“NEVER Collect Social Security While Working?!” (Why Not?)
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- Опубліковано 11 чер 2024
- If you're currently working but thinking about beginning your Social Security benefits, you need to learn the current rules for this year.
We will discuss 8 questions we get asked the most and how that can affect you.
We’ll also share real-life examples where collecting Social Security early could work in your favor.
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408-502-7080
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KCIIS (KC Independent Insurance Solutions, LLC)
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🔗 LINKS
Withheld Social Security Benefits Are Not Lost
www.ssa.gov/policy/docs/progr....
Official Guide: How Work Affects Your Benefits
www.ssa.gov/pubs/EN-05-10069.pdf
Receiving Social Security Benefits While Working
www.ssa.gov/benefits/retireme...
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📖 CHAPTER TITLES:
00:00 Top 8 Most Asked Questions
02:01 Question #1
06:00 Question #2
07:06 Question #3
07:45 Question #4
08:39 Question #5
09:03 Question #6
09:56 Question #7
10:54 Question #8
11:28: How to Maximize BOTH!
#socialsecurity #retirementplanning #annuity #hybridpension #KCIIS
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe 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 wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
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.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollar by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Am 58 retiring next year but the thought of retirement gives me weakness. 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 the
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
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.
I worked 8 years and collected SS at the same time and am glad i did
If your past FRA, I'm with you. Just save the money if you don't need it. It's nice to have all that extra cash flow, plus there's no guarantees in life and your health. Feeling rich with that extra money is never a bad thing. :)
my SS will start in june this year, first check in july for june, i am still working also as long as i am able, i am sick, heart condition but willing to work as long as i can .
If you are on social security and at full retirement age, you can make as much as you want and your social security will not be touched.
Nice! I didn't know that. But looked it up. Yes! Thanks!
What's sad is that I won't work until FRA, but man...I would be well to do if I did...lol. Unfortunately my wondering mind wants to quit and goof off more than I am already.
@@cdsersd2d That's the reason for social security...so we can goof off and still get paid for it. LOL
@@stand.6008 - True. The sad part is that I only work about 24 hours per week as it is. Lol.
Your social security is taxed by the Feds depending on amount , you can have a percentage taken out ,
Thanks for all the great graphics...they make the rules much easier to understand. I appreciate your efforts and the very thorough explanations. Keep up the great work!
I like the content but please drop the music it’s a distraction
Bravo for making this information easy (easier 😳) to understand.
Thanks for a simple to follow video. without going into all the details I have been threw, let me just say I have called the SS office 3 times and have 3 different answers !
That's the government for u.....they make the simplest things so DIFFICULT.... smh 😮😢😮😢😮.....
The way SSA office people work, they make it as SSA is at least 3 different government departments.
Nice people,talk in simple terms,make a good team
Great video! You did a great job of making a complicated program very simply to understand
Great info Guy’s thanks for sharing👍🏻
GREAT VIDEO! Clear, to the point and easy to follow explanation - no shenanigans. Thank you! 🙏 for helping us understand the crazy/complicated system of retirement we leave on.
Thank you so much!
Awesome couple. Thank you.
Thank you! ☺️
Thank you.
Thank you very much 🙏
I’ve learned a lot from your knowledge. Love the clear precise pronunciation on your speech too. Great video!
Thank you so much!
Thank you for this video. It was very informative for me. I had been thinking about doing retirement this year at 62 but I think I will wait
We are glad it was informative for you!
You are welcome to contact us to learn more about preparing your income for retirement.
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
Ridiculous that they have these laws to reduce your retirement money, it’s your money, you paid in, and should be allowed to make whatever you want and get your full benefits. But the government mismanaged everything so of course there’s penalties.
That's because so they can support panhandling foreign countries
Retiring is already so tricky! That is why we always encourage people to not just depend on Social Security and income that is not guaranteed, if they can help it!
the Government has and always be a backwards entity they are the most useless people on a payroll ever.
Really a great video. Well done.
Awesome information 👏 👌
I want to file SS at 62 and INVEST it in my ROTH IRA, while I keep working. Thanks for the video.
Go for it! Just make sure you consider all other factors!
@@kciis yeah. I know that I'll get penalized, but you get it back when you turn 65. It is it 67? I could probably take the hit and extra taxes, and recover with investing 👍
I'm not sure what income tax bracket you are in or what state you live in. You will pay Federal income tax up to 85% of your S/S and depending on which state you live in you may have to pay state income tax. I am in a 22% federal income tax bracket. I highly doubt you will earn more by investing S/S income that you have to pay 22% income tax on. You need to check with your accountant.
You 2 are a beautiful couple. Here for the financial advise but noticed that also.
Thank you Kai and Ann for sharing your knowledge with us!
You're welcome!
One thing you didn't mentioned which screwed someone I know: If you retire, lets say at 65 at the end of June, and started collecting Social Security in July. A friend of mine didn't get paid for his work done in June, along with his saved vacation time. He was paid about $35,000 for his saved vacation and final pay in July and August. Social Security told him he exceeded the monthly income limits for those months and had to pay those Social Security payments back. He tried to say these were payments that weren't from work performed in July and August, but it didn't work. To be on the safe side, if you're retiring before FRA, I suggest delaying the starting date of Social Security for at least one month, but probably two months, to be safe.
They did mention this at 9:30. The income is when it is EARNED, not paid.
@@samlee2907 Try convincing the IRS when they question this.
Wow, never thought of that.
Thanks for the tip.
The government is doing their best to take or not paying citizens.
The people working for a lot of these offices have no idea what the rules are. I have dealt with their mistakes several times. Through my persistence, I was eventuallly made whole, but not without upending my life in the meantime.@@roachtoasties
Yes!
Very informative, thank you so much. I plan to fully retire (FRA) this June 9th, and that will complete my 66 and 6 months age. But I also wish to work on my current job.
Thank you! As you approach this change, please feel free to reach out to our team with any Medicare or income questions in preparation. Hopefully we can assist your journey.
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
Great video, with all the information that I need.
Glad it was helpful!
Nice clear informative video. But, when PERS is an option, how does that factor in and how does one decide btwn the two?
Thanks for sharing
My pleasure
Kai and Ann, thank you for this Simple straightforward video and great info and by the way just subscribed. Have an example if you could assist: You make $150,000 in annual employment earnings, claim SS at 62 which is about $2,100 a month but still work for another 6-12 months before we fully retire and leave the job. How much of that $2,100 is withheld, all of it, some of it, etc when making that annual amount? Is there a calculator to use? I would think better to claim early and have filed the SS process in place then wait until FRA or even longer all while still getting a portion of that SS now to as you say invest.😀
I would wait until you either stop working or a couple months before.
I like how you explained..❤❤❤
Thank you! We appreciate your kind words!
clear as mud
Do you have a video addressing all those issues when it comes to SSDI and Medicare between 59 and 65, especially if you don't have W2 income but may have profit or loss from a business?
🤔 Do you see reasons to take social security before full retirement age while working? We would like to get your opinion!
Minor children can't collect till you do
this is balogna, i am a sick man that may not live to FRA, so i am taking my SS now at 64 1/2 otherwise the gubment will keep every penny that i could have received while i am alive, so do not wait as long as you can afford to take it early, you will be glad that you took it early.
This video is just what i have been looking for. All the questions you covered have been playing like a broken record in my mind. I plan to claim at 62. And yes i will exceed 21,000 thats for sure. But i just am not concerned. I say, get your money now while its still there. Great video.
Agree, get it while you can. My father passed and only received a small amount of his SS. My health is not the best. I retired at 62. At the time the age was 62, not 66.
Agree 100%.
This answered my question whether or not my hybrid pension payments would count toward my earnings limit #6 Thank you! 🎉
Great video. I subscribed
Thank you 😊
I turned 62 in December of 2021. I decided to retire in February of 2022 so I applied to collect my SS starting in January 2022. However, due to the amount of time needed to start and process my retirement, my retirement date was not effective until April 29, 2022. All the income I earned from January until April went over the limit that I could earn while collecting SS. I never informed Social Security. In 2023 Social Security informed me that I wasn't going to receive my SS for the months of Aug-Dec of 2023 because I exceeded the income limit while working and collecting SS in 2022. Now I am wondering if I will get the SS money withheld when I reach FRA.
I subscribed 😀
This applies only to your first year receiving SSA benefits, after one's full retirement age, there is no limit on how much money a retiree SSA recipient can make, the penalty only applies during the year the person elects to receive SSA benefit payments.
doesn't it apply every year until Fra?
Jim you are correct!
Regarding question 6, does rental income count as included income?
Did not include social security and pension in my retirement planning dictating when I retire.
I didn’t want to be working that long to qualify for SS benefits.
Retired debt free at 49 in 2020.
.
Very nice! What did you do to retire early? Are you completely retired or are you still doing some side investments?
I started collecting SS at 62 while working with no loss of SS. I was able to put some pay into CATCHUP retirement system and my W2 showed what I received and it does not show the amount which goes into retirement system which may have been a 401k but do not remember for sure.
I filed for my SS retirement at 62, 4 years ago. I've had the same job 15 years. I get paid more in my check for working. I needed it.
How much are you making at your current job yearly?
And, are they taking $1.00 for every $2.00 earned over the limit.? Assuming you are making more
I remember in my younger days hearing everyone say take it at 62. "It's your money and you lose it when you die". Yes that is so true, but when I turned 62 I was still working and I didn't need it. Fast forward now at 65 and 3 months still working and do not need it. Going back and forth on if I should start taking it and just put it in the bank. Love my job, but I don't need to work, everything is paid for, no mortgage, and started in the 401-k plan at age 21. (I tell all young people join as soon as you can, put in as much as you can, and never ever touch as it will grow) I do believe they will eventually push the FRA to age 70. I do not agree with it at all. I do not comment very often but Ya'll do a great job with the down to Earth videos we can all understand.
Wow, thank you for sharing your experience and for the encouraging words😊
Once you reach FRA (or full retirement age), you can collect SS benefits without deductions & collect your salary from your employer at the same time. In fact, there's a letter from the Social Security Administration telling you this.
Correct!
Hello! I have a question about collecting Social Security Surviving Spouse Benefits while working. I will be turning 60 next August. I have been a widow since 2017 and my late husband was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 taken out for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower income. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.
love your video...I have a question....what about a 60-year-old widow? I read that she could take her late husband's SS benefits early at 60...and that the penalties aren't permanent
and that when she doe reach her retirement age she'll have a choice between her SS, or continue with her late husbands ss?
I need the transcripts to this video this is really the one I need to think about and understand
You can always download the transcript which is right next to the like and subscribe buttons!
Thanks for watching and supporting our channel!
62 one more year 👍👍👍 man thanks real good info got this (Save) 👍👍👍👍👍👍👍👍
Our pleasure!
My boss at work told me the income limits had been abolished. Guess he was wrong. I decided to retire at 65 1/2, so I will have to watch my income.
Yeah too many people give advise on this subject when they shouldn’t.
Regarding your income concern, have you seen you “Hybrid” Pension playlists?
I can make around 21k without penalty. I make minimum wage, $14.50 an hour.
If I collect my SSI at 62 with reduced benefit of 70%, then later, when I switched to widow benefits, would widow benefit be reduced to 70% or not? My husband collected his on full retirement,100%.
SS is a botched system. If you collect SS benefit at full retirement age while still working. Although you won't have a cap on how much income you earn on your job while collecting your SS benefit:
-You will still be paying into FICA which funds SS
-Your SS check will be taxed as well (you have to fill out a form W-4V). If you don't submit that W-4V, your federal tax return for that year may suffer.
-Medicare Part B is also automatically taken out from SS check if you are over 65.
-Depending on how much your combined income is with the SS check and your job paycheck, you will be placed in a higher tax bracket and pay more fed tax.
In other words, you're not getting ahead by much. Anyway, I'll start getting mine at FRA next month while still working.
People really can't rely on just our Social Security checks! Thats why we always encourage people to prepare their income well by understand the tax implications, what income streams are guaranteed, and know what expense come with retirement (just to name a few points)!
Like your to the point explanation; how about tips count as income? plus ira contributions while working? Thanks
Are you referring to collecting before FRA?
I turn 65 May 31 with full retirement. I work commission only. How will that affect me? What do I need to know? Thank you
Thanks for the video! I've gotten two different answers to the following question: I'm 64 years old and have a question. I own an S corporation, draw an 18,000 yearly salary AND take equity distributions in the form of owner's draw of about 15,000 per year. Am I correct that the owner's draw (over the 2024 $22,320 threshold) does NOT effect my monthly benefit if I were to take social security at this point?
So, if I turn 65 in February. And wanted to work thru march. Will that mess my SSI up? When does the maximum limit start?
Question can I still work if I file just turned 62 November, I will get paid 1099 or best to wait
Hi,,quick question,,my uncle is 60 years old ,his getting desahability checks every month,,he just had a baby with a younger woman,,would the baby qualify for any help? Thanks
Hello, I just started social security and am self employed. I'm an independent contractor and do door dash, you stated the word's Net Income...trying to know for sure what that means. For example, I average around $30k a year, but after deductions, like mileage etc. I usually pay taxes on around $12k or so, is the 12k I pay taxes on my "net income"? I suspect it is but need to be sure:) Also, if this is correct, would what I make in SS be added to that $12k? Thanks.
cute and informative couple
Thank you 😊
I am classified by the U.S. Department of State as a "National" which is also identified as a Nonresident Alien by the IRS. As such, I am currently working full-time for a private company, and not the federal government. In the capacity of a "National" and a "Nonresident Alien, per the IRS I am not required to pay federal income tax. Subsequently my employer does not withhold for federal income tax. Question: How does this affect my social security benefits if I continue to work full time and collect social security at 62? Since I'm not taxed as a Nonresident Alien, I assumed I could work and generate as much income and not be penalized if I go above the income limits established by the SSA? I am fully vested in SS and American born. I have a U.S. passport and I'm also retired military.
A question: what if i collect SS early and i continue to work, but my earnings come in through an LLC, and my expenses from such LLC offset my earnings. What happens in that situation?
Everyone talks only briefly about retiring at your FRA and still working. My full retire age is May of 2024. I plan on taking my SS in that month. The money that your allowed to make for that year is 59???.00. So does that amount only count for the months before my FRA (May), or whatever I make throughout the whole year? In other words if I make under that max amount in the 1st 4 months before May I will not have any problems with my income from my job and my SS for the rest of my natural born days. Correct??
Never say never. If you postpone collecting social security until your full retirement age (FRA) there is no good reason why you should not collect S/S if you choose to continue to work.
Following
Thank you!
why? because the people who take ss at 62 receive smaller payments for the rest of their lives....smaller raises too because cola is based on percentages...
1000.00 At 62 take it!!! if you wait to 70 you just left 96,000.00 at the table guaranteed. What isn’t guaranteed is 72.
How much is the maximum SSS contribution?
🎉Get them off the couch👍This stuff complicated.heres that strategist again🤔
😂
Just a plan. Find out what you will get at age 62, 63, 64... and work just enough to make that amount instead of fully returning. It will give you purpose and will let your SS grow.
A lot of people think the same and have the opportunity to plan it as such too!
All depends on what you do for a living. Self employed people can manipulate the system if more than half their income is paid in cash.
All income restrictions must be removed. When a person has a job they are paying into social security benefits as before.
Do like I did don't work until you get to full retirement age, then your ss won't get touched if you return to work, no matter how much you make.
True, if you wait until your FRA, your Social Security benefit will not be reduced.
Food is high not getting food card need a place to live for my self
this prompted a whole bunch of questions. for example, if I'm already receiving SS and go back to work will SS tax still be withheld from my earnings?
We would love to answer your questions!
Feel free to reach out to our office.
Here is our contact:
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
The taxes are outrageous. Your job and your SS are combined and THEN taxed. I get screwed every year. I am passed full retirement.
At least you are getting laid
Great explanations.
However we need to take government into account.
When the CCP takes over our economy, we will no longer get ssi.
File asap.
Also govt. control ( digital dollars) will cause major reductions.
For the self employed, are they looking at what you made after deductions? Also, do you count the SS benefits in your yearly income as to what you earned for 2023? I turn full age March 2024?
Thank you for your help🙏
If you're self-employed, your income is net profit after expenses. You are given an amount for 2023 that is not penalized. Check the source and rules for taxes on social security benefits.
My question: My wife who was ill started collecting her benefit at age 62. Unfortunately she passed away 3 months ago at age 641/2. I’m still working full time with a high income and I will be 66 1/2 in February ( my FRA). I have never collected social security and will not util age 70. I was told that can can collect the widowers spousal benefit ( which will commence now). To make sure I was told that in no way will my own social security benefit be affected when I decide to collect the benefit ( the spousal benefit will cease when I collect my own at 70). Is this correct?
The reason I ask is because when I now go on the SS website it can no longer estimate my accruing benefit as I continue to work and get older.
Thank you
I'm sorry for your loss.
I agree. I am 1.30 minutes into the video and the music is way too annoying to continue watching.
Question if collecting SS at age 62 turned 62 in August, first check October and still working. Is the annual limit you can make based monthly or annually?
I just subscribed to your channel. Thank you 🙏 for all the information. I will reach my FRA in March 2024 but I still enjoy working where I am right now. Can I file to receive my social security benefits and still continue to work for my company?
like very much can my friend collect social security while working in his business when he is operateing a loss will close business this november
Thanks for your example!
There's no limit on how much one can earn if they file at full retirement age.
The money on the SSA's books is what we earned after working for many years. Why does the SSA have a earrings limit anyway??? Why do they even care? It's like someone owing you money, but having the right to pay or withhold based on your current income. Doesn't make sense.
We can relate to how you feel!!
I enjoy your content, but the continuous background noise/music is distracting and annoying. How about no music? People want the content and it’s good content, but the annoying music is distracting.
The music not even loud.
You might have ADHD
I agree. Lise the music. It’s distracting for those who want to understand a delicate subject.
Thanks for letting us know! We will let our editing team know so we can make the adjustments.
There was music?
Dam right if you can collect SS if your working just be sure to know the amount you can make
I retired at the age 48 years old, received pension plus supplement of social security
How ?????
Wow!
Thank you for the video very informative but still confused so if I’m hopefully bringing in $14,000 this year by cutting lawns what I think you’re telling me is that will not affect my Social Security and I’ll get my full amount of 1572 minus taxes if thereare any
Correct! If you do not reach the income limit, then you will not be affected.
What’s included in your income, pension, rental income or just income from working at a job?
It’s on our video 😁
Look around the 9:20 mark. We hope this helps! Kai and Ann.
I took retirement @62, but finding not enogh money I'm back to work part time.. is it a problem?
My husband has been retired for several yrs
Not if you’re under the limit. And even if you are, those benefits are only withheld and give them back to you as the Video mentioned. Thanks for your support.
The earning/wages limit before FRA is 401k or Roth IRA excluded, right? For ex: if I am 63 and still earning $3,100 monthly, to avoid withholding, I can defer $1,000 to 401k, right?
Actually, contributions to your 401k can't be deducted from your income when considering the earnings test. Your gross income before tax-deferred allotments are used to determine your earnings.
I will be collecting my social security early as my wife has not been working for the past five years. Is my earnings limit calculated for our joint income as I also need to work for living expenses? I make about 29k to 31k retail commission income yearly? My early social security is about $1530 monthly.
Great question!
You Earnings Limit is based on each individual. Social Security won't count both of your incomes against one spouse’s earnings limit.
I wish social security would not put their tax on top of ordinary tax for people who are working in their sixties and beyond. It keeps so many of these productive people out of the workforce.
Hi, I have a question about continuing to work after 70. I guess I have no choice other than collecting the benefit which will be added to the top of my working income so that my tax rate will be higher, am I right? Or if I don't collect benifit, will I lost that benifit or the benifit can be withheld until I stop working?
Thx
The answer can be found around 5:20 of this video!
Thank you Im just applying for my now because I just got fired
We are sorry to hear that. In a case like that, where income is necessary, yes, Social Security really might be necessary.
What if my husband takes early Social Security but I decide to wait till my full retirement age, I still get half what he was due at full retirement age or only half of when he started taking retirement. This is for spousal benefits.
Here is something from the Social Security website that might help:
"Your full spouse’s benefit could be up to one-half the amount your spouse is entitled to receive at their full retirement age. If you choose to receive your spouse’s benefits before you reach full retirement age, you will get a permanently reduced benefit.
If you wait until you reach full retirement age to receive benefits, you’ll receive your full spouse’s benefit amount, which is up to one-half the amount your spouse can receive."
Is earnings limits calculated by each month of earnings or your total adjusted gross income at the end of the year?
My example: i reach 62 early next year and will file for SS. During the summer each year i will be working and making approx $20,000 during a 4 month period which is below the annual $22,320 limit but above the $1860 monthly limit for those 4 months. The rest of the year i will not be working at all. Which calculation will the SSA use, the income per monthly or the yearly income. Will i get SS reductions for those 4 months or am i safe because its still under the annual limit?
Thank you and thanks for the great information on your channel.
It's yearly earnings.
Tfx
Spouse does not have enough credit to claim at 62, is she allowed to collect spousal’s benefit if I am still working and not reached FRA yet?
Give us a call!
There are a couple questions to help us see what you can do.
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com