In this video I’ll be covering the earnings limit rules that’ll be effective for 2022 and then answer some of the top questions that I’ve been asked since I made the 2021 update video.
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⭐⚠️⭐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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2022 Social Security Income Limit: What You Need to Know
Social Security is a government program that provides financial support to retired and disabled individuals. The Social Security Administration (SSA) sets certain income limits to determine eligibility and benefit amounts for recipients. As we dive into the year 2022, it’s important to understand the changes and updates to the Social Security income limit.
For 2022, the maximum amount of earnings subject to the Social Security payroll tax is increasing. The new income limit for Social Security taxes is $147,000, up from $142,800 in 2021. This means that if you earn more than $147,000 in 2022, you will not have to pay Social Security taxes on the additional income.
Additionally, for those who are already receiving Social Security benefits and have not yet reached full retirement age, there is an income limit in place to consider. If you earn above a certain threshold, a portion of your Social Security benefits may be withheld. For individuals reaching full retirement age in 2022, the limit is $50,520 per year, or $4,210 per month. If you earn more than this limit, $1 of your benefits will be withheld for every $3 you earn above the limit until the month you reach full retirement age. Once you reach full retirement age, there is no limit on how much you can earn without it impacting your Social Security benefits.
It’s worth noting that the income limit only applies to earned income, which includes wages, self-employment income, and bonuses. Other sources of income, such as investment income, pensions, and rental income, do not count towards the earnings limit.
It’s also important to understand that the income limit is not the same as the income threshold for tax purposes. The income limit for Social Security is specific to determining benefit withholding, while the income threshold for taxation purposes is determined separately by the IRS.
For those considering continuing to work while claiming Social Security benefits, it’s essential to understand the potential impact on your income and benefits. It’s advisable to consult with a financial advisor or the SSA directly to fully comprehend the details and make informed decisions.
It’s important to stay updated on any changes to Social Security income limits as they can affect your financial planning. Changes to the limits are typically announced well in advance, allowing individuals time to prepare and adjust their income accordingly.
Social Security benefits play a crucial role in many retirees’ income, so understanding the income limit is key to maximizing those benefits. By keeping yourself informed and seeking professional advice if needed, you can effectively navigate the Social Security system and ensure you make the most of your hard-earned benefits.
Hi Devin, How about rental income, does it count as an income? Thank you
How much money can you have in the bank if your on social security is there a limit passed retirement age
I sold Amazon stock in 2016. I knew I had to pay the taxes. What I didn't know was… They cut wife's SS benefit in half for twelve months (after a lag time) I was not on SS yet but Medicare and my monthly cost went up almost by three times. We are both now on SS I am 69 and wife 71. We have almost 2 million in an IRA account and wanted to start moving some out b4 the government makes me. I was going to move it to our personal account. Our guy At TD Ameritrade said to convert it to a Roth account. I read one online comment that said this could also affect our SS/Medicare benefits. I went to SS office yesterday. They said converting 100k from IRA to Roth IRA will NOT affect benefits but will have to pay the tax on it going in. Our tax people said we couldn't even do this at all without being over the yearly limit. I think I need better tax people? I really don't want to go through this again like we did in 2016. My wife wanted to SHOOT me. Thanks, StanTambling@Comcast.Net
Research on YouTube: IRS warns of new $600 Threshold coming Jan 1st
What is the income limit for SSI for a married Couple ? Thanks
The one good thing I just learned a few days ago was the change in the limit of money people can have while on SSA. The rest I have written below still relays some things I worry about for my fellow Americans.
Many people do not realize or understand, these rules are naturally discrimination based on what people can make each month while making more money than us and they can have more stuff. I am naturally jealous and envious myself because of my nature as a person just like anyone else.
If anyone in the SSA program makes too much money by trying to start their own business, to escape the poverty system, then they shut down your money flow. You could lose your place, if you tried starting a business to get a home of your own someday and your business happens to fail, they would tell you, sorry, that is just the way it is… I am just doing my Job..
Everyone that looks at this comments page needs to realize that these rules are unethical, if you do not tell your community members in the YouTube comments about your thoughts on the matter and always stay anxious of telling people how you think of everything, things will continue to stay the way it is, your relatives and your kids when we get older will also have to deal with the same systematic issues if things do not change for better somehow.
Why should your Networth be a factor in the eyes of the people in the SSA program?, they can have you jailed for no good reason and they already have a Networth that they do not need to go over or worry about.
Why can the people that run this program decide you are a criminal based on how much money you can have?
These discriminatory rules do not even effect how much money the people that manage this program can have and they already make enough.
Why can you have a Obama ABLE account card with up to $100,000 in it, but you have to pay the fees to even keep the account open on a monthly basis when many banks do not charge for that?
Why can a person not just have SSA keep a symbol next to their SSA account that indicates their ABLE account on their system?
The SSA can already check on your bank account if they need to remotely through other sources, so why the need for an Obama ABLE account in the first place?
This may be one of those many things Snowden may have been worried about under the Obama Admin.
Research Prisma Secret surveillance on the internet and on YouTube. Research Snowden on YouTube.
Why can the SSA people not keep their SSA individuals' Obama ABLE symbol in their own system free of charge?
Why is it they can say you can not have over a certain amount of money as your own payee?
Why can the ones that run this program have more then you and your disadvantaged payee friends and community members? They make over $45,000+ to $100,000+ a year.
Why do they determine if a disadvantaged person becomes a criminal?, it makes no sense at all. It will take time for them to change up this rule. Have patience, be hopeful. Speak modestly and respectfully.
Why does a engagement ring not count as a countable resource, however if you make enough money to go over that money limit, they say you can not do that?, My question begins with “if a engagement ring is not a countable resource, then why if you go over the money limit, do you suddenly become a criminal in their definition of the law of SSA’s regulation?”
Thank you Devin, I do have a question…My wife is of retirement age for her bracket. She started to collect Social Security earlier this year. She wants to work part time ( about $500 month) will this be a problem as I think you mention there is no limit on earnings if she is of retirement age. Thank you again !! Great info
Hi Devon. I have a question? I am 65 retired and drawing SS each month since January and last month in September I started working on the side for extra money. How much can I earn for September through December without incurring a penalty?? Also do I need to report this extra money I started making in September and how do I report it. Thanks Marty
Great video. Just to be clear, the $19,000 and change limit is over the amount you collect from SS for the year ? Also I collect some dividend payment from some stock investments thru out the year. That goes into the $19,000, or does it not count towards that limit ? Thank you !
I am planning to quit SSD before FRA and resume working until after FRA will I get more benefits than what I had on SSD?
573 where is it from
Where is the link?
I revisited this video because of a letter I received from S.S. …..thanks.
Background: I am single female and disabled in 2011. My house had mold and i lost everything Could not live on SSDI so went to work 2016 to build earnings up – I reached full retirement age February 2022 but still working to save. I used IRAs & 401k, everything I owned to stay alive before I qualified for SSDI. I live in Arizona and individual earnings is $51+k. Does the total earnings include the the social security + income earned???
I need to know if the $19,560 annual limit is gross or net. Please and Thank You.
Great video. QUESTION? I trade stocks daily. will profit earned from trading stocks be counted as income against the limit? Thanks
I am so confused, scared, and ignorant of the rules. I actually thought social security belonged to me no matter what. I turn 66 in October 2022 but filed for benefits in August 2022 because my son and husband are ill.
This comment section is jammed packed with valid questons but I have not seen Devin answer any of them. You may want to go elsewhere…
I am even more confused than I was watching this video
Does money from 401K withdrawals count towards earned income?