1. unpaid taxes 2. receive certain other government benefits 3. non-US citizen living abroad 4. income greater than the earnings limit ($22,320) 5. unpaid student loan debt 6. unpaid child support 7. court-ordered garnishment 8. incarcerated longer than 30 days
This video is misleading CLICKBAIT. 1. Only applies if you've not reported income and evaded taxes for a lifetime. 2. This is not a loss of SS income. You simply never qualified for SS income in the first place. 3. Applies only in certain countries, and even then exceptions can be made, except for Cuba and North Korea. 4. Only applies before you reach full retirement age. And it doesn't cause ANY net loss of income! You simply have to repay $1 of the SS income for every $2 by which your earned income exceeded the annual earnings limit. 5. If you meet the discharge guidelines, you can discharge student loan debt in bankruptcy. In any case, you don't lose SS income; it simply gets redirected to pay your student loan debt! Also, your redirected SS income is still taxable income to you! 6. You don't lose SS income; it simply gets redirected to pay your child support! Also, your redirected SS income is still taxable income to you! 7. You don't lose SS income; it simply gets redirected to pay the garnishment, and can be contested if you qualify for an exemption. Also, your redirected SS income is still taxable income to you! 8. SS income to YOU is merely suspended while incarcerated. However, SS benefits to your spouse and children will continue as long as they are eligible.
@@herrickinman9303 wow, i am impressed. U really know SSS benefits. Yup its typical for these vloggers to do a clickbait thumbnail in order for u to “click”...or they dont know what they r talking about😂😂😂
I paid my entire life into Social Security with the claim that it would be given back to me when I was elderly and retired. I knew it was a lie when I was 13, and at 75 I see that I wasn't wrong. My money was stolen.
No. You didn't pay into a savings account and now you get to withdraw it all.... that thinking is a fundamental error. You paid a tax for SS and medicare coverage at a future date, and they assess how much that benefit for SS will be based on the level of payments up to a max (many pay in FAR more than they'll ever get out, trust me...) and years you paid in. It's a benefit, not a savings withdrawal. Medicare part A, is a benefit for which you qualified by paying in too.
@@lylestavast7652 Well put for the most part, Lyle. I'd say the SS program is a form of a required pension; along with several disability and life insurance tie-ins. One pays the required rate while working (which is matched by the employer) as long as one stays below the cap for the given year. E.g., my tax falls off mid-year, which is great, albeit there is no more benefit in the calculations, either. Then, when one files for retirement benefits between the ages of 62 and 70, a formula is worked out for your highest 35 earning years, adjusted via the wage index (very similar to the CPI in many context". This is via a process referred to as "AIME and the bend points". In rough format, there are three bend points, with a design to replace 90%, 32%, and 15% of your pre-retirement earnings within each of the three bend points. If this guy is age 75 and not receiving SS, he needs to file immediately. Noting, there is never any gain in waiting past age 70 to file.
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
The government does not want people to get a windfall, but today Washington is the richest area in the country. These politicians are each taking tens of millions of dollars, in legal bribes. In the name of lobbying. These politicians say, let the system work. The system is un-democratic.
So happy 😊 I paid all my taxes. So happy I paid my student loan back. So happy 😊 I have no kids. So happy 😊 I am not dead. So happy 😊 I took social security at 62. So happy 😊 hurricane 🌀 season is almost over.😊😊😊😊😊
$22,320 is not enough to pay all of the essential expenses for living now a day. On top of the injury, seniors require to pay the hefty tax for little earned interest and dividend income from their past saving. This ceiling amount long need to be lifted so seniors can catch up a little break from the quick rising inflation and high cost of living all over the country.
Yes its real crazy,the limit you can make to get help is 1,600 a month rent along can be that much,and you wonder why there is homeless,and if you become disabled,you forfeit your house,you work for so hard for,if you get help they put a lien on your house,and when you die take it all back,By the way,care giving a month can be close to 1,000 for only 30 hours
What do you calculate to be essential living expenses? I suppose it varies by state, but hopefully you have additional money set aside in a 401k, sticks, bonds or savings.
I remember my uncle losing a portion of his benefits because he kept working after retiring, not knowing about the income limits. It's so important to be aware of these things before making big decisions
@MidlandTexan FRA is 65 for those burn before 1937. It's 66 before 1954, and 67 for those born before 1960. It bumps up by month for birth years between these.
@@MidlandTexanthat's true but the IRS takes over from there . If your still working your still paying social security on a portion of your income and the IRS taxes your social security check. I lost a 3000$ refund when the tax preparer saw where I was still collecting social security while working and had to pay and extra 2700 or so dollars.
Yes, that’s correct. At my age, I’m past that penalty phase, and did go back to work. S.S. is taken out of current pay, so in effect I’m kind of supporting my own S.S. monthly, a bit anyway 🤣🤣👍🌹
And it doesn't cause ANY net loss of income! You simply have to repay $1 of the SS income for every $2 by which your earned income exceeded the annual earnings limit.
Reagan did that in 1983. You can’t vote for, or against him anymore. I agree that they either shouldn’t do that, or it should have been indexed for inflation so it didn’t land on such low incomes. This penalty goes away at FRA, which for me is 67
The clawback wouldn't be so bad if thy only took 50%, they take 100% until they get the estimated 50% of your annual income, and promise to give it back by recalculating when you reach FRA, yeah, I trust that.
Good info, but you left out one HUGE way we can lose both SS and Medicare. Dissolution of both programs by P2025. The choice Is simple BLUE for a FUTURE! Vote otherwise for death.
One important one, that was not mentioned! Pertaining to U.S. citizens living abroad, with a foreign address. The annual filing of SSA Form 7162, Proof of Life Form. Didn't receive the form, or forget to complete and return form, benefits frozen!
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form." It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION." You're supposed to receive the form by mail, but I found it online at a US embassy website. If you receive the form by mail, it will show your address on the form. The form does NOT ask for proof that you're alive. It asks the following: 1. Your address if different from the one shown on the form. 2. Your daytime phone number. 3. Has your citizenship or last reported country of residence changed? 4. Have you married or had a divorce or annulment since you last reported your marital status to SSA? 5. Has your last reported work situation changed? 6. Did you and your child under 16 live apart since you last reported the child's living arrangements? 7. You're responsible for reporting any other event that may affect benefit payments. If you answer YES to any question, the form asks for additional information. Failure to complete the form within 60 days will result ins a suspension of benefits.
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form." It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION." You're supposed to receive the form by mail, but I found it online at a US embassy website. If you receive the form by mail, it will show your address on the form. The form does NOT ask for proof that you're alive. It asks the following: 1. Your address if different from the one shown on the form. 2. Your daytime phone number. 3. Has your citizenship or last reported country of residence changed? 4. Have you married or had a divorce or annulment since you last reported your marital status to SSA? 5. Has your last reported work situation changed? 6. Did you and your child under 16 live apart since you last reported the child's living arrangements? 7. You're responsible for reporting any other event that may affect benefit payments. If you answer YES to any question, the form asks for additional information. Failure to complete the form within 60 days will result ins a suspension of benefits.
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form." It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION." You're supposed to receive the form by mail, but I found it online at a US embassy website. Failure to complete the form within 60 days will result ins a suspension of benefits.
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form." It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION." You're supposed to receive the form by mail, but I found it online at a US embassy website. Failure to complete the form within 60 days will result ins a suspension of benefits.
Suze Orman says that older people should never cosign for student loans. She might actually have said that no parent should ever do it, regardless of their age.
@@carolemurdoch8671I agree, because it's a ticking time bomb. Even if the son or daughter has every intention of paying, life happens. Lost jobs, illnesses, etc. can leave the parent holding the bag for $100k debt.
@@serahloeffelroberts9901 That makes a lot of sense, actually. If you're retired, or close to it, you may not have the time and/or income to pay back the loan. When retired, income is critical. If your income is mostly investments, some banks will just tell you to pay cash (loans don't often make sense anyway). There are a number of reasons it may be difficult to get money when you're retired. The credit score means a lot more at this stage of life.
Now that is interesting to know that you absolutely love this man's intro when he say "Holy Schmitd". Wow! Holy Schmidt is called to my eyes also to be looked as different or sacred🤔. Am wondering did he really put some thought in his mind when he gave himself such title🫣🤫 Holy. Nevertheless, I agree he does has knowledge to share but is it with truth🤔 with the viewers. Just using that word MUST be used with caution🫣🤐🫡. Anyway, this Holy Schmidt has his 10 best attributes in how anyone not someone lose their benefit cause everyone doesn't have a choice regardless🤔. Anyway; Holy Schmidt seems to talk truth in sharing the pitfalls of how evil the system can give one false security and overnight its all gone although a thief in the night snatched it away. So I agree that in Rev 4:8 he's keeping that commandment action being HOLY.🤪🤪🤪🤪🤫🤫🤗.
@@cjimcook Yeah, cameras flip the image, which causes problems. Try reading the printing on a YTer's shirt. Writing on the back, flips it back so it can be read.
Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments. Diversifying your investments helps grow wealth over time. It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.
Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
@@ThomasChai05How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
An elderly relative had her SSA reduced. She found out someone had used her SSN to get a COVID era business loan. The SSA started taking it out of her social security check without notifying her. This happened over a month ago and she is still waiting for her money after filing all the paper work. My aunts only income is social security.
Another way to lose your social security check is if the Social Security Administration somehow thinks you're dead they will stop payment and good luck trying to convince them that you're actually still alive.
Don't ever show up as "decd" (deceased) on any debt whatsoever. When working for a bank, one of the worst cases I observed was a past due credit card account. Sometime, a collections call went out to the customer's phone number. A family member answered the call and informed collections that the customer had died. "Customer is decd" was noted on the credit account. After that notification found it's way to Equifax, it was almost impossible for the customer to reverse it. Believe me...
@robertkarp2070 Ha ❗Hey, that's a good on LOL 😂🤣😂🤣 (Hilarious) That one reason SUCKS. {Well, all I can say is ALL of these REASONS sucks. Y'all know the Gov't is B.S. & so are these reasons for the Gov't taking your Damn 🤑💰 💲
I retired 62 1/2 due to covid lock down. Then went back to work then was told I waited to long to cancel my retirement. Then got half my retirement because I made to much. I can't win 😢
I paid $22,000 of taxes last year. They still say I owe $18,000 more. I agree with $8,000 and asked for a payment plan, but they never approved it. I’m due refunds per their calculations, but my return stated I owe $900, so they crunched the numbers to show I owe. The other amended returns they say are going to take 90 days to process. I don’t believe them because it’s been 6 months already! I have never made more than $65,000 in salary, so I don’t see the issue with them needing to compound my taxes and penalties and interest. Why don’t they just forgive as a general rule? I was a single mother with 2 kids in college when I underwitheld in a 2nd job, just to keep a roof over our heads. Can’t they understand that? Why should you have to go through the time and expense to prepare an offer in compromise if it’s so iffy whether they will approve it. My ex-employer made up a Social Security number in my name and paid income into it that I never saw. So I think that’s the problem. They are lumping me in with the crooks that ran that company.
@@virginialangford6257 Virginia, Southern high roader, you had a husband paying your way your whole adult life, your husband never screwed with a minor who then entitled herself to all of your savings. Popping out one kid after another.
In retirement, I receive SS in the amount of $2,431 monthly, and a small VA disability amount of $338 monthly. That amounts to $33,228 yearly. I have never paid taxes as my two former tax preparers said I don't earn enough to pay taxes.
It was inferred but to clarify - if you retire at or after your FULL RETIREMENT AGE , you will receive your full social security payment regardless if you are still working and drawing an income . The reduction of payment refers to those seeking social security payments BEFORE reaching their full retirement age .
The clawback on earnings above a limit omits 2 very important facts. Once you reach full retirement age, there is no such limit. In the last year leading up to full retirement age, is a $1 - $3 ratio, not 1:2
That part is confusing, I'm at FRA this year but am told that I have a limit on the year that I reached FRA. Any advice on FRA and working as soon as you meet FRA?
@owen33333 Income made anytime in the month you reach fra is not counted, nor of course any going forward. If clawback is the concern - start drawing such that your income reaches, but does not exceed, the limit by day 1 of your fra month. - also note the other comment about recalculated retirement age.
If you receive more wages than the earnings limit AFTER you reach full retirement age, therre's no reduction in your SS. It only applies between age 62 and full retirement age and it can be $1 for every $2 or $3 you earn. Also, if you receive too much taxable income, up to 85% of your SS is taxable income. In that way, your SS is reduced even more. If you are incarcerated for 30+ days up to 1 yr, your SS is suspended. If more than one year, your SS is terminated. The difference is that suspended only requires you to notifiy SS to get your payments reinstated while terminated requires you to reapply for SS as if it were the first time you applied.
For a lot of you that don't seem to know. If you are making in excess of $33,000 for Single, or $44,000 married and filing jointly from all sources in conjunction to collecting social security, up to 80% of your social security will be counted as taxable income. If you are not exceeding that amount, then your social security isn't taxed.
I spoke to social security office about why are we penalized for taking SS early. It is to deter you from retiring early. If you retire at full age you cat make as much as you want
Someone reported my mother as deceased. She is not. She is living in a nursing home with Alzheimer's. Social Security would not even speak to me to try and correct it, and it makes no sense that Medicaid and Medicare certainly know she is alive, but Social Security does not. Can't they talk to each other? It's been six months and she is still not getting her payments. Nobody will tell me who made this false report in the first place.
get a lawyer that deals with social security issues they need a death certificate before stopping payment not just a phone call from someone and good luck
What if you get a letter stating from the nursing home that your mother is in and that she is currently still alive living in the nursing home. I would have the letter notarized and personally go to Social Security with the letter. You may have to take your mother with you. It might be a good idea and a letter stating from her doctor that she has Alzheimer’s.
That's insane...and scary! Hope you're able to clear things up! I guess you have savings to take care of everything till then? Many people would be in serious trouble. I think most nursing homes would not patiently wait around for their payment.
At age 73 ( and dependent on SS to live) I worry about my two sons and IF SS will be there for them. We've discussed this and they are taking what acts they can to save on their own but they are raising children and who knows what it will costs when they are ready to retire. Life can be so hard as we age.
If you only have a SSA check of 1000 and your ex wife takes 500 of that leaving you impoverished at 70 years old , can that be fought? Nobody in this country can live on only 500 dollars!
I know a couple who were self employed for most of their lives. They only paid one of them until that one started collecting SSI. Then, they put the spouse on payroll for 4 or 5 years so that they could also get SSI. The latter one waited till 70 so they could get the maximum benefit. Their business never really did much they loved the write offs. Their taxable income was probably never over $50,000 a year. Not to mention, their business was on life support when Covid hit and they were lucky enough to get PPP money. They used PPP money to pay her all they could in order to increase her SSI. Between SSI and VA disability, they are bringing in over $90,000 a year. They are living a life that they could only dream of and a life better than most. They never saved, lived beyond their means and were never around for their kids.
I am pretty sure he is speaking to those who are NOT full retirement age. I am full retirement age and still work full time making more than 22,300 a year. There are no ductions made upon my SS checks.
Am I correct though at full Social Security retirement age which for myself was 67 and I’m beyond that now …you do not have to pay the one dollar out of three while you’re still working correct that is my understanding. Could you clarify?
You are correct. You can make as much as you want. I've been doing this for 7 years. However, you have to pay taxes on all your income. That could be substantial. I have 25% withheld from my SS payment. But I get to invest that money which has made substantially more than if I waited until 70.
Same here, I’m way past the ‘penalty’ phase age wise, and did go back to work currently. S.S. rep asked me when initially applying for benefits, I could be set up to max 15% tax taken out, my choice right there on the phone. Also mentioned was that S.S. will be taken out of earnings, like always during my career, but no penalty since I’m past that age, I believe it was 66 ? for me
Hold everything. NO,, you can work while collecting SS benefits without losing any benefits as long as you started to collect at or after full retirement age
It's important to note how low your SSDI or Social Security has to be before qualifying for supplemental security income (SSI). I say this because, unfortunately, those filing for disability will be asked if they would also like to file for SSI-- most say yes. But the social security people do NOT tell them if they even qualify for it or that it will mean extending the wait before they receive benefits. I fell into this trap. It took me two attempts and six years to get much needed SSDI and then, when I did, I was told that with the amount I got for my SSDI (which, according to the folks at Social Security, is EXACTLY the same as the amount you would get at retirement), I did not qualify. Six years, when it could/should have been no more than two years. Another point that is important to note is that, once you have SS, you must wait six months before applying for Medicare/Medicaid -- AND! -- there is a cost for this that will be deducted from your social security income. In some states there are, however, state programs that will help you pay for these expenses, assuming your income is low enough.
At age 67, which is full retirement age, you can make as mush as you want and your social security will not be taken down in value. But.....social security is taxed on 85% of your benefit by the feds. Several states also tax social security on the state level. Any income you make past full retirement age is also taxed by the fed and state. And just for fun.....the fed charges you a monthly fee for medicaid. See how moving partly overseas is starting to make sense? But if you renounce your US citizenship, you lose your Social Security benefits. So don't do anything radical like changing citizenship unless you don't need your Social Security benefit.
Referring to incarceration as “government housing” can be confusing. Often that terminology is also used for subsidized public housing …… Which is a type of housing provided by the government.
How can you say you don't need money for daily bills if your in jail more then 30 days , How stupid " Ever hear of those homeless that have everything they own in storage or still making car payments that they sleep in " Yes people in jail still have bills that must be paid monthly including credit cards . To say you no longer need monthly payments because your food and shelter is covered in jail is Nuts "
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. She has helped me raise my reserve from $275k to $850k, despite inflation.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Work comp and social security are separate entities! It’s NOT a “windfall “, that I can’t go rake in $65.00+$30.00 in fringes! I paid into both MANDATORY insurance plans my whole working life! In my state, Workers comp steals from disabled workers until age 62, then Social Security takes a turn robbing people till FRA!
I partially agree with incarcerated people not getting the check. But if there are dependents involved we should not put this financial burden on them.
recipients on an incarcerated person's earnings history are not affected, their benefits are continued without interruption. when the over 1 year incarcerated is released, their benefit resumes on filing the right paperwork. know someone who's been through this....
Correct. I’m way past the penalty phase, and did go back to work. The S.S. person had told me, when I applied for benefits, that no penalty would be for me, but you will see S.S. taken out of earnings while working, sort of supplementing my own monthly benefits 🤣🤣.
More details need to be provided on your misleading income limits: I'm still working at age 72. I received my ex husband's social security when I turned 65 (married over 10 years), then at age 70, I was rolled over into my benefits and no money was and is deducted from my social security benefits, (my work income is 6 figures) Please do a video with a more in depth explanation of income rules. I had no idea I could receive 50 percent of my ex's social security for 5 years until a friend told me!
In order to receive social security benefits off of a former spouse’s record, we need to have been married at least 10 years. We also have to make on our own record, Less than Half of what the former spouse could or does receive in S.S. benefits. If we do make less than half of their S.S. benefit, we receive our own benefit and also the difference added to ours, that add up to Half of their benefit. It would be great to receive Half of theirs plus our own, but we cannot. This is also only if we collect S.S. at FRA, full retirement age only. (if any sooner, then that amount is permanently reduced) We can receive 100% of an Ex-Spouse of at least Ten years of marriage, as a Survivor benefit when they become deceased though.
I’ve always found it interesting that wage earners who don’t file are considered tax delinquent or to have not paid their taxes when in fact Uncle Sam takes their taxes via payroll before they receive their check. For the vast majority of wage earners to have to voluntarily under the threat of financial penalty to provide proof each year that enough money was taken seems an undue & unnecessary burden. Rather the IRS should be sending each citizen a statement requesting a review of record to attest that they took enough or took more than was required.
Thank you for this video, great topic. On point 5, does this include SS payments or just 22K earnings above SS? Would investment gains be considered earnings? Thanks again
A good retirement plan is to have money in fixed personal income annuities. Not only is your principal protected from judgement creditors, medical bills and nursing homes but the income stream is tax free.
A woman's husband, had a child that went to prison. Him and his exwife decided to cancel child support. The state thought they should get it, and would not let them cancel it, they wanted the support payments. So, in retaliation, he just stopped working on the books. Then when his wife filed for taxes at the end of the year, about every other year, they would mistakenly take her tax refund, from working at Subway. She never got any of it back. They would correct it for the next year, but not the year after that. That's harsh.
You didn't mentioned living I'm a nursing facility. Unfortunately, my mom had to me admitted 2yrs ago for ongoing care and her SSI was reduced drastically to under $100/mo.
So you pay into social security your entire life and they can discontinue it makes zero sense. I understand that if you owe someone else money they can divert it. It’s not like if you die before retirement age your estate doesn’t receive what you paid in. Oh wait! You don’t!
It’s wild to think someone is old enough to retire, yet, they still owe on student loans. It’s important to stress the need to start 529’s (education savings program) to save up for YOUR OWN KIDS to pay for college.
Get a HECM ASAP. If you need money it is there, tax free. If you don't, the line of credit will grow. You can use it for income, emergencies or vacations if you want. I am retired CFP and also sold reverse mortgages for years. I know what I am talking about. They are a great retirement planning tool. Google Don Graves for additional info. He teaches at the American College. Written a few books.
Non-US citizens living abroad can receive SS benefits if they are a resident or citizen of a country with a totalitarian agreement, plus a few other reasons. There is a lot of nuance with that statement that your video fails to explain.
What happens when someone utilizing SSDI reaches 62 yrs and 65 yrs? Does it switch to retirement from disabled? Are there any penalties or other considerations to keep in mind? Thank You very much. Your presentation is excellent.
which is so weird when you think about the fact that it was a tax in the first place that you paid when you paid into it! So now they tax you when they are giving back the money you already paid.
They got all these excuses not to pay. If you are American and live in America you should not be denied the peanuts they offer. In fact they should of invested your money and pay to compensate for these high prices. How you gonna pay taxes when you make peanuts or pay a student loan that was a scam? They need to lower the age to 60 and increase it to 300 percent.
#5 needs further explanation. The $22,320 income limit pertains to people who are taking social security BEFORE their full retirement age. Unlimited earnings after full retirement age, start of social security. Right?
I used to be a master procrastinator on debts in my 20's.. Only problem with that is you can't have a bank account if you have the feds after you for taxes or loans or child support.. They will lien you. They will also take your tax refund. Thats a real tough notice to get. Glad that phase of my life is way back in the rearview mirror. I'm 63 now and my credit score is way over 800 now and that is an indicator of integrity restored in my life.
If you are incarcerated, no one is paying your rent. You get out a month later, not charged, you lost your apartment, your stuff and your reputation. Good luck/
Thanks for all of your videos, they are so informative. I heard that if a retiree sells a home, the proceeds from the sale can be counted as income and can increase their Medicare payments. Is this true?
A lot of questions of this type can probably be answered fairly well by doing a search on google. That's what I do many times when I need a legal or other type of question answered.
I am 65 years old. I understand the part about them, taking one dollar for every two dollars made over the income limit. The question I have is, if I decide to start taking Social Security in January 2025 and take it for the whole year when do they take your checks to pay for going over the limit? Would they start taking my checks the beginning of 2026 or Do they do it during the year once I reach the income limit?
Also if you do not sign up for Medicare when you are 65, because you do not have the money to make Medicare payment, and you do not have insurance where you work because you just can not afford it. They will punish you with social security fines, and you can not retire because you must pay your bills . At the end you just must pay Medicare fines for the end of you life because you can not afford to pay your Medicare insurance payments. And you can not retire because you must pay your bills.
That clawback for income...is that only from working? What about 403b and/or pension payments? Between those 2, I will have well north of the $22K limit.
I'm not certain, but I think old age retirement gets paid to most green card holders even after 6 months if they return to home countries that have a joint retirement treaty with the US?
So my ex has informed me he is cutting his court ordered spousal support by 50% when he retires next April. He is doing this without court-ordered permission. Should I take him back to court when he does this to make certain he still pays the full amount that was ordered?
1. unpaid taxes
2. receive certain other government benefits
3. non-US citizen living abroad
4. income greater than the earnings limit ($22,320)
5. unpaid student loan debt
6. unpaid child support
7. court-ordered garnishment
8. incarcerated longer than 30 days
Thank you!
This video is misleading CLICKBAIT.
1. Only applies if you've not reported income and evaded taxes for a lifetime.
2. This is not a loss of SS income. You simply never qualified for SS income in the first place.
3. Applies only in certain countries, and even then exceptions can be made, except for Cuba and North Korea.
4. Only applies before you reach full retirement age. And it doesn't cause ANY net loss of income! You simply have to repay $1 of the SS income for every $2 by which your earned income exceeded the annual earnings limit.
5. If you meet the discharge guidelines, you can discharge student loan debt in bankruptcy. In any case, you don't lose SS income; it simply gets redirected to pay your student loan debt! Also, your redirected SS income is still taxable income to you!
6. You don't lose SS income; it simply gets redirected to pay your child support! Also, your redirected SS income is still taxable income to you!
7. You don't lose SS income; it simply gets redirected to pay the garnishment, and can be contested if you qualify for an exemption. Also, your redirected SS income is still taxable income to you!
8. SS income to YOU is merely suspended while incarcerated. However, SS benefits to your spouse and children will continue as long as they are eligible.
@@herrickinman9303 you are correct
@@herrickinman9303 SSA checks every claim/application with IRS for owed back taxes ???
@@herrickinman9303 wow, i am impressed. U really know SSS benefits. Yup its typical for these vloggers to do a clickbait thumbnail in order for u to “click”...or they dont know what they r talking about😂😂😂
I paid my entire life into Social Security with the claim that it would be given back to me when I was elderly and retired. I knew it was a lie when I was 13, and at 75 I see that I wasn't wrong. My money was stolen.
You're age 75 and you are not receiving SS ? File, lad. File.
No. You didn't pay into a savings account and now you get to withdraw it all.... that thinking is a fundamental error. You paid a tax for SS and medicare coverage at a future date, and they assess how much that benefit for SS will be based on the level of payments up to a max (many pay in FAR more than they'll ever get out, trust me...) and years you paid in. It's a benefit, not a savings withdrawal. Medicare part A, is a benefit for which you qualified by paying in too.
@@lylestavast7652 Well put for the most part, Lyle. I'd say the SS program is a form of a required pension; along with several disability and life insurance tie-ins. One pays the required rate while working (which is matched by the employer) as long as one stays below the cap for the given year. E.g., my tax falls off mid-year, which is great, albeit there is no more benefit in the calculations, either.
Then, when one files for retirement benefits between the ages of 62 and 70, a formula is worked out for your highest 35 earning years, adjusted via the wage index (very similar to the CPI in many context". This is via a process referred to as "AIME and the bend points". In rough format, there are three bend points, with a design to replace 90%, 32%, and 15% of your pre-retirement earnings within each of the three bend points. If this guy is age 75 and not receiving SS, he needs to file immediately. Noting, there is never any gain in waiting past age 70 to file.
My dividend journey began when I realized that two particular expenses in my budget were always going to go up and never go down. The two expenses were taxes and insurance. I realized that the dramatic rise in both will need some added income. So, I started buying shares paying dividends. I can now see that this will be the path I need to take to make sure those two expenses will not overtake my future income.
The government does not want people to get a windfall, but today Washington is the richest area in the country.
These politicians are each taking tens of millions of dollars, in legal bribes. In the name of lobbying.
These politicians say, let the system work. The system is un-democratic.
Shame! Shame! Greedy government! Just take our money & Lie crooks! 😔😔😢
trump repurchased his way into the white house as a convicted criminal....
So happy 😊 I paid all my taxes. So happy I paid my student loan back. So happy 😊 I have no kids. So happy 😊 I am not dead. So happy 😊 I took social security at 62. So happy 😊 hurricane 🌀 season is almost over.😊😊😊😊😊
So happy I live in Thailand
I like Thai food but it is getting very expensive. I choose 🍕 pizza with spinach and mushrooms. 😊😊😊
@@CarolLustgarten pizza is expensive in Thailand
Amen
November 30 is around the corner. The end of hurricane 🌀 season for 2024. Farewell. 😊
$22,320 is not enough to pay all of the essential expenses for living now a day. On top of the injury, seniors require to pay the hefty tax for little earned interest and dividend income from their past saving. This ceiling amount long need to be lifted so seniors can catch up a little break from the quick rising inflation and high cost of living all over the country.
Yes its real crazy,the limit you can make to get help is 1,600 a month rent along can be that much,and you wonder why there is homeless,and if you become disabled,you forfeit your house,you work for so hard for,if you get help they put a lien on your house,and when you die take it all back,By the way,care giving a month can be close to 1,000 for only 30 hours
What do you calculate to be essential living expenses? I suppose it varies by state, but hopefully you have additional money set aside in a 401k, sticks, bonds or savings.
This depends on your age. Once you reach full retirement, you can make all you want and SS will titrate how much you get and you are taxed.
My $11,316 a year keeps me alive but doesn't allow for more than that.
@@marybrewer782 I think you'll find once you reach full retirement age, the rules are different.
Not only can our boy write backwards, he can do it while he's talking!
Most impressive!!!
omg...i thought the same thing.....
Must be former Navy..we learn to write backwards on plexiglass status boards.
Reverse image video during editing.
@@DJBrianAZ That would make his wedding band appear on to be on his right hand
I remember my uncle losing a portion of his benefits because he kept working after retiring, not knowing about the income limits. It's so important to be aware of these things before making big decisions
Income limits disappear when you achieve your "Full Retirement Age", which is NOT 65 anymore for anyone born after 1956/57...
@@MidlandTexan Yes, but you get a portion of this back, over time.
Did they reinstate full benefits when he retired
@MidlandTexan FRA is 65 for those burn before 1937. It's 66 before 1954, and 67 for those born before 1960. It bumps up by month for birth years between these.
@@MidlandTexanthat's true but the IRS takes over from there . If your still working your still paying social security on a portion of your income and the IRS taxes your social security check. I lost a 3000$ refund when the tax preparer saw where I was still collecting social security while working and had to pay and extra 2700 or so dollars.
I just checked. That $22K limit is only for people who retire before they are at full retirement age.
Correct 😊
Yes, that’s correct. At my age, I’m past that penalty phase, and did go back to work. S.S. is taken out of current pay, so in effect I’m kind of supporting my own S.S. monthly, a bit anyway 🤣🤣👍🌹
And it doesn't cause ANY net loss of income! You simply have to repay $1 of the SS income for every $2 by which your earned income exceeded the annual earnings limit.
It’s still malarkey, some have health issues that deem retirement at 62 instead of the ridiculous 70
Thank you for that info.
a 50% Social Security claw back on seniors that make more than about $22K a year is disgraceful! Vote accordingly
Reagan did that in 1983. You can’t vote for, or against him anymore. I agree that they either shouldn’t do that, or it should have been indexed for inflation so it didn’t land on such low incomes.
This penalty goes away at FRA, which for me is 67
The clawback wouldn't be so bad if thy only took 50%, they take 100% until they get the estimated 50% of your annual income, and promise to give it back by recalculating when you reach FRA, yeah, I trust that.
That’s right! Vote blue ❤
Good info, but you left out one HUGE way we can lose both SS and Medicare. Dissolution of both programs by P2025.
The choice Is simple BLUE for a FUTURE! Vote otherwise for death.
That's a gross misstatement.
One important one, that was not mentioned! Pertaining to U.S. citizens living abroad, with a foreign address. The annual filing of SSA Form 7162, Proof of Life Form. Didn't receive the form, or forget to complete and return form, benefits frozen!
How do people get that form? Can you just download it from the IRS website?
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form."
It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION."
You're supposed to receive the form by mail, but I found it online at a US embassy website.
If you receive the form by mail, it will show your address on the form.
The form does NOT ask for proof that you're alive. It asks the following:
1. Your address if different from the one shown on the form.
2. Your daytime phone number.
3. Has your citizenship or last reported country of residence changed?
4. Have you married or had a divorce or annulment since you last reported your marital status to SSA?
5. Has your last reported work situation changed?
6. Did you and your child under 16 live apart since you last reported the child's living arrangements?
7. You're responsible for reporting any other event that may affect benefit payments.
If you answer YES to any question, the form asks for additional information.
Failure to complete the form within 60 days will result ins a suspension of benefits.
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form."
It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION."
You're supposed to receive the form by mail, but I found it online at a US embassy website.
If you receive the form by mail, it will show your address on the form.
The form does NOT ask for proof that you're alive. It asks the following:
1. Your address if different from the one shown on the form.
2. Your daytime phone number.
3. Has your citizenship or last reported country of residence changed?
4. Have you married or had a divorce or annulment since you last reported your marital status to SSA?
5. Has your last reported work situation changed?
6. Did you and your child under 16 live apart since you last reported the child's living arrangements?
7. You're responsible for reporting any other event that may affect benefit payments.
If you answer YES to any question, the form asks for additional information.
Failure to complete the form within 60 days will result ins a suspension of benefits.
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form."
It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION."
You're supposed to receive the form by mail, but I found it online at a US embassy website.
Failure to complete the form within 60 days will result ins a suspension of benefits.
@@happycook6737 Form SSA-7162 is not an IRS form, and it's not called "Proof of Life Form."
It's an SSA form, and it's called "REPORT TO THE UNITED STATES SOCIAL SECURITY ADMINISTRATION."
You're supposed to receive the form by mail, but I found it online at a US embassy website.
Failure to complete the form within 60 days will result ins a suspension of benefits.
Many seniors have cosigned student loans for children and grandchildren. Default could have an unintended consequence!
Suze Orman says that older people should never cosign for student loans. She might actually have said that no parent should ever do it, regardless of their age.
@@carolemurdoch8671I agree, because it's a ticking time bomb. Even if the son or daughter has every intention of paying, life happens. Lost jobs, illnesses, etc. can leave the parent holding the bag for $100k debt.
@@carolemurdoch8671 I would agree with that. It's foolish to sacrifice your future for a degree for your children. Put your oxygen mask on first.
People applying for student loans and scholarships have more options and time for repayment than elderly parents facing retirement.
@@serahloeffelroberts9901 That makes a lot of sense, actually. If you're retired, or close to it, you may not have the time and/or income to pay back the loan. When retired, income is critical. If your income is mostly investments, some banks will just tell you to pay cash (loans don't often make sense anyway). There are a number of reasons it may be difficult to get money when you're retired. The credit score means a lot more at this stage of life.
I love the new format of you writing on the clear screen. Very cool!
Thanks!
It kind of freaks me out
NOPE. NOT CLEAR WHEN SOMEONE STATES "CERTAIN US GOVT. BENEFITS! WHAT ARE THOSE BENEFITS?
Or did he flip the video. lol.
I absolutely love your intro when you say “Holy Schmidt”.
Now that is interesting to know that you absolutely love this man's intro when he say "Holy Schmitd". Wow! Holy Schmidt is called to my eyes also to be looked as different or sacred🤔. Am wondering did he really put some thought in his mind when he gave himself such title🫣🤫 Holy. Nevertheless, I agree he does has knowledge to share but is it with truth🤔 with the viewers. Just using that word MUST be used with caution🫣🤐🫡. Anyway, this Holy Schmidt has his
10 best attributes in how anyone not someone lose their benefit cause everyone doesn't have a choice regardless🤔. Anyway; Holy Schmidt
seems to talk truth in sharing the pitfalls of how evil the system can give one false security and overnight its all gone although a thief in the night snatched it away. So I agree that in Rev 4:8 he's keeping that commandment
action being HOLY.🤪🤪🤪🤪🤫🤫🤗.
You gave your brain quite the workout taping a video while writing with backward and flipped letters and numbers !! Good for you!
No, he writes normally, then a computer flips the video around so it looks normal. Other educational channels do this, too. Sorry.
@@cjimcook Yeah, cameras flip the image, which causes problems. Try reading the printing on a YTer's shirt. Writing on the back, flips it back so it can be read.
All great information. I agree with your regarding earning too much money while on social security after you retire. Thanks for making this video!
My pleasure
Social Security is important for many seniors, but it’s also crucial to plan for retirement with smart investments. Diversifying your investments helps grow wealth over time. It’s never too early to start saving and investing for a secure future. I'm 63 and my husband is 65. We’re both retired with over $3 million in net worth and no debt. We live frugally and earn monthly passive income, which makes our early retirement possible.
Congrats on your early retirement! I’m looking for investment advice. Last year, I hesitated and missed the opportunity to invest, but this year, I’m determined to try something new and open to different ideas.
Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.
@@ThomasChai05How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
Her name is “Izella Annette Anderson” can't divulge much. Most likely, the internet should have her basic info, you can research if you like
Thanks for the info . Found her website and it really impressive
I will push the like button, after I have heard you talk
An elderly relative had her SSA reduced. She found out someone had used her SSN to get a COVID era business loan. The SSA started taking it out of her social security check without notifying her. This happened over a month ago and she is still waiting for her money after filing all the paper work. My aunts only income is social security.
Thank you! I had to watch just to make sure everything was ok for now! Always good to see you!
Holy…. Such a smart guy… everyone should watch these videos… such great info…
Too kind
My North Korea retirement plans: CANCELLED!
😂😂😂😂
Haha 😂
RIGHT ON!
Another way to lose your social security check is if the Social Security Administration somehow thinks you're dead they will stop payment and good luck trying to convince them that you're actually still alive.
Don't ever show up as "decd" (deceased) on any debt whatsoever. When working for a bank, one of the worst cases I observed was a past due credit card account.
Sometime, a collections call went out to the customer's phone number. A family member answered the call and informed collections that the customer had died.
"Customer is decd" was noted on the credit account. After that notification found it's way to Equifax, it was almost impossible for the customer to reverse it. Believe me...
Ridiculous.
I always wanted to go to court so I can say “Rumors of my death have been greatly exaggerated”.
@robertkarp2070
Ha ❗Hey, that's a good on LOL 😂🤣😂🤣 (Hilarious) That one reason SUCKS. {Well, all I can say is ALL of these REASONS sucks. Y'all know the Gov't is B.S. & so are these reasons for the Gov't taking your Damn 🤑💰 💲
Happened to me last year. Need to file 7162 every year.
I retired 62 1/2 due to covid lock down. Then went back to work then was told I waited to long to cancel my retirement. Then got half my retirement because I made to much. I can't win 😢
I paid $22,000 of taxes last year. They still say I owe $18,000 more. I agree with $8,000 and asked for a payment plan, but they never approved it. I’m due refunds per their calculations, but my return stated I owe $900, so they crunched the numbers to show I owe. The other amended returns they say are going to take 90 days to process. I don’t believe them because it’s been 6 months already! I have never made more than $65,000 in salary, so I don’t see the issue with them needing to compound my taxes and penalties and interest. Why don’t they just forgive as a general rule? I was a single mother with 2 kids in college when I underwitheld in a 2nd job, just to keep a roof over our heads. Can’t they understand that? Why should you have to go through the time and expense to prepare an offer in compromise if it’s so iffy whether they will approve it. My ex-employer made up a Social Security number in my name and paid income into it that I never saw. So I think that’s the problem. They are lumping me in with the crooks that ran that company.
😮😮😮
Being single, a low earner or any list of stuff doesn’t entitle you to be a dead beat
TMI
@@virginialangford6257 Virginia, Southern high roader, you had a husband paying your way your whole adult life, your husband never screwed with a minor who then entitled herself to all of your savings. Popping out one kid after another.
@@HockeyGuy_in_STL something for you to chew on hockey guy. Keep it zipped and snipped, and stay away from desperate people.
In retirement, I receive SS in the amount of $2,431 monthly, and a small VA disability amount of $338 monthly. That amounts to $33,228 yearly. I have never paid taxes as my two former tax preparers said I don't earn enough to pay taxes.
It was inferred but to clarify - if you retire at or after your FULL RETIREMENT AGE , you will receive your full social security payment regardless if you are still working and drawing an income . The reduction of payment refers to those seeking social security payments BEFORE reaching their full retirement age .
The clawback on earnings above a limit omits 2 very important facts. Once you reach full retirement age, there is no such limit. In the last year leading up to full retirement age, is a $1 - $3 ratio, not 1:2
That part is confusing, I'm at FRA this year but am told that I have a limit on the year that I reached FRA. Any advice on FRA and working as soon as you meet FRA?
Furthermore, once you reach full retirement age, the amount withheld is returned to you in the form of higher monthly payments.
@owen33333 Income made anytime in the month you reach fra is not counted, nor of course any going forward. If clawback is the concern - start drawing such that your income reaches, but does not exceed, the limit by day 1 of your fra month. - also note the other comment about recalculated retirement age.
If you receive more wages than the earnings limit AFTER you reach full retirement age, therre's no reduction in your SS. It only applies between age 62 and full retirement age and it can be $1 for every $2 or $3 you earn. Also, if you receive too much taxable income, up to 85% of your SS is taxable income. In that way, your SS is reduced even more. If you are incarcerated for 30+ days up to 1 yr, your SS is suspended. If more than one year, your SS is terminated. The difference is that suspended only requires you to notifiy SS to get your payments reinstated while terminated requires you to reapply for SS as if it were the first time you applied.
Im 80 and i still work full time and draw SS and file tax returns and pay taxes yearly.
Inflation is always triple what the government says it is ! If they say inflation is 2 percent it's really 6 percent.
Good Luck America !
For a lot of you that don't seem to know. If you are making in excess of $33,000 for Single, or $44,000 married and filing jointly from all sources in conjunction to collecting social security, up to 80% of your social security will be counted as taxable income. If you are not exceeding that amount, then your social security isn't taxed.
After full retirement age, I think that ends.
@@jjjackson5183 Is full retirement at age 67?
@Shortie5-1 Most people are running 0ut of energy to do a job by 65, unless that job doesn't require all that much. I think it is the food.
Then this promise to eliminate tax on as is just going to help those people that make the most typical politicians
Over 25K/34k is subject to 50% being taxed for single/joint and 32k/44k is subject to 85% being taxed. Separate from offset of earnings.
Excellent information. Straight to the point 🎉
I spoke to social security office about why are we penalized for taking SS early. It is to deter you from retiring early. If you retire at full age you cat make as much as you want
Someone reported my mother as deceased. She is not. She is living in a nursing home with Alzheimer's. Social Security would not even speak to me to try and correct it, and it makes no sense that Medicaid and Medicare certainly know she is alive, but Social Security does not. Can't they talk to each other? It's been six months and she is still not getting her payments. Nobody will tell me who made this false report in the first place.
get a lawyer that deals with social security issues they need a death certificate before stopping payment not just a phone call from someone and good luck
What if you get a letter stating from the nursing home that your mother is in and that she is currently still alive living in the nursing home. I would have the letter notarized and personally go to Social Security with the letter. You may have to take your mother with you. It might be a good idea and a letter stating from her doctor that she has Alzheimer’s.
Praying this gets solved!
That's insane...and scary! Hope you're able to clear things up! I guess you have savings to take care of everything till then? Many people would be in serious trouble. I think most nursing homes would not patiently wait around for their payment.
if she is in nursing home, all her income will be collected to long term care except $35 left for her own expenses
Thanks for your amazing advice and channel. You're the best financial advisor I've heard. Wish you all the best.
At age 73 ( and dependent on SS to live) I worry about my two sons and IF SS will be there for them. We've discussed this and they are taking what acts they can to save on their own but they are raising children and who knows what it will costs when they are ready to retire. Life can be so hard as we age.
If you only have a SSA check of 1000 and your ex wife takes 500 of that leaving you impoverished at 70 years old , can that be fought? Nobody in this country can live on only 500 dollars!
So grateful for the information you explain so well. Thank you.
Good info, thanks. 👍
I know a couple who were self employed for most of their lives. They only paid one of them until that one started collecting SSI. Then, they put the spouse on payroll for 4 or 5 years so that they could also get SSI. The latter one waited till 70 so they could get the maximum benefit. Their business never really did much they loved the write offs. Their taxable income was probably never over $50,000 a year. Not to mention, their business was on life support when Covid hit and they were lucky enough to get PPP money. They used PPP money to pay her all they could in order to increase her SSI. Between SSI and VA disability, they are bringing in over $90,000 a year. They are living a life that they could only dream of and a life better than most. They never saved, lived beyond their means and were never around for their kids.
I am pretty sure he is speaking to those who are NOT full retirement age. I am full retirement age and still work full time making more than 22,300 a year. There are no ductions made upon my SS checks.
Am I correct though at full Social Security retirement age which for myself was 67 and I’m beyond that now …you do not have to pay the one dollar out of three while you’re still working correct that is my understanding. Could you clarify?
You are correct. You can make as much as you want. I've been doing this for 7 years. However, you have to pay taxes on all your income. That could be substantial. I have 25% withheld from my SS payment. But I get to invest that money which has made substantially more than if I waited until 70.
@@HALWG51 Did you take SS at full retirement age ?
Same here, I’m way past the ‘penalty’ phase age wise, and did go back to work currently. S.S. rep asked me when initially applying for benefits, I could be set up to max 15% tax taken out, my choice right there on the phone. Also mentioned was that S.S. will be taken out of earnings, like always during my career, but no penalty since I’m past that age, I believe it was 66 ? for me
Yes 66!
I'm on SSDI don't have enough to even live an I'm trying to raise children's. On snap benefits an medical.
@ 2:45 ..."but the government don't want the recipient to have a windfall " ...really infuriating to listen to that.😠
Hold everything. NO,, you can work while collecting SS benefits without losing any benefits as long as you started to collect at or after full retirement age
It's important to note how low your SSDI or Social Security has to be before qualifying for supplemental security income (SSI). I say this because, unfortunately, those filing for disability will be asked if they would also like to file for SSI-- most say yes. But the social security people do NOT tell them if they even qualify for it or that it will mean extending the wait before they receive benefits. I fell into this trap. It took me two attempts and six years to get much needed SSDI and then, when I did, I was told that with the amount I got for my SSDI (which, according to the folks at Social Security, is EXACTLY the same as the amount you would get at retirement), I did not qualify. Six years, when it could/should have been no more than two years.
Another point that is important to note is that, once you have SS, you must wait six months before applying for Medicare/Medicaid -- AND! -- there is a cost for this that will be deducted from your social security income. In some states there are, however, state programs that will help you pay for these expenses, assuming your income is low enough.
Such useful information.Thank you
I paid the maximum my entire life. Now they want to steal that from me?
That's how they operate!
It’s a scam like anything else in this country. Same money taxed so many times. When I retire I’ll take all my investments over the ocean.👎🏻☹️
At age 67, which is full retirement age, you can make as mush as you want and your social security will not be taken down in value. But.....social security is taxed on 85% of your benefit by the feds. Several states also tax social security on the state level. Any income you make past full retirement age is also taxed by the fed and state. And just for fun.....the fed charges you a monthly fee for medicaid. See how moving partly overseas is starting to make sense? But if you renounce your US citizenship, you lose your Social Security benefits. So don't do anything radical like changing citizenship unless you don't need your Social Security benefit.
I had about $250 of unpaid student loan debt that I wasn't aware of and this was cancelled when I was approved for SSDI.
Referring to incarceration as “government housing” can be confusing. Often that terminology is also used for subsidized public housing …… Which is a type of housing provided by the government.
Excelent program congrats thanks .
How can you say you don't need money for daily bills if your in jail more then 30 days , How stupid " Ever hear of those homeless that have everything they own in storage or still making car payments that they sleep in "
Yes people in jail still have bills that must be paid monthly including credit cards . To say you no longer need monthly payments because your food and shelter is covered in jail is Nuts "
As an lnvesting enthusiast, I often wonder how top level investors are able to become millionaires off investing. . I’ve been sitting on over $545K equity from a home sale and I’m not sure where to go from here, is it a good time to buy into stocks or do I wait for another opportunity?.
Well as you know bigger risk, bigger results, but such impeccable high-value trades are often carried out by pros.
People dismiss the importance of advisors until they are burned by their own emotions. I remember a couple of summers ago, following my lengthy divorce, I needed a good boost to assist my business stay alive, so I looked for qualified consultants and came across someone with the highest qualifications. She has helped me raise my reserve from $275k to $850k, despite inflation.
How can I participate in this? I sincerely aspire to establish a secure financial future and am eager to participate. Who is the driving force behind your success?
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further.
Thank you for this amazing tip. I just looked the name up and wrote her.
Work comp and social security are separate entities!
It’s NOT a “windfall “, that I can’t go rake in $65.00+$30.00 in fringes!
I paid into both MANDATORY insurance plans my whole working life!
In my state, Workers comp steals from disabled workers until age 62, then Social Security takes a turn robbing people till FRA!
A US citizen can live abroad and still collect social security as long as that country is not on the prohibit list!
and as long as what you get is not SSI
Holy Schmidt…
I partially agree with incarcerated people not getting the check. But if there are dependents involved we should not put this financial burden on them.
recipients on an incarcerated person's earnings history are not affected, their benefits are continued without interruption. when the over 1 year incarcerated is released, their benefit resumes on filing the right paperwork. know someone who's been through this....
If you paid into it you should get your money back regardless
There is no earnings limit after fra I believe
Correct 😊
TY I don't think he mentioned that & I started calculating with panic in my eyes! ;p
Correct. I’m way past the penalty phase, and did go back to work. The S.S. person had told me, when I applied for benefits, that no penalty would be for me, but you will see S.S. taken out of earnings while working, sort of supplementing my own monthly benefits 🤣🤣.
So Wise , Thank You
Thank you Mr S
You bet
More details need to be provided on your misleading income limits: I'm still working at age 72. I received my ex husband's social security when I turned 65 (married over 10 years), then at age 70, I was rolled over into my benefits and no money was and is deducted from my social security benefits, (my work income is 6 figures) Please do a video with a more in depth explanation of income rules. I had no idea I could receive 50 percent of my ex's social security for 5 years until a friend told me!
In order to receive social security benefits off of a former spouse’s record, we need to have been married at least 10 years. We also have to make on our own record, Less than Half of what the former spouse could or does receive in S.S. benefits. If we do make less than half of their S.S. benefit, we receive our own benefit and also the difference added to ours, that add up to Half of their benefit. It would be great to receive Half of theirs plus our own, but we cannot. This is also only if we collect S.S. at FRA, full retirement age only. (if any sooner, then that amount is permanently reduced) We can receive 100% of an Ex-Spouse of at least Ten years of marriage, as a Survivor benefit when they become deceased though.
Your lawyer should have told you imho
Earnings limit “penalty” is adjusted for at FRA. You probably should have mentioned that.
Yes, that's what I was wondering about.
Thank you for an informative video!
How can you lose People paid their dues .
I’ve always found it interesting that wage earners who don’t file are considered tax delinquent or to have not paid their taxes when in fact Uncle Sam takes their taxes via payroll before they receive their check. For the vast majority of wage earners to have to voluntarily under the threat of financial penalty to provide proof each year that enough money was taken seems an undue & unnecessary burden. Rather the IRS should be sending each citizen a statement requesting a review of record to attest that they took enough or took more than was required.
I got fined by the state 55 bucks for not paying enough earlier in 2021
I think you have done a disservice by not specifying that the income limit is only in effect if a recipient hasn’t reached full retirement age.
yes..a scandal he doesn't correct this glaring omission!
Outstanding video…. Very informative.
Thank you for this video, great topic. On point 5, does this include SS payments or just 22K earnings above SS? Would investment gains be considered earnings? Thanks again
Work for cash.
No if someone got mad at you they would turn you in not a good idea
You're right@@kathypichey4306
And if you need social security disability it won't be available to you. Happened to a student of mine
A good retirement plan is to have money in fixed personal income annuities. Not only is your principal protected from judgement creditors, medical bills and nursing homes but the income stream is tax free.
Most of this is not accurate.
@@HolySchmidt thank you for clarifying the inaccuracy, you just saved me going down a rabbit hole
They need to raise or get rid of the income beyond the earning limit.
A woman's husband, had a child that went to prison. Him and his exwife decided to cancel child support. The state thought they should get it, and would not let them cancel it, they wanted the support payments. So, in retaliation, he just stopped working on the books. Then when his wife filed for taxes at the end of the year, about every other year, they would mistakenly take her tax refund, from working at Subway. She never got any of it back. They would correct it for the next year, but not the year after that. That's harsh.
You didn't mentioned living I'm a nursing facility. Unfortunately, my mom had to me admitted 2yrs ago for ongoing care and her SSI was reduced drastically to under $100/mo.
So you pay into social security your entire life and they can discontinue it makes zero sense. I understand that if you owe someone else money they can divert it.
It’s not like if you die before retirement age your estate doesn’t receive what you paid in. Oh wait! You don’t!
It’s wild to think someone is old enough to retire, yet, they still owe on student loans. It’s important to stress the need to start 529’s (education savings program) to save up for YOUR OWN KIDS to pay for college.
Thanks for the vid Schmidt!.. Hey can you do a vid that talks about HECM loans? We have no kids and there is a lot of money in our paid off house..
Get a HECM ASAP. If you need money it is there, tax free. If you don't, the line of credit will grow. You can use it for income, emergencies or vacations if you want. I am retired CFP and also sold reverse mortgages for years. I know what I am talking about. They are a great retirement planning tool. Google Don Graves for additional info. He teaches at the American College. Written a few books.
Non-US citizens living abroad can receive SS benefits if they are a resident or citizen of a country with a totalitarian agreement, plus a few other reasons. There is a lot of nuance with that statement that your video fails to explain.
I am 70 and have applied for payments. Does the earnings limit still apply since I am beyond my FRA?
What happens when someone utilizing SSDI reaches 62 yrs and 65 yrs? Does it switch to retirement from disabled? Are there any penalties or other considerations to keep in mind? Thank You very much. Your presentation is excellent.
@elisadelaurent.....mine automatically switched from SSDI to SS. I had no penalties.
@@kathyleighton9091 Thank You. Did your monthly benefit $ change?
85% of my Social Security is Taxed.
which is so weird when you think about the fact that it was a tax in the first place that you paid when you paid into it! So now they tax you when they are giving back the money you already paid.
Has to be because of your earnings and SS add up to a certain amount.
They got all these excuses not to pay. If you are American and live in America you should not be denied the peanuts they offer. In fact they should of invested your money and pay to compensate for these high prices. How you gonna pay taxes when you make peanuts or pay a student loan that was a scam? They need to lower the age to 60 and increase it to 300 percent.
#5 needs further explanation. The $22,320 income limit pertains to people who are taking social security BEFORE their full retirement age. Unlimited earnings after full retirement age, start of social security. Right?
The IRS took $250 a month from my SSDI wow that hurt but its all paid of now
I would appreciate that if you're going to do a video on social security to please not show these fake ads for government subsidies of $3,300 etc
I would love if you could cover the impact on SS payments for someone who is forced or choses to stop working before 62 or 65 years old.
You can look up your benefits based on your year of birth
Or personalized on ssa site
Imagine being of retirement age and still having Student Loan Debt !!
I used to be a master procrastinator on debts in my 20's.. Only problem with that is you can't have a bank account if you have the feds after you for taxes or loans or child support.. They will lien you. They will also take your tax refund. Thats a real tough notice to get. Glad that phase of my life is way back in the rearview mirror. I'm 63 now and my credit score is way over 800 now and that is an indicator of integrity restored in my life.
I know several people like that.
Maybe they got the loan later in life ?
I'm glad I don't fall into any of those categories!
Yeah , me too I'm gonna need every penny.
If you are incarcerated, no one is paying your rent. You get out a month later, not charged, you lost your apartment, your stuff and your reputation. Good luck/
Thanks for all of your videos, they are so informative. I heard that if a retiree sells a home, the proceeds from the sale can be counted as income and can increase their Medicare payments. Is this true?
A lot of questions of this type can probably be answered fairly well by doing a search on google. That's what I do many times when I need a legal or other type of question answered.
I am 65 years old. I understand the part about them, taking one dollar for every two dollars made over the income limit. The question I have is, if I decide to start taking Social Security in January 2025 and take it for the whole year when do they take your checks to pay for going over the limit?
Would they start taking my checks the beginning of 2026 or Do they do it during the year once I reach the income limit?
Good question.
I was told by the SS office that there is no penalty for working. Period. Also, I have friends who work, earn more than $22+ and get social security.
The income limit is prior to full retirement age.
@@Sylvan_dB Yes, I saw that afterward.
He didn't mention that the $22, 320 one dollar for every two payback ends at 70 years old.
it actually ends at your full retirement age
Also if you do not sign up for Medicare when you are 65, because you do not have the money to make Medicare payment, and you do not have insurance where you work because you just can not afford it. They will punish you with social security fines, and you can not retire because you must pay your bills . At the end you just must pay Medicare fines for the end of you life because you can not afford to pay your Medicare insurance payments. And you can not retire because you must pay your bills.
Thanks Tim
@@HolySchmidt hes got a Finnish name, his first name is probably Timo :)
yes, that is a real shocker and just downright mean! Heartless, since a lot of people aren't even aware of it.
That clawback for income...is that only from working? What about 403b and/or pension payments? Between those 2, I will have well north of the $22K limit.
To be sure, contact your local Social Security office. I think both are not earned.
If this guy charges by the hour, you'd be broke in one meeting. Wow.
I'm not certain, but I think old age retirement gets paid to most green card holders even after 6 months if they return to home countries that have a joint retirement treaty with the US?
So my ex has informed me he is cutting his court ordered spousal support by 50% when he retires next April. He is doing this without court-ordered permission. Should I take him back to court when he does this to make certain he still pays the full amount that was ordered?
IF I AM INCARCERATED I NEED THE BENEFITS!!!!! I PAID INTO THEM OVER SEVERAL YEARS I CALL BULLSHIT ON THIS!