This video discusses four unexpected ways you could lose your Social Security benefits. Several of these you may be unaware of but are very important to note. These include:
Taxes on Social Security
Social Security Earned Income Limits
Garnishment of Social Security benefits
Taking benefits at the wrong time
Important Links:
Follow Me on Instagram:
Free “Retirement Ready” Checklist:
Federal Reserve Board Survey of Consumer Finances:
Social Security Administration Application for Benefits
Current Social Security Cost of Living Adjustment
Social Security Payment Estimator
THE CHANNEL’S MOST POPULAR VIDEOS
Should You Take Social Security at Age 62 and Invest it?
7 GOOD REASONS to File for Social Security Benefits at Age 62
Average Retirement Savings by Age 60. Are You Almost Ready to Retire?!?
The BEST AGE to File for Social Security Retirement Benefits
3 Social Security “Little Known Facts” That Are REALLY Important
Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider….(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
4 Ways You Could Lose Your Social Security Benefits
Social Security benefits play a crucial role in providing financial support to millions of individuals throughout their retirement years. Yet, there are certain circumstances that could lead to the loss of these benefits. In this article, we will discuss four common scenarios that could result in the loss of your Social Security benefits.
1. Earning too much income
One way you could potentially lose your Social Security benefits is by earning too much income while receiving them. If you are below full retirement age and working, the Social Security Administration applies an earnings test. In 2021, if your income exceeds $18,960 before reaching full retirement age, your benefits will be reduced by $1 for every $2 earned above this threshold. Once you reach full retirement age, this reduction no longer applies.
2. Failing to report a change in marital status
Your marital status can impact your eligibility for Social Security benefits. If you receive benefits as a spouse or a widow(er) and remarry before the age of 60, you will generally be ineligible to continue receiving the benefits based on your former spouse’s or deceased spouse’s work record. However, if you remarry after the age of 60, your benefits will generally not be affected.
3. Returning to work while receiving disability benefits
If you are receiving Social Security Disability Insurance (SSDI) benefits and decide to return to work, you may risk losing your disability benefits. To continue receiving these benefits, the Social Security Administration requires that your earnings remain below a certain threshold. In 2021, this threshold is $1,310 per month for non-blind individuals. If your earnings exceed this amount, your disability benefits may be discontinued.
4. Committing fraud
Engaging in fraudulent activities related to your Social Security benefits can lead to serious consequences, including the loss of your benefits. Examples of fraud include providing false information on your application, continuing to receive benefits when you are no longer eligible, or failing to report changes that could affect your benefit amount. If found guilty of fraud, you may have to repay any benefits received, face fines, or even be subject to criminal charges.
In conclusion, while Social Security benefits offer a valuable safety net for retirees, it is important to be aware of the circumstances that could result in their loss. By understanding these four common scenarios – earning too much income, failing to report a change in marital status, returning to work while receiving disability benefits, and committing fraud – you can take appropriate measures to protect your benefits and ensure financial security throughout your retirement years. Remember, staying informed is crucial for maintaining the benefits you have worked hard to earn.
Love your channel. I love your delivery and how you simplify this complicated subject matter!! Thank you!
Can you make a more detailed video of the last section?
Looks like I'm a little late to the game. It's important to understand a few things about Social Security. Number one on that list would be that more per month does not mean more total. No one can know that for sure unless you already know the date of your death. I retired 7 years ago at age 62 and started drawing my Social Security right away. SS gave me the numbers for age 62, age 66 and age 70. The longer you wait the higher your monthly payment will be, however, that does not give you all the information you need to make your decision. While it's true that my monthly is less per month, it's also true that I get the money for more months. I will get 48 months more than the person who waits until age 66 and 96 more months than the person who waits until age 70. My break even point was 79 years and 8 months. That's the date when I would be getting more money by waiting. Up until that point I will have made more money by retiring early. I looked at my family history. My dad died when he was 80. He did have a brother who who lived until age 87, but on the other hand, he also had a brother and a sister who died in their 60's. My older brother died at age 70. Like I said, unless you know the exact date of your death you are just guessing. I took the "bird in the hand" approach. I am now 69 years years old and I have zero doubts that I made the best decision for me. I know this to be true because you will find that in life it's not about the money. Once you have more money than you will ever spend the amount simply does not matter. I chose to spend my retirement days being happy. Once you find your sweet spot it really does not matter how much money you have, or how much money you leave behind for people to fight over. That's when you learn that it's not about the money and it never has been.
I'm a teacher in a defined benefit retirement plan. Can you talk about the windfall elimination provision? Before I taught, I had about 17 years of Social Security wages with other companies. I can retire from the state at age 55 and, if it's beneficial, get an SS-tax paying job. With only 17 years of SS credits, will I get anything at retirement age? If not, can I withdraw my money? With the WEP, is it even worth messing with getting an SS-tax paying job to try to get some Social Security benefit at retirement age? It's very confusing.
Does receiving pension (considered to be overage?) reduce your social security payout?
I found your channel just now and like to ask a brief question. Am a German national and worked in the US for 9 years in NYC, PR and LA. Am 67 now and want to claim but live in Germany. From a friend I got the advise, not to apply for benefits in Germany but rather to it personally in the US. Could you advise, what is the best way? Thank You.
You can save and invest for retirement all you want but when you run into a Ponzi game that never pays you back or a company that is cheated you out of retirement that they promised there is no place to go for restitution in this country
Unless you're Donald Trump and then you don't have to pay back anything no matter how much you lie because the Social Security Department and the tax department are terrified of our multi-millionaires
Full retirement age was lifted to age 70. I like how your perspective of pay periods are warped by your experience in life. Plus you are using income limits after a certain age but before retirement there are other definitions of income limit within the social security system. And I think you should rethink that board
The earnings limit … for paying into SS EACH YEAR should be raised because I've seen several people who made $100,000 a year or two hundred thousand dollars a year wind up homeless or on disability or completely lose everything. Sometimes it's from a medical condition and sometimes it's a traffic accident but better yet like so many women they get kicked out other private retirement because the company went under
# 1vote for GOP
Another reason to take it early is Social Security may not be around since the country is broke.
What if I have three retirements at the age of social security 62 years old will that affect my benefits? Military pension, state retirement, teachers retirement and an IRA. I have already worked 30 years and paid into social security.
I found it. Thank you
I reach my full retirement age in November 2023. So is the "year I reach full retirement age" the calendar year 2023, so that there would be no limitations on earnings if start receiving payments in January 2024?
why did they use my husbands earnings? yes, we are married and file jointly, I have no income but social security disability, they never did this before. Now I am getting even less now. Im only 63soon to be 64.
Why hasn't the IRS gone after Trump? You or me we would be in jail or giving our money to the IRS.
I only get $640. A month from SS I am 65 and started working at age 11.
Who could live on $32,000 a year combined income especially with the inflation rate where it is now.
I retired at 62 because my health gave out.
I wanted to work longer. But my body had a different opinion.
Now that I'm 67. They told me nothing would increase.
I worked all my miserable little life. From Sixteen on up.
Sometimes I worked for the wrong people and the wrong businesses.
To where I got paid little to nothing. And they didn't take out any Social Security.
So now I only get a $1000. a month. ☹️
If you are sentenced to jail , SS will stop sending you payments until you are released.
Oh Wow. Another great informative video. That combined income I am going to have to look at closely. It does’t seem fair if you and your spouse both worked and paid your fair share to retirement savings,(401k and Pension) and now if you have more than 32,000 combine you get taxed. I’ll have to look into that. Thanks for the “ heads up”.❤
69 years you will be cheated
Social security is stealing from millions of Americans every day these agencies are criminals
Registered Social Security Analysts helped me with my Social Security Planning..best investment my wife and I ever made
Yes, uncertainly had too give up that idea of working a part time job. My wife had to explain it to me. Maybe at 65, I wont be limited to $200 or lose Oregon’s great free healthcare.
How about your company gave you no choice, and surplused you before you hit 66?
How does the combined income for a married couple work is the 32,000 for the couple are for each person in the marriage?
I typically enjoy your videos and get a lot out of them, but you lost me (I think) about half way through. Am I to understand that if I’m at FRA I can make as much money as I want WITHOUT affecting my SS payments?
“The longer you wait, the larger your payment, but the less payment you get, obviously”. What??? I don’t get it.
I am on disability. Would love tips with that too. Should I assume most rules apply to that too?
Please clarify the income limit at age 70+
Wouldn't it have been easier to simply state that if you wait to take your social security at full retirement age and are still working, there are no penalties. I found it confusing the way you presented it. Simply say there are penalties for working if you are not at FRA. This isn't an issue if someone wait until FRA.
Need info on collecting social security benefits while a spouse is still working full time.
I don't understand where you get your average yearly income numbers…. I live in the south and our average income is around 18 to 24 thousand
Better to live a year as King than a lifetime as a peasant! Not to ruffle feathers, that comment was tongue in cheek . Number 4 was somewhat- of a surprise… but it figures- I mean the IRS is going to get their piece of the pie unless you're dead and sometimes even if you're dead (wink) . To be fair, the SS program was constituted to ensure survival NOT prosperity. I have worked my butt off since 1979, but when I retire (at 67 to 70) I don't feel I'm entitled to a carefree life of travel and endless celebration. Before SS the burden of elder care was on the family, and in some cases the elderly would become indigent and or have to work until they essentially died on the job. My Dad had ALS and didn't make it past 50 my mom died at 43 of a really strange, random ruptured toxic cyst, but my grandparents… mid 60,80s, and even 90-so you never know- At 60, going to roll the dice.
Sorry another question. A single person can make up to $25,000, married couples up to $32,000. Is this part of why we used to hear that retired people get divorced for the tax benefits? Am I missing something?
Thanks