Working While Receiving Social Security (The new 2023 rules)
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- Опубліковано 16 чер 2024
- In this video, we're covering the new 2023 rules that apply if you want to work while collecting Social Security benefits. Then I'll answer some of the big questions like:
→ Does the Social Security Administration Look at Single or Joint Income?
→ What happens to benefits that are withheld if you go over the earnings limit?
→ How is the earnings limit actually applied?
→ When does the limit switch from an annual limit to a monthly limit?
→ Should you tell the social security administration if you are over the limit?
→ Will the earnings limit affect spousal or children's benefits?
→ What actually counts as Earnings?
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⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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Do you think we should have an earnings limit?
No.
Devin I am getting a widow getting a caregiver allowance . I lose the caregiver allowance June of 2023 when youngest kid is 16. Do I have an earning limit for 2023.? What is it ?
I have a question about the video, my social security was cut in half because I'm getting a pension from my former job, but you say in the video that social security won't cut your payouts because of a pension!?, how do I get them to restore my full social security? Thanks 😊
@@b.powell3480 That was likely due to the Windfall Elimination Provision (WEP). See my video on that topic here ua-cam.com/video/D8jrvAA31u4/v-deo.html
No, why should we be limited in how much we make after we retire? SS is not an entitlement program, this is money we put into the system while working. Why are we penalized for continuing to be productive? Why are we forced to wait for years sometimes if we are able to retire before 65 and then lose some of the money we've had taken out of our pay for decades?
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 determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.
This is true. 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 her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
Its 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 $287k 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.
@@hasede-lg9hj Could you kindly elaborate on the advisor's background and qualifications?
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up Vivian Carol Gioia because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
Actually, I'm not sure if I'm allowed to mention this, but I'd recommend looking up Vivian Carol Gioia because she was a big deal in 2020. She manages my portfolio and serves as both my coach and my manager.
My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.
consider financial planning.
I totally agree, I'm 60 and newly retired with about 1.2 million outside retirement funds, no debt, and very small dollars in retirement funds compared to my portfolio balance over the past 3 years till date. tbh, the role of the invt-advisor can only be overlooked, not denied. just have to do your research in finding a reputable one.
Impressive can you share more info?
My Financial adviser is ‘’JULIE ANNE HOOVER’’ she’s highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. 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
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.
Am 58 retiring next year but the thought of retirement gives me nightmares. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
@@hunter-bourke21 I’m in dire need of guidance so i can salvage my portfolio due to the massive dips and come up with better strategies. How can I reach this advisor?
@@rebecca_burns14 Julia Ann Finnicum, is my adviser and she is highly qualified and experienced in the financial market. She has extensive knowledge of portfolio diversity and is considered an expert in the field. 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.
@@hunter-bourke21 Thanks for the info. I did my own research, and your advisor looks advanced and experienced. I emailed her and scheduled a phone call. She is experience can't wait to have a chat.
We should be able to make all the damn money we want.Without losing what we fought so hard to get from Social security.
Vote 😊
EXACTLY!!! I just got a letter from SS saying we owe them 3,800.00 and to pay it back in 30 days or they will hold back my husband next 2 SS checks. He made over the limit ! We owed irs 1,500 this year. Now what? Paid taxes on that $ SS says we owe them back!! BS
We paid into SS !
Vote.
How dare you bring in more money than starvation payments!
Regarding this I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
Nobody knows anything; You need to create your own process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.
@Clara Lynn From my judgement she really seems to know her stuff. I found her online-page, read through her resume, educational background, qualifications and it was really impressive. She is a fiduciary who will act in my best interest so I went on and booked down an appointment
You are not by your self trust me.
What are you stressed out about?
I think most of you (I am over 62) think you need too much money.
Rent a 1 br apartment in a cheap location in USA for $800 a month, sell everything, and relax.
After the 2008 crash, it took 8 years, the entire Obummer term for it to move north again. Now with this [Democratic administration] drop, mine about 30% down, I will have been retired for 2 years at 67. I am actually below my investment level.
Never going to retire, going to collect at 62 this year and plan to continue working temp jobs while on ACA which has been working out GREAT for me. I can earn up to 19k when I work while collecting. When I hit 65, I will reevaluate my life situation again and go on Medicare. My home is paid off and I don't have any family, I never married and don't plan to, and I was a foster and never adopted. These are my life plans.
What about the 1st year In retirement? Heard it was different than the 2nd. GL and enjoy…
I kicked off SS 2 months after I turned 62 and stopped trucking that year due to a workplace injury. I got a year vacation with workman's comp and SS, once I was medically cleared, I moved to the Philippines. I wouldn't have had much of a retirement in the US, but over here, I'm living great.
I watch several youtube videos on how to trade in the stock market but haven't made any headstart because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands.
Have you considered consulting an investment advisor or using a portfolio manager?
@@carlosjohnson5457 hi, no I haven't do you know any or can you point me in the right direction?
@@donnabrannan1448 MARTHA ALONSO HARA
Look up her name on the web.
The wisest decision I have ever made in my life is to invest in the stock market before my retirement and now I am making a good profit from it and all thanks to MARTHA ALONSO HARA who made this possible for me to achieve my financial freedom.
Would love to see a vid on ssdi rules and #s for 23'.
Honestly they need to allow working disabled to earn, save, and own more than they do without worry of losing disability or health coverage...
Absolutely !
I agree 💯! Great question I was just going to ask this myself!
Forced poverty
Totally agree!
I filed for my SSB at age of 62. This is how I beat the system. I started my benefits in the middle of the year and continued working thru the first 6 months of the following year. After 90 days I filed for unemployment and after 6 months of unemployment, I repeated the cycle. I was earning 20/hr, so I didn't have any SSB income limit issues. Plus I always got the Max unemployment benefits. The government screws us so we have to learn how to screw the government. In 2024 I will reach my full retirement age.
Just filed at age 62 and my approval letter reflects everything you are covering here so this information is so helpful. I estimated my income from my job but need to update to cover my shift differential so again this information you are giving me is invaluable for when I contact my local Social Security Office to update my information. You are providing all of us with valuable information on this otherwise complicated subject. Thank You.
I have met so many retired folks that are considering going back into the workforce because of increases in utilities and cost of food.
The American Dream has turned into a nasty nightmare.
Wow, I was able to listen to this for almost 6 minutes, and then my eyes glazed over and my brain shut down.
Awesome explanation! You nailed it; this is so applicable and timely for my planning, as I hit FRA next December and had been considering claiming in January while continuing to work (My primary motivation to do so is that I believe that SS retirement benefits are going to get wacked in the near future and it will likely be helpful to be grandfathered in).
Thank you for the information. It's a relief to know that pension income or income distributed from profit sharing will not count against your social security.
Devin your videos are very much needed and appreciated...thank you
Glad I listened, it helped me to understand it better! As this is what’s happening to me right now
Hey there Devin, this is Larry your technician a few yrs back. Just wanted to tell you thanks for the help. Its still kind of hard to survive as medicines can add up as everything but its not to bad. All is so expensive but we make it work, some times very tire but its ok. Again thanks for your help and God Blass you, I do miss our conversations.
Hey Larry...hope all is well with you and your family. 🙂 Merry Christmas
David, your research & informational videos are greatly appreciated. Thank You👍🏻
devin dude...
I filed for my SSB at age of 62. This is how I beat the system. I started my benefits in the middle of the year and continued working thru the first 6 months of the following year. After 90 days I filed for unemployment and after 6 months of unemployment, I repeated the cycle. I was earning 20/hr, so I didn't have any SSB income limit issues. Plus I always got the Max unemployment benefits. The government screws us so we have to learn how to screw the government. In 2024 I will reach my full retirement age.
I read through the material from the SSA a couple of times. It is hard to comprehend. Devin's explanation is so clear that I now feel confident that I can speak intelligently with the SSA about the special monthly rule.
There are the greatest financial people on UA-cam- Lane Martinsen, Josh Scandlin and of course, Devin Carroll :) People who are entertaining and enjoyable to watch while learning these topics. Thank you dear sir for your expertise, you;re the greatest Devin !!
Ur updates amazing! u get answers to questions SSA no clarify! thank u! where do survivors benefits fall if I want to work?
I started investing 35-40 years ago. I never thought I could retire comfortably. At 66, I retired started SSI and retired with a very comfortable portfolio. Lately with the inflation rate, it even stresses me also.
Thanks Devin always informative blessings
The Cheat Sheet you provided is an excellent resource! Thank you!
With inflation we need to work we are just screwed over and over!!! Thanks for the update!!
Thanks for the information. I'm full retirement age and going back to work. I'm happy not to worry about taxes.
The earnings limit and taxes on benefits ARE NOT the same thing. To understand taxes on social security benefits, see this video ua-cam.com/video/juj4YsXOdkc/v-deo.html
Thanks for your simple explanation of what is considered income
Excelent explanation on Social Security Bennefits. My questions regarding Full Retirement ages limits and or penalties were answered.
This stuff is so confusing. Thanks for making it a whole lot easier.
Still confused
Great show Devin, wish i could get a consultation for collecting my Social Security this coming Jan
Hello Devin. Can you please do a complete video on disability insurance SSDI benefits. Great videos 👍 thanks again !
This video is quite informative. Thank you so very much!!!
Glad it was helpful!
Excellent video, very knowledgeable. Thanks you!
Glad it was helpful!
Thank you, keep up the good work.
Thanks for watching!
Very informative and helpful. Thank you!
I got this from a article I read awhile back that could be helpful
What Is Considered Income for social security purposes?
There is one final way you can still “work” and collect all of your Social Security at the time you expect it, rather than as deferred payments. Essentially, if all of your income is passive, you can earn as much as you’d like and it won’t have any ramifications on your Social Security earnings. Specifically, the SSA counts only wages or salary from a job, or the net profit from self-employment, as earnings. Investment income, pensions, veterans benefits, annuities, interest and government or military benefits are not counted.
Thank you for the clarity on what constitutes earned income! SO relieved that it doesn’t include my annuity!!
Thanks for watching!
Great lesson, thanks Devin. I will retire January 31, 2024, after reaching FRA in Mid-January 2024. This should not affect me.
Very informative thank you
Great presentation Devin. All the best to you…
My husband was working full time when he became eligible for SS. He filed, received partial SS amount and kept his full time job with full time pay. Also, they continue to take SS from his paycheck. When he finally retired, he started receiving his full SS payments.
Keep in mind that if you retire mid year you will switch from an annual earned income limit to a monthly earned income limit of 1/12th of the annual limit.With no limits to what you earn the months prior to you starting your social security benefit.
What?
If you play the lottery every one in always would that go against you
@@lindapalmer1798 do you think that you could spend all but $2000- in the first 30 days after you get it? That's the limit that those on SSDI/SSI have to deal with, anyways.
I filed for my SSB at age of 62. This is how I beat the system. I started my benefits in the middle of the year and continued working thru the first 6 months of the following year. After 90 days I filed for unemployment and after 6 months of unemployment, I repeated the cycle. I was earning 20/hr, so I didn't have any SSB income limit issues. Plus I always got the Max unemployment benefits. The government screws us so we have to learn how to screw the government. In 2024 I will reach my full retirement age.
@@thebootielover what your saying sounds like a lot of b.s.
Good, I retired the other month at 70, still working full time and collecting full SS. So this won't hurt me any. Still working with Health benifits from work.
I had always planned to take social security at full retirement or later. Life happens and I am sitting here recovering from a broken arm and shoulder surgery. I have been considering taking social security now at 62 years and 5 months, then when I am able to go back to work. It’s my understanding that the income I receive after starting social security will increase my monthly benefits (as long as I make more money than a previous year used to calculate my benefit). The problem is I don’t know how to figure out how much difference I could make by doing this.
Can you please do a video explaining the answers for SSDI recipients?
I don't think that is his expertise according to the statement at the top of the comments.
The interesting thing about SSDI is that many states allow you to do a work trial for 9 months, (within a 60 month rolling time period) with an income "trigger" of $970, (soon to be $1050) and no income ceiling without losing benefits. But, some states, like mine, allow you to do a work trial for 9 months every two years.
Can you do this for disabled people who are on SSI-SSDI. Who are working & who wants to work as well. As a Disabled person who works what's the income limits, can social security take away Ur Disability benefits If Ur working. How much can U work and still keep Ur benefits: hours and income- pay wages.
How can U work for company that only pays Sub min wage, but be able to get above sub min wage for the work U do as a Disabled person
Well done, two other postings were definitely more confusing!
Thanks for the information. Very helpful.
I am somewhat confused about a couple of things, mostly pertaining to information on the SSA website. I have been monitoring the graphs under the My Social Security window on the website for months. It shows that if I start early payments at age 64, 2 months (which I will be in January), my monthly benefit will be 1,680 (about 200 or so less than if I wait until FRA). My understanding was that if I collect early, that would be my payment as long as I stayed under the annual earnings limit. Is this correct? Because there was also a section on the SSA site that said if you still work and draw your benefits before FRA you only receive 800 per month.
Does my yearly limit go up from 19560 in 2022 to the new limit for 2023 or do I stay at 19560? I've not reached full retirement age in 2023. Thanks so much for your videos, so helpful.
Did an excellent 👌 job breaking it down. Different categories.
Glad you liked it!
Thank you for this excellent informative video. I really appreciate it.
There is seems to be so much confusion about this. I was at full retirement age last Dec. I am now considering filing for SS at the end of the year. My husband is not at retirement age for a couple years. He still works. I work in his business part time. I've held off filing because I did not want my SS benefits effected. What I now understand from your video here is that my concerns are not valid. Because I'm at FRA my earnings will not be taxed. Thank you Devon!
Your earnings may be taxed but you won't be punished fir going over the earnings limit. Taxes & earnings limits are two separate subjects
If you want to collect based on your work history, you should be fine. If you want collect spousal benefits, you can't collect spousal benefits until your spouse files for their benefits.
@@SpynCycle57 but she may still have to pay taxes on her SS benefits even if she is FRA and works or her husband works it still affects her
Your concerns is NOT valid.
I filed for my SSB at age of 62. This is how I beat the system. I started my benefits in the middle of the year and continued working thru the first 6 months of the following year. After 90 days I filed for unemployment and after 6 months of unemployment, I repeated the cycle. I was earning 20/hr, so I didn't have any SSB income limit issues. Plus I always got the Max unemployment benefits. The government screws us so we have to learn how to screw the government. In 2024 I will reach my full retirement age.
If a widow who is receiving benefits from deceased spouse, are her/his earnings counted against widow survivors benefit?
Good information. Thanks!
I Would love to know more about pausing your social security retirement benefits if you decide to go back to work until say 70? Especially on how it works if you have to pay it back?
I remember reading that you only have one year to unretire with the SSA
@@tracy6947 12 months I believe. And can only pause it once. But do u have to pay it back and how if you already were at full retirement age when u first applied?
I have tried to do that. Two times I’ve been there then get a letter stating I will get my September check in October 🤨🤨🤨I asked to suspend it ….my daughter broke her ankle and I have to help pay her bills…….I get spousal benefits and I am before full retirement
@@debbiblakeslee2373 I don't believe you can suspend before FRA. If you want to stop your SS you'd have to do so within one yr. of having started them & pay back everything you've received so far.
@@penelope5500 wow thank you. I had no idea. Why wouldn’t they explain that to me. Again thank you
Thank you so much!
If a good logical reason could be given on the earnings limit, then, maybe yes. But, in it current form, with capital gains not counted, etc, it basically keeps anyone who isn't well off in a category of pretty much scraping by, or not really being able to enjoy "retirement."
Concerning the limit you can earn from working while receiving benefits, I asked at the ssa office a month ago about this and I was told it was when I reach the one year mark from FRA or 65 1/2 (June 2023) that I can earn up to $56 K without penalty. You mention it was in the same calendar year, that sounds like a person would not be eligible to earn the higher amount until Jan 2024, even though that's only six months away from FRA instead of one year. Please clarify and thanks for the info.
I'm in a similar situation. I will reach my FRA, 66½, in February 2024. So, seems that calendar year threshold limit of $56k isn't available for me until January 2024. And, the monthly comparison would do little for me. So, the exercise of starting early wouldn't be worth the confusion. I do seem to recall there's a workaround if your FRA is in January, but that just adds insult to injury in my situation. I hope and plan to work until 2026. But I do need some extra cash now and don't want to make a 401k withdrawal. So, I'm disappointed about all this.
To get off the subject a little and for a bit of levity, a lot of us peak (1957) boomers were born in late August or early September... since Christmas holidays + 9 months = lots of birthdays. I can't help but wonder if the February date for a large portion of applicants in a high birth rate year wasn't intentional on the part of those sly IRS actuaries. 😊
I really enjoyed this video and found it informative and easy to understand. Thank you Mr. Carroll.
Hi Devin. I turn 62 in march and will start getting ss benefits in April, I have a part-time job driving a school bus so some months I make 2000-2500 and some months like the summer months I do not make anything. I will not be going over the annual amount but will I be held to a monthly amount?
I'm wondering the same thing.
I too want to know the answer. I’m still confused with the monthly allowance versus the annual allowance for early benefits
Heard there may be the 1st partial year working while collecting Social Security. Still looking for the answer. All the best…
great video full of facts! txs
Thank you for the information
Do winnings from contests count as income for purposes of determining if you are over the limit?
They're counted as unearned income
It has to be "income you actually worked for." Contests, are not earned income. So the answer is no.
Hey Mr Devin,
How can you fight an overpayment?
Is there a lawyer somewhere that will take the case for you?
Ss is saying that I owe a overpayment for widows benefits from 1914 to 2022.
My grandpa retired at 62 and is about to start Medicare next year and he's going to be transitioning from the ACA to Medicare and he wants me to help him navigate the process but honestly it seems daunting. Could you make a video on that?
@Christine LaBeach, if you go to ssa.gov and open an account for him ,as you scroll down , there’s a number for the medicare hotline. They may direct you to an advocate. It’s a good place to start. I’m transitioning from Medicare to Medicare advantage plan thru a local hospital system in my area. Request a copy of the 2023 Medicare changes. It’s a little thick with information but it’s good to have it in hand when you talk to someone that’s trying to sell you something. Hope that helps, I’m going through the same process
Boomer Benefits has videos on Medicare.
It is daunting.. the You tubes I found extremely helpful are "Medicare School" and "Christopher Westfall"
Medicare isn’t eligible until you turn 65, I thought? At least that’s when they made me sign up.
Very helpful and informative
This was extremely helpful! You were incredibly thorough and concise at the same time! Thanks for doing this! One quick question: If I work as an independent contractor and payments for that work are received by an LLC that my wife and I jointly run, and my wife is paid by the LLC for her work in administering it, and I take as cash income the balance of the payments for the work as an independent contractor (net of other costs of doing the work, of course, such as tools, uniforms, supplies, travel and meals, and vehicle expenses) is the net cash income my "earnings" for the earnings limit test? Or is it the total paid by the customers of the LLC? Thanks in advance.
Question: I plan to start SS in July of next year, one year early from my FRA in June 2024. My full-time earnings prior to my June retirement will be substantial. Do those earnings count against any earnings limit? I plan to continue to work part-time after I retire and don't want them to take back any of my SS benefits. Thanks.
I have the same question, where do I go to find out my amount I can make over my benefits?
@@lorraineg7223 You can google that...
I don't think so because you earned that before getting Social Security. The earnings limit only applies while getting Social Security and you where also paying SS taxes while working.
@@sinebar Good point on paying taxes. I hadn't thought of it that way before.
@@lorraineg7223 I found out that for the months remaining in the year you retire early , they will go by the (2023) yearly limit $21,240 divided by 12 = a $1,770 monthly limit. If you don't exceed the monthly amount, they don't take back any benefits.
What if I started collecting in June but my earnings for the year is $30K ? Do they punish me for only receiving 6 months of benefits that year?
If you start your benefit mid year you will switch to a monthly earned income limit once you start collecting social security ,with no limit to what you earned the months prior to you starting your benefit .The monthly earnings limit is 1/12th of the annual earnings limit. Example You are 62 and from January to October you have earned 100k
and you retire in November and start collecting social security you will then switch to a monthly earning limit of $1630 a month (1/12th of$19560)
There is no income limit for the time before you start recieving benefits
Thank you Sergio and Lisa
@@sergiosantana4658 So if you’re SS check is 1,700 and you earn $3,400 that last month in your example…You collect nothing? Might as well start in January and go for the yearly amount and stop working at 5 months. Unless you need to retire previously so you can earn annually the following year. I think 🤔
@@dennistyler9852 In my example the last month of W2 earnings was October with Social Security benefits starting in November.
All income was earned before starting the social security benefit . . hence no penalty .
0
Great video DevIn have a favor to ask you can you do another video on disabled Social Security just like you did today was their limits are and so forth❓❓❓❓
Very valuable Information right there! Thanks !
Glad it was helpful!
Thank you Devin
Thanks just what am looking for retiring in a couple months
Thanks for explaining. This is a ridiculously complicated system
First, Devin thank you for these. I stumbled upon this on Google Home page feed.
What about disability benefits and new rules.?
If you have a finance advisor they can run the "what if" plots. Mine revealed I will make money by taking social security (get my money back) at earliest. Assumed for me it will allow me to leave investments as is. Or I can start gifting into estates earlier to help them with estate taxes.
Devin, Thank you for your videos, very informative. I retired this year (June 2023). I have gross earnings through May of this year of $30k that should not be considered due to the First Year Special Rule. However, I will continue to work part time and I am VERY aware of the $1770 monthly limit. My question is: Given that a W2 only reports annual income, how (end of year tax form?) and when do I let the SSA know what I earned from Jan - May and the subsequent monthly earnings to follow? My nearest SSA office is 80 miles away and phone calls to the SSA are life-crushing (2 plus hours at times). The SSA reps do not seem to know how to answer this question.
Jim
Very informative. 👏
Thanks good info
I never understood why u get penalized for going over limit with S.S. - I'm forced to wait for max 66 and 8 months so I can make as much as I want if I'm still healthy enough to keep working
Wow, long road to go here. Both of us are turning or have turned 62 this year & have good paying jobs from May to October as we are full-time RVers. We are facing winter unemployment benefits that won't pay our bills & declining health by one of us that will eventually lead to total disability. The hard part is in determining our 8ndibifual situation, no grandkids to support at least, lol.
After 6 years after retiring/SS started a 20 hour work and have been paying in more each year. So I cut hours to 12 a week. So if you live in Minnesota they will find ways to tax you but only if you are alive. State had 3.7 billion surplus and they loved it!
hi..I love your content. ive watched many of your videos. where does rental property income fall in regards to income that does or does not count toward the earnings limits with regard to SS? Thx
Thank you
As always Devin great video, are you an attorney, I need a great one and you could be the man. Thanks
Awesome info. Where can I find similar information for social security disability?
Thanks good
Great video...... I am turning 62 in January and I am working out a deal to work part-time and get insurance coverage through the company. Does the money paid toward my insurance count toward my yearly earnings? Thank you!
Hi sir. I wondered do you know or have a talk about if ssd rules for working are gonna change.. Thanx much Andrew..
thank you
I was glad to hear my pension is exempt from the earnings limit as
I want to take my ss next year at 62
Keep in mind most ppl have questions in regards to supplemental which none of these apply to
Great information Mr. Carroll. I am a subscriber and love to watch your vides and helpful information.
I have a question please: If the low earner spouse doesn't have full 40 credit (worked only 2 years) but also woreked10 years with School District or has TRS ( Very low benefits < 200 per month). She has not filed or taken her TRS benefits yet. Can she gets spousal benefits and how much. Thanks.
@P¡nned By Devin Carroll•• Not sure I understood your reply. Also, there was a formatting issue with your text.
I applied for my social security benefits in August 2021. I earned my 40th credit at the end of July. I turned 67 in July and already retired with 32 years in a civil service job in 2010. The social security agent I talked to on the phone told me that since I was still working and paying in to social security they would periodically raise my social security pension. So I worked about 40 years and 8 of those were on social security jobs. When the gas prices started going up I was driving 100 miles round trip to work a day and it was costing me a large percent of my pay, so I quit working. So on March 15th of 2022 I quit my job. Social security also did the WEP on me. So are they going to pay me a higher amount for the seven months more that I worked and paid social security taxes?
Great video. You have a new sub.
Welcome aboard!
@Devin Carroll, you said you did a video on the self-employment rules and that you would leave a link in the description. I don't see it there. Could you please give us the link? That's an issue that's been plaguing me. I already applied for early benefits and they're set to begin soon. But even after waiting on hold with the SSA for a good half hour or so, I was told that there were no self-employment requirements and that the SSA can not tell us what work we can do, only how much we can earn.
Where are the links for the older video on earnings and the article he mentioned? I don't see them in the description ... thanks.
thanks
Also you can make more working while on social security if you're over the retirement age
Need information on what is/isn't allowable on SSDI/SSI & income limits now & will be in 2023. How does this apply if enrolled in the Ticket to Work program?
Also, HUD, a few years ago (2016-2018?)has a benefits shelter program in order to start an investment portfolio that I read about in either 2017 or 2018, but haven't been able to find it again since then. Would you please find it & see if it's still available?