retire???
@@websterhays8352For income when you only want to work part time
@@websterhays8352 So they don't lose money? Take a 72 year old still working. If they were not taking their SS, then they would have lost 2 years worth of money at the age 70 rate.
From my observation and historical market pattern, there might be a bit of turbulence in the market coming up, but here's the deal: Trying to guess what's going to happen next is less important than spreading your bets when trading and thinking long term. It's not about guessing the market's next move. it's about playing it smart and steady...managed to grow a nest egg of around 180k to a decent 832k in the space of a few months...
Now imagine how difficult it is to meet those simple needs if income is limited to a monthly Social Security check. Unfortunately, millions of people now face that life-sobering challenge because they could not set and address their investment goals earlier in life.
truly appreciate the implementation of ideas and strategies that result to unmeasurable progress, thus the search for a financial advisor... mind sharing info of this professional guiding you please?
My favorite advisor “Stacy Lynn Staples ” who always on the ball, honest and to the point I like her core analysis, one of the best.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
This is my fifth year after retirement. I’ve been following the 4% rule thing I saw on a TH-cam channel, but this isn’t really how hard I expected things to be. After I cashed out a lump sum, I still have about $760k left, but at this rate, and with how the market is (we were putting money away in an index fund), I’m starting to get worried.
Amazingly, you were able to save that much during your active years. Not a lot of people can save that much in a lifetime. But now you are retired and depend on your investment, it’s best you redistribute your capital, so you are not left devastated during a market crash or recovery. To simplify the process, you could allocate your resources with the help of a financial advisor.
@@ChristophersHoyts Inflation is gradually going to become part of us and due to that fact, any money you keep in cash or a low-interest account declines in value each year. Investing is the only way to make your money grow and unless you have an exceptionally high income, investing is the only way most people will ever have enough money to retire.
@@JuneTalley Hey, this caught my interest. I worry that I have a couple more months before retirement, and I want to switch to using a financial advisor, but I don’t know how to find one.
@@LucaMurgia-j7b Well, there are a few out there who know what they are doing. I tried a few in the past years, but I’ve been with MARGARET MOLLI ALVEY for the last five years or so, and her returns have been pretty amazing.
@@JuneTalley Thank you for this tip. it was easy to find your coach. Did my due diligence on her. She seems very proficient and I'm grateful for your guidance.
People collecting SS need to work. Groceries are out of sight as well as gasoline and everything else needed to live . Sixty five should be the age where you can make what you want.
The way the world is today . Just social security isn’t enough to live on. You must have to keep working depending on what age group you’re in. Try living on about 500 dollars per month when everything around is going up?
YOU CANT MAKE IT ON 22,320 , YOU WILL NEED A PART-TIME JOB
Regardless of whether you're a Wise person, it's best to consult a professional advisor right away. As a business owner in the service industry as well as an ebay reseller of all product categories, I can attest to the fact that we are in a severe recession and that everyone is running out of money
Starting early is simply the best way of getting ahead to build wealth, investing remains a priority. I leant from my last year's experience, I'm able to build a suitable life because I invested early ahead this time
That's quite impressive, you surely made a good bit of money. I myself invested in warren's BRK-A stock quite pricey but totally worth it
My $305k growth has been stagnant since 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could be retiring in next 3 years
It's crucial to have a well thought-out strategy and not make impulsive moved based on short-term market fluctuations. Patience and a long-term perspective are keys. you should consider a market expert to guide you
Timothy Eric Meek is whom I work with look up for him and know more about his profile
I am 63, working full time for $77,000 and hoping to retire near the end of 2024. Before watching this, I thought I could apply to receive monthly benefits as soon as I had less than $22,500 of salary left to earn from my employer in the year. Now I know that is wrong. I wanted to apply for social security a few months before I stop working so I am collecting both my salary and my social security. $77,250 / 12 = $6437. The earning limit would be $22,500 / 12 = $1875. That means I should not try to do this. I don’t believe in an earnings limit. Such BS, trying to force people to live poor or force us to stay in the full time work force long after the workforce wants us. The age discrimination is awful.
Taking Social Security early, in my view, is a greed tactic by SS to entice people to take less than what they contributed to OASDI / FICA, over their working lives. Don't fall for it. If you're working and don't need the money, don't take it; let it grow to 100% and collect at your Full Retirement Age (FRA). You'd only be collecting 70% starting at age 62 and increase 8% (simple interest) per year until your FRA and through age 70. Nobody can collect more than 124% plus .05% per month of their benefit, anyway. Let it ride and take your benefit at your FRA, then go make as much you want without penalty. Don't torture yourself crunching numbers until you go blind, it's all about the long game and survivial. Collecting as many monthly checks as you can until the end.
Government greed
What's your plan? I'm in similar situation
Become a 1099 contractor. You can write off your health insurance, home office depreciation, mileage, plus a portion of your utilities and maintenance.
@@skipmatsey8352 Thank you for your comment. I don't know if I can do that, since I am not actually working from home. I have an employer and I work at the plant.
The income limit is ridiculous, while working in retirement you're still paying into ss, why should there be any penalty? It's designed to keep us poor.
It's designed so you don't take it until just before you die.
Why can't I work
It's the greedy politicians who steal and defraud, and they want to make this as difficult and complicated as possible to hide their corruption.
Yes@@toddhanson5047
Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioral psychology. How can I generate more income to retire with at least $3m for long term care?
We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioural bias especially if they engage professional help.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $30k passively by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help
Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with and set up an appointment.
Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my father through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.
Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Scam
Thank you for this. I am a CPA and thought I had all this info down, but your video answered every question I have been searching all over the internet to answer. How the income clawback by SSI gets added back to your benefits (it's added back in months, thereby reducing the time you took benefits before retirement age) is something most people are not aware of. So we are not penalized for filing early and keep working, it just gets added back to the pot. We don't lose those benefits really, it just increases our benefits later.
There should be no limit as how much you make on any job . Total B/S you payed into it for years then collect it and you can't supplement your income unlimited.
After you attain your full retirement age (FRA), you can collect 100% or Primary Insurance Amount (PIA) of your earned Social Security retirement beneift, and earn as much income as you wish without penalty.
Plus if you work you're paying social security taxes
Take my money and then put up barriers on how I get it back.
The Congress has to wake up and do some to let retired people work without any penalty. It is about starving, surviving, it is about having a dignity lifestyle, not a miserable one.
Thanks. This is so much more helpful than the people from Social Security!
I called SS yesterday with some general questions and they told me to speak to a tax accountant. LOL
Still have to work s job no matter what you choose with everything still going up
I am 63, Social Security is holding 8 months of my SS because of an overpayment. It is awful!! Due to this economy I had to work and it barely seemed enough.plus to cover insurance. Now I need to work more to cover the loss. Horrible!
Please provide a real life example using math. In the first scenario, retired at 63, still working making $45,000 yearly, for every $2.00 over limit, $1.00 is withheld. This is what I would really like to see. Do get anything from SS, or is everything withheld until you stop working?
You are right people in the congress and senate are able to get paid by us and make deals on the side.We should be able to work and continue putting in to the system. They are not thinking about how much stuff cost.
I'm retiring in April at 1 month past my 64th birthday. I always learn something from your videos. I'll be in touch...
I’m also semi retiring at 64 and my first payment in April this year, I have a part time job, I’m hoping to save a good amount of my SS money into my savings, cause now I’m broke….😅
Information everyone......this is an "Insurance Plan" we are paying premiums not a tax and regardless, look what you paid in, it's a good deal regardless. It can be made HONEST by our Federal Govt. to STOP double taxing our SS Benefit.
Yeah they never even paid back what they've taken out
Bullshit,,,there should be no limit after you retire,,,how much you make ,why you are still paying into the system plus taxes,,,,nonsense,,,
I really appreciate your channel, and the clarity with which you speak. Both are very helpful.
I read somewhere that sometimes the SSA makes mistakes calculating what you are due. How can a person figure out if they are getting as much a monthly benefit as they deserve?
A few years ago, I realized social security was helping themselves to a part of my social security check.
Instead of paying my 1068.46 , they started paying just $ 1068.
For most people, not a big deal. .for me on disability that .68 cents is 2 breakfast servings of food. 😢
@@m.mickeypayne9811 yep. That .46 is $552 a year!
Just had this one pop up in my feed, most likely because I am a new subscriber. Great info. You touched briefly on self employment, which is where I am now. 40 plus years as an employee and am now SS eligible but the language used on the SS website was a bit confusing about benefits while being self employed. Any of your other videos simplify this?
Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.
Did you say million? Are you kidding me. Lol. Million!
You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.
It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.
My CFA ’Margaret Johnson Arndt’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Margaret.
Thank you so much Mr. Carroll you are a BIG HELP !!!!!!!!!!!!!!!!!!! God bless !!!!!!!!!!!!!!!!!
Our corrupt govt makes it as complicated as possible for a reason
Thanks Devin for your 2024 SSI Cheat Sheet. I can already see the value in it.
What cheat?sheet I’m sorry I’m asking because I’m also an SSI.
You get screwed for daring to take a job so you can eat! And you are still paying into the system.
Why would anyone work and collect SS? So stupid!
EXACTLY! 😡
I'm 69. I work full time and get SS. My total income combined was $49,000. The feds want $810 because no taxes were taken out of the Social Security. Why am I being taxed if retirement age is 66?
If you’re 96 you might still pay tax on income.
Because your not a foreigner
Hi I'm 69 and get $ 700. I had to go back to work 😢 and no one would tell me why I'm getting a low amount I work within a school part time coming home with about $ 670. every two weeks someone help me understand this please
IN NEW JERSEY
I just downloaded your cheat sheet thank you. This is very helpful. Thank you very much.
Thank you for your Cheat Sheet. What do you think of the proposed new Bill -- You Earned It, You Keep It? What's the chance of it passing?
Taking $$$$$ back from a widow or widower is a real blow. And to add insult to injury if you make over a mere $22,320 you lose more ….at a time when you really need it - to eat and keep a roof over your head.
And after two years of a spouse passing you’re now taxed at a SINGLE rate!!!
What? I didn’t want to be single/widowed! I cried like a babe over that one.
i know when i filled out the s.s. form for retirement they asked about wages and tips and if i were self employed, so my understanding is a 401k or an ira account is not counted as earned income
Why would anyone collect SS while they are working???
Correct they are not Earned income like W2
The IRS defines money in 401k/pension/IRA as ‘historical income’ and is not subject to the same rules as earned income.
does a pension count towards income count to earnings limit?
answered later in the video...thanks.
This clearly shows that the system is not designed to give you back your earned benefits, but only give benefits to those who in the eyes of the government “need it“. If you decide to work more, then they penalize you. Lesson: if somebody says I’m from the government, and I’m here to help, don’t vote for them.
President Reagan said that.
I get an federal civil service retirement annuity with social security supplement (because I was forced to retire at 57 before I reached retirement age 62). When SSA finds out that I have gone over the earning limit, do they just take if from the SSS amount ($1 for every $2 I'm over) from from the SSS or do they take it from the annuity as well?
Can you do a video that applies to SSI/Disability or point us in the right direction of who we can trust and listen to? Thanks
Thank you so much for the information…
1. Positive on the rental income. Is that count toward the earnings limit?
2. Does the gross income on the self employed count toward the earnings or net after all the deductions?
I was 67 when I retired BUT STARTED SS AT 62. There is a catchup 401k amount which can be contributed so that was held out of my pay. Therefore, my W2 showed my income as less than that required to withhold any SS..
no its not its all subject to SS
@@annaCPA76correct
Thanks for explaining in an easy to follow manner. On to my questions. I’m a CSRS retiree receiving my pension (we did not pay into Social Security). I went back to school, became a massage therapist, & got my 40 quarters. My SS is penalized because of WEP (Windfall Elimination P…?) by 2/3s because of my Federal pension. I’m 70 & am past my FRA. I’ve gone back to P/T work with Visiting Angels. I’m paying into SS almost as much as I get in benefits after the Medicare premium is paid. My 1st question is since I’m drawing SS, will this additional money be counted toward future benefits? My 2nd one is since I’m drawing SS, why do I have to pay more money into SS on my new job?
Retired early here; Been trying to find a part time job since the retirement check is so small. Part time jobs are low paid:( I guess, I will have to go back and work full time. It is a mess since now the government will hold my retirement check and withhold $1 from every $2 that I make over $22K!!!. It is horrible the way we are controlled by government. Incredible in the USA! :( I feel like the gov is pulling us down so that we can never advance in life:(
Question
If I worked as a teacher till end of school year then decide retire at 62 in September..how does the $$ I earned affect my benefit and, should I wait to apply for SS
Thank you for all the info. You make all the complicated jargon easier to understand.
Glad to hear that!
Hi Devin! My question is about working and applying for Social Security Surviving Spouse benefits. I will be turning 60 next August. I have been a widow since 2017 and my late husband was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 withheld for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower working income.. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.
Yes, you were. If you apply at 60 for survivor benefits while you make over $50,000 or even a very low amount annually then your Social Security benefits will stay super low FOREVER. Do a lot of research on your own and watch as many relevant TH-cam videos as possible.
@@wereone142 Not if I switch to my own Social Security benefits and cancel the survivor benefits.
Then why are you bothering to ask a question?@@Thatsswell-hr9ev
how and when do you notify social security that you're going to exceed the income limit? Say it's 6months in and I'm over the income limit by a few thousand. Should I let them know then? (and how?) or should I wait till Jan? Or until I file my taxes in April?
Thanks!
Thanks!!!!!!
Thank you so much for posting this, its priceless information, but I have one question. When they say, "income limit", is that income in ADDITION to your social security or is social security income included in your income limit? I know this sounds like a stupid question, but its a bit confusing.
This is my question also!
Don't give them any ideas! The answer to your question is your SS check is not included in the limit! In my book, the limit should be $2,500/month before they even think about deducting your SS check.
I reported estimated earnings so I want get anything until mid year. I rather do that then to be overpaid, and find out when I'm on 'fixed-income '.😊
Can you stop your benefit temporarily, say if you knew your earnings would exceed the income limit? If so, do you recommend the stop or is it a bad idea?
Heard that SS payments could increase when you work and pay more into your SS fund. They would re calc your benefits.
I am on SSDI due to severe neurological complications. I knit and crochet as a hobby to keep my sanity. I might only be able to complete a few projects per week, while other weeks I can’t.
Can I sell the completed projects online so they stop piling up without risking SSDI?
Does Etsy report your earnings to the government (send a 1099)? The $600 minimum might go into effect again in January? Below $600 I’d guess you are safe to be left alone.
@@aurora571000 they do. Is it $600 per month? My earnings would be way less than that, if any, per month.
I needed to start taking my monthly social security benefits in 2020 at age 64. At that time along with my social security I started working part time.
In April of this year (2023) I reached my full retirement age. Currently I am planning on continuing to work my part time job at least throuh the end of 2024.
I know because I started taken my benefits before reaching my full retirement age, my benefits were reduced. But now that I am at full retirement age and still working and paying into S.S.
My question is will I be able to get any additional benefits or credits for the money I am paying into S.S. now?
nope
If any of your years surpass any of your highest 35 They will do a recalculation the following September.Any increase will be a small amount
so if I am turning 62 in Nov. 2024 and want to get the paper work ball rolling so I can start collecting my SS in Jan 2025 I assume I should go to the local office in Sept / October because I would think it takes about 3 months for the government to do the paper work?? I can still work full time until New Years then start collecting checks and just work about 2 days per week and make around $20,000 which should be fine with me.
Good to know that we can work fool time before 62 and then get ss..thank for your comment..🙏
Well I am screwed! I received survivor benefits and barely can survive. I had to find a part time job and make roughly $600.00 hundreds more monthly than my benefit and even making that extra earned income I still have to borrow at times for my expenses, especially my car repairs and house repairs are in the hundreds of thousands! Do they not count emergency expenses and cost of living?!!!
Still somewhat confused. I retired at 65 in March 2021. I am now 67; so If I decide to get a part-time job, all of that income, no matter the total wage amount, will not affect my monthly SS checks?
Correct
Correct. Once you reach full retirement age (FRA) there’s no penalty and no limit to your earnings.
except paying taxes on it@@RoadieWingZZ
What if you have six months before you turn 67 when they consider it full retirement age? Is it actually full retirement age or not until birthday?
During the year of retirement you said I make $59,520 without a penalty. At the end in the "What counts as income you said gross wages from employment income. My question is does that mean Gross Taxable Income?
Example if a person makes 70k and puts 20k into a 401k then they would have a Taxable income of 50k
Thank you in advance I enjoy your videos
The $59K is for 2024 Yes Gross is Gross
Earnings and income are not the same thing. Suggest you check with SS on their definition of earnings, with regards to earnings limit.
$59,520 on during your FRA year.
Great job Devon if you want a hell of a job, I watch your programs when I can. I’ve been very very busy lately, and I am in very busy.
clear and easy to underdtand delivery of info Many Thanks!
Seems that by the time I retire in 2029 (early retirement), the limit should be roughly 26K or so, maybe 27K annually. Fair enough~
This is absolutely crazy we all put into it it’s an insurance it is not welfare it’s an insurance and we’re all entitled to get our part of the insurance and if somebody babysits a little or watches the neighbors dog and gets paid 20 or $50 for it who cares I just can buy a little more groceries maybe some fresh fruits and vegetables come on this is ridiculous. That’s our money. The government certainly spend it with impunity. We should at least get what we need to buy her food with.
They've never even repaid what they had taken out
A lot of the numbers and the words that he's saying are making my eyeballs glaze over. I think the easiest way to remember it is this. Please tell me if I'm wrong. if you are physically able and it is possible, work until your full retirement age before you pull your social security. After that, you can continue to work and earn what you want and still pull your Social Security, and there will be no penalties unless you're making like a million dollars a year. for the average Joe, this is the simple thing, I hope. At least that's my plan. And I'm going to try to hold out an extra 2 years continue working before I pull my social security. That way my numbers will go up, because I'm sorry to say, my social security is my retirement. And in the meantime I'm banking every dollar I can!!
Some people die, or have complications nearing retirement, its when all you money will basically go to medications, bills to the drs, that's why is called retirement. Imagine my boss telling me that he will use he's retirement money to live comfortably, I could not say anything to him, but wish he can retire just now, he can't do he's job anymore or be compliant. Why wait longer he's not really going to enjoy that money.
very helpful. will need to re-watch.
Does a 30 year work record or Retired military service exempt me from the income offset?
Need assistance everything so expensive so so hard need to now more of work programs ! Thank u for posting
For the question of "What Counts as Income", for the Earnings limitation, Capital Gain income is allowed, and raw land is a Capital Asset. However, do the profits from land "flipping" count as allowable earnings? Or would land flipping profits be considered ordinary income, and not capital gain income, for purposes of this SS Earnings limitation?
Thank you for clearly explaining how it works.
Thank you for the information. When applying for SS, what year is used to see if my self employment income is over the earnings limit? Is it the actual from the previous year or is it an estimate for the current year?
I am 63 and work full time for an employer, I also have a small sole priority business that nets less than the SS annual limit. I have read but don’t understand that I would be limited on the amount of hours worked per year if I were to retire now but keep the side hustle. How exactly does self employment income work against SS benefit? Thanks in advance
It’s not the hours it’s the money If you are working and not receiving any SS You can make as much as you can
Your self-employment wages/earnings will count toward the limit.
I started collecting survivor benefits in July but social security counted my wages for the whole year which put me over by $2400. They are now making me pay back dollar for dollar. Shouldnt i have only had to pay for what i earned after july?
Does earnings include monies recd from estate earnings and or earnings from winning a law suit?
I have heard from other TH-cam Investments pages that the amount you can earn working starts the day you file. Example, if I file in July this year but have already earned $30,000, that money does not go against my cap of $22,500 for 2024. It's only every dollar I earn once I start benefits that gets considered. Can anyone verify if this is accurate?
The SS rep I spoke to said that if you have NOT already earned $22,500 in the year that you retire then they go by the yearly amount until you hit that limit. If you have already earned over $22,500 then they go by the monthly amount ($22,500 \ 12) for the months that you receive benefits or the month in which you go over the $22,500 threshold. This special rule only applies to the first year that you receive benefits if you receive them mid year.
@@tomduley6357thank you so much. That’s the way I thought it was but just wanted to make sure. Any $$ I made prior to filing doesn’t get counted.
It would be nice if it was explained in simpler way to undertand it all
What you explained is like me reading what is on SS website
Showing examples to more common people you know?
What if I waite till 70 to file and I die at age 68 will my spouse be able to file instead of me and get my benefits completely?
Hello Mr. Carroll, would money earned through a W9 corporation count as earned income in the eyes of the SSA?
I was wondering if I start working for myself out of my home what it’s the amount that someone can make
I am close to retiring, probably within the next year or two. This info has been very helpful as to what to expect. I subbed you and hope to find out some more valuable info from you on this subject.🙂
I started my ssa early but still have a full time job but got laid off does my unemployment count as income thank you
Yes, it does. It's Called earned income. If half your income n benefits, is less than $25,000. then you have to pay taxes if you file.😉🇺🇸🪖
Thank you for making this information simple
Thanks again for the information.
Disabled Veteran on SSDI at 54. I have started 1099 driving 3 days a week. Is my net after allowable deductions counted towards ssdi income limit? I'm understanding 1099 self employed has more wiggle room on income limits / hours etc... Just been getting misconstrued answers...
Hi Devin. Your the best, so I am asking you this question as I cant get a straight answer.. Have W-2 where I include the S Corp greater than 2% shareholder medical in Box 1 of W-2. But it does not go in Box 3 and not Box 5. So for the social security earnings limitation does the SS Admin use the lower of Box 3 & 5 or the higher of Box 1? I always thought they use 3 or 5 but do they do that when Box 3 and 5 are lower??? PLease help, will pay for a consulation answer. thank you
you help alot of people with your wisdom thank you
It is totally ridiculous to limit people when they are younger @ 62 the more you could make the more they could take, and who feels like working as you get older? Seems to me the whole thing is backward.
Does survivor's benefit affect the amount of full retirement income once they retire?
Question: If I start social security in July. (Being under FRA) is the gross income limit of $22,320 calculated from July to Dec. 2024 or retroactively calculated from Jan to Dec 2024?
While you working and collecting SS. Your wages are still taxed for SS how does this affect your Benefits since you are adding more quarters?
Thank you. I always post your videos to my FB group. Very useful!!
Thanks for sharing!!
Here in Florida my husband and I have to live in the poverty level because he has drawn SSI for the last 15 years and when I made any kind of money at all they took it away from us that check was only $700 maybe a bit more at the end. He now draws his Social security but we are still at the power level. I think it's very unfair I could have stayed in the workforce so much longer but I was discouraged and did not do so because they took all my money what's the point in working if you're not making any money? . I wrote Governor DeSantis about it and I never received an answer they don't care.
I reach full retirement age in the middle of the year... You said that the rule changes during calendar year you reach retirement age, would one have to wait till the next calendar year then, to avoid a reduction in benefits?
The rules don't change. Just the income limit and withholding percentage.
The earnings limit is higher in the calendar year you attain full retirement age. It's higher, but is still there for that 1 year.
In the year of full retirement only the income prior to that is counted So if your full retirement age is in June any money earned after that does not count You can make as much as you want
Is the amount you spoke of at the beginning,😢 for someone who is past retirement age, in ADDITION to your social security? Or does it include your social security income?
Ratio of workers to retiree is dropping so where is the money coming from to cover benefits?
That’s the million dollar question.
Oh I thought the earnings limit would increase by 3.2% as well. But just by $100? Good to know!
HE SAID 22320 WHICH WOULD BE 1100 MORE.
@@Doyle-nu5el oh brain f$rt- thx!!
Hi I know you are busy with other projects but can you do a video where you have social security disability benefits when you get a part time job how much do you have altogether in retirement benefits. With social security disability and part time job and do a video when you have social security disability benefits and you work a full time job how much you have in retirement. I need help to explain those parts
the problem is our government is punishing old people for reaching for retirement and got too much energy left to still work. they dont want you rich, they want you poor.
Question about monthly earnings during Special Rule Year. I retired in early October and worked full time until October 31st and eligible for SSI in November. Does a check earned in October but paid in November count as November income? My part time job started November 1st which will stay under the limit but pay overlaps.
Googled my own question for anyone else wondering. I found a page on SSA website that says: "Wages count toward the earnings limit when they’re earned, not when they’re paid".
Did you ever get an answer? I am in the same boat. SS rules say earned but in other places, it is clear they use IRS rules of accrual, which would be earnings are reported when paid. There is a big difference between earned and paid when I plot it out on a calendar. I can be under for paid purposes every month but be over a lot of months if SS really does look at when earned. I cannot even imagine how they would know when I earned the money without having my employer report each day I worked and how much I made. Do they really do this?
I only had to worry about it 2 months. New year is annual so doesn't matter but it does say earned so I'd have to believe what you declare by the last day of the month.@@lucytascone
I had to pay back all SS because I went over the cap. I should have only had to pay back anything received AFTER the limit was hit - NOT all of it.
I retired February 28 and got my final check on March 15th. Does that final check count against my March SS benefit?
Depends on your age Were you 62 or in the year of your FRA?
@@Satjr3503165.
I asked the same question here then googled it and found a page on SSA website that says: "Wages count toward the earnings limit when they’re earned, not when they’re paid". So I think that answers both our questions.
Is putting the amount of income that's over the limit into 401k helps avoiding my SS benefits withheld? I am 62 and working PT with $3,600 monthly, and I will be collecting SS in June. By putting %50 of my earnings into 401k would help me to become under the income limit? Thx.