If you’re under full retirement age and file for Social Security benefits there is a limit to the amount of income you can have before your benefit is reduced or shut off completely. But what counts as income? In this video I’ll explain what income sources will and will not trigger the earnings limit.
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Resources:
My video: How To Fix Social Security Overpayment Notices
Social Security Handbook Chapter on Wages –
SSA publication “How Work Affects Your Benefits”
SSA POMS RS 02505.240 Summary of How Major Types of Remuneration Are Treated
SSA POMS RS 02505.005 How to Count Wages Under the Earnings Test (ET)
SSA POMS RS 01402.000 Wage Exclusions
SSA Publication “Special Payments After Retirement”
SSA POMS RS 02510.016 Treatment of Special Payments (SP)
SSA POMS SI 00830.510 Royalty Income
SSA POMS SI 00830.505 Rental Income
See Disclosures Below
⭐⚠️⭐Please read this⭐⚠️⭐
I am an actual practicing financial planner, but I’m not YOUR financial planner. Don’t take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors.
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⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. 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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Resources:
#devincarroll #socialsecurity #retirementplanning…(read more)
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So if I am self employed through my LLC ( taxed at S Corp) my LLC earnings each month are considered wages? That makes no sense. I was going to file but continue working, paying myself under the max allowed each month. I work seasonal driving so some months would be salary received but no earnings by the company.
SSDI say trial work period can only make $970 a month
Woah woah woah…. Pensions, annuities, IRA (pretax), and 401k (pretax) payments ALL count towards your income and can affect your social security taxation… WHAT?!?! I’m blown away by the chart listed at 4mins in stating that all these are not sources of income. Either we need more clarification here or this video is extremely misleading
Does anyone know if i am allowed to day trade stocks without it affecting my SSDI benifits?
Thank you for explaining the simple steps which inspired me to take a step forward into the work world with less worry about walking into traps.
What about FIRST year on income and SSI? Does it matter what you make the first year that you go on SSI?
I suppose income from a couple rentals count towards earned income if retired early?
Is there a legal form that SSA makes you sign so that your SSD benefits will not increase as you age increases? COLA only.
Most people don't want to work more to save for retirement after their FRA. Tell the government to put back our money they stole from SSA that WE paid into the system! Keep doing what you are doing to help us make smart decisions.
What is considered self employment income? K-1, schedule C?
What if u do selling just clear out items do u always owe SSA
If you are disabled for your back, and you hit the lottery will you be cut off social security
Devin I have been watching your videos over several years. Could you do a video on gaps in employment. I have 6 years of 0, of those 6 I had 4 years that I worked in Canada after receiving permanent residence. Since the U.S. and Canada has a mutual agreement should I get a record of the 4 years worth of payments from Canada and present it to SS here to fill in the zeros.
I WANT TO KNOW HOW I CAN GET THE SSI BENEFITS BECAUSE I'M JUST GETTING THE DISABILITY BENEFITS AND I'M JUST GETTING $464.00 A MONTH AND I'M 65 YEARS OLD AND PLEASE HOW I CAN GET S.S.I. BENEFITS AND WHAT I HAVE TO SHOW THE SOCIAL SECURITY SO I CAN QUALIFIED FOR THE SOCIAL SECURITY INCOME?
Hi Devin I am 62 and I plan on retiring in September 10-22 I will be 63.
My question is does any of my income I make before I retire in September 22 go against me? It's my understanding that any money I make before September doesn't count against me and I can still make the allowable amount of 19,560.00 going forward? Please help.
I have 2 real properties that I derive monthly income from.
Does rental income count as part of the income limit, when you get retirement benefits, before FRA?
What about rental income? I own a two-family house no mortgage. I do show the income because I write off the taxes insurance and maintenance. Just wondering if Social Security considers that income. I hope not, because I plan on living on my rental and my Social Security. And of course my savings and 401k
SSDI
Does either of these impact SSDI?
Income from Forex Trading?
Income from Forex Trading Algorithm?
Does household income or say someone paying rent to someone within a household effect the person's SSA who is also receiving the rent money?
If you are working, why are you collecting Federal welfare, SS?
Is alimony considered income?
If I early retire at 62 and start my own business I'm only allowed to make $18,000 a year is that after all my deductions for the business
Both are full retired Collecting SS, ( 22K total for both a yr ) selling a 2nd home used as a summer home, capital gains on it is about 35K, will we have pay any federal taxes on SS or capital gains ???