“NEVER Collect Social Security While Working?!” (Why Not?)
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- Опубліковано 6 сер 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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🔗 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
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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 then.
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 ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Interesting. I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
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.
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 .
@@roachtoasties
Social security is your money .
All income restrictions must be removed. When a person has a job they are paying into social security benefits as before.
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.
@@BillyO8828 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.
Great video! You did a great job of making a complicated program very simply to understand
Nice people,talk in simple terms,make a good team
Great info Guy’s thanks for sharing👍🏻
You 2 are a beautiful couple. Here for the financial advise but noticed that also.
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!
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.
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
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.
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 clear informative video. But, when PERS is an option, how does that factor in and how does one decide btwn the two?
Thank you very much 🙏
Great video, with all the information that I need.
Glad it was helpful!
This answered my question whether or not my hybrid pension payments would count toward my earnings limit #6 Thank you! 🎉
Really a great video. Well done.
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
Thank you Kai and Ann for sharing your knowledge with us!
You're welcome!
Awesome information 👏 👌
Awesome couple. Thank you.
Thank you! ☺️
great video! I admire how you simplify this!
Thank you so much 😊
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.
YES COLLECT AT 62!! WHO KNOW IF IT WILL BE AROUND LATER ON THE WAY THE WORLDS GOING 1,600 per month THATS 100,000.00 I have before 67 SURE I GET ANOTHER 500 per month when I’m 67 but how long will it take me to get back the 100,000.00 I could of already had. About 13 years or so. Plus I can still work at 62 and make another 1750.00 PER MONTH WITH HURTING MY S.S. 😀😀😀😀 ANYONE CAN DIE AT ANYTIME TAKE IT ASAP!!!!!!! 😀✌
A lot of people share the same thought process too! Thanks for sharing.
Agreed!
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!
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?
I like how you explained..❤❤❤
Thank you! We appreciate your kind words!
thanks
Thanks for sharing
My pleasure
I’m a new subscriber! Like your presentation!
Thank you so much!
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 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!
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 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.
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?
clear as mud
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 subscribed 😀
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?
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!
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.
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.
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%.
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!
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.
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
62 one more year 👍👍👍 man thanks real good info got this (Save) 👍👍👍👍👍👍👍👍
Our pleasure!
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😊
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.
@@SquirrelDarling1 Arithmetic
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.
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.
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?
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??
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
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 know that if you collect ss early there is an annual income limit. If you collect ss and stay below that limit (for instance make $20K a year in earned income) although there is no impact to the amount of your monthly ss check, is there any downside to doing this? Or as long as you stay below the annual income limit there isn’t any? Thanks …
Cannot find information on my question I live in Ohio. I retired from the state receiving a pension working a Social Security job have done that also while I was working for this state, I have paid in my40 quarters I was told that when I go to retire from Social Security that I will only get will get a quarter of my Social Security they said that I am penalized because I have a PERS pension from the state was wondering if that is really true
so in your example, you lose those 5 months of ss as over income limit, but you get that back at FRA and really don't lose any money but you are stuck with that lower ss benefit for remainder of lifetime correct?
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...
How much is the maximum SSS contribution?
Question can I still work if I file just turned 62 November, I will get paid 1099 or best to wait
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?
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.
I meet my fra on May 2025. I will apply june 1st for my ss. Between January and May will that income from my job be considered income?
Confusing with income limits on early retirement, no one ever states whether the income limits, include what your getting for social security retirement. Example 2024 cap is $1860., now if i get $1700. a month from social security, if I continued to work, is my limit now $160 for the month? Better yet, are you saying, I can get the $1700. from SS, and make another $1860?
Following
Thank you!
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.
🎉Get them off the couch👍This stuff complicated.heres that strategist again🤔
😂
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
I agree. I am 1.30 minutes into the video and the music is way too annoying to continue watching.
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.
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!
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.
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)!
Getting off part B puts an end to calls from advantage plan sellers. Retiring early means the cost of B part B Medicare reduces your retirement income if you retired before your FRA.
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 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.
If I make $100K per year and my FRA is 66 and 8 months (August 2025) and I file to start receiving SS at FRA and continue to work making $100K per year, will I be penalized for the months prior to filing at FRA for the wages I made since they exceed the income limit which is around $52K? Also, is there any advantage to waiting to file until Jan. 2026 and avoid any penalties at all because I will be FRA in August 2025, but over $100K per year. I plan to continue to work as long as I am able and collect SS at FRA at the same time. Also, do they take the penalty out before they send you a check or is that something you have to send back to them? Thanks
I retired at the age 48 years old, received pension plus supplement of social security
How ?????
Wow!
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.
1) does rental income count or passive income count in the earning limit?
2) what if you work part of the year and make over 22k before you start SS benefits in August?
Hopefully this helps!
1) Rental income doesn't count towards Earnings limit.
2) Social Security counts the calendar year when considering the Earnings Limit.
I already reached my full retirement age and collecting full benefit now and I am still working and I am still paying social security on my employment pay check .my question is will I get more social security benefits next year?
Give us a call! We can discuss this further.
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
cute and informative couple
Thank you 😊
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.
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.
I have 30 years working towards SS. The last 10 years I have received 0 for each year I have not worked. If my estimated benefit would be say 1800 at 62 how much more would it benefit me to work a part time job to get to 35 years. Basically I’m just wondering how much of a difference it would make. If it’s not much than it would be worth. Please let me know what you think. Thanks!
The best source to find exactly how much your check will be is if you call Social Security directly!
Over 30 years I worked so much over time but the last 4 years I slowed down because of my age making only half of it (one year almost down to 0)and most likely I would retire with a yearly low income, I still have over 10 years to go for a full retirement so my question is if my benefits are affected because my income has changed in the ending years of my retirement ?
Give us a call!
We would love to explain this to you and how to make sure your lifestyle and income match.
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
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!
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.
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!
I am a little unclear on something. I was in 1958 and I just turned 66 on March 3 2024. Full retirement age for me is 66 and 8 months. I am still working full time and want to continue working. I want to file for Social Security right now. Will the amount I can earn before penalty be $59,520 or $22,320? Thanks.
Since you are within the calendar year you reach your FRA, then your limit should be $56,520.
Do you still have to pay income taxes once you reach FRA but still working and collecting retirement benefits (FICA, federal and state)? I was told you didn't have to, but I think they're wrong.
Yes, you are correct. You still have to pay income taxes after FRA.
Regarding question 6, does rental income count as included income?
No. Only earned by working
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?