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⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government . I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So 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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Social Security Income Limit: What Counts As Income?
Social Security is a vital source of income for many retirees, but there are limits to how much you can earn while still receiving benefits. Understanding what counts as income when it comes to Social Security is important for retirees who are looking to maximize their benefits while also earning additional income.
When it comes to Social Security, not all types of income are counted towards the income limit. Some sources of income, such as earnings from work or investment income, can reduce your Social Security benefits if they exceed certain limits. On the other hand, other sources of income, such as gifts or inheritances, are not considered when determining your eligibility for benefits.
Earnings from work are a major factor in calculating your income for Social Security purposes. If you are under full retirement age and earn more than a certain amount (which changes each year), your benefits may be reduced. However, once you reach full retirement age, there is no limit on how much you can earn without affecting your benefits.
Other types of income that count towards the Social Security income limit include pensions, rental income, and capital gains. It’s important to report all sources of income accurately to the Social Security Administration to ensure that your benefits are calculated correctly.
On the other hand, certain types of income do not count towards the Social Security income limit. This includes tax-exempt income, such as interest from municipal bonds, as well as certain government benefits like Veterans Affairs benefits or Supplemental Security Income.
Understanding what counts as income when it comes to Social Security can help retirees plan their finances more effectively. By being aware of the income limits and how different types of income are treated, retirees can make informed decisions about how much additional income they can earn without affecting their Social Security benefits.
In conclusion, when it comes to Social Security, it’s important to know what counts as income and what doesn’t. By understanding the rules around income limits, retirees can make the most of their benefits while also earning additional income. By accurately reporting all sources of income to the Social Security Administration, retirees can ensure that their benefits are calculated correctly and avoid any potential reductions in their benefits.
Please explain why there is income limit?
What about passive income from rental properties?
does social security itself is it included. he doesnt say
What if you work and make 85k/yr, but you contribute to your 401k and traditional ira at the full amount and you collect social security at 62? And you are married ?
I’m going to work in a part time hourly/tip position, while receiving soc sec benefits. I’m tracking my gross hourly income to assure I stay under the monthly soc sec income ceiling. The tip line on my pay stub for credit card tips is on a separate line (doesn’t seem to be included in the gross income total).
Do I add the credit card tip line to my gross?
What about crypto gains?
Get a cash paying job.
What is full retirement age? 65 or depending on year of birth ie 1955 66 years 2 months?
So my Military Retirement and VA Disability pay won’t affect my SS amount. ?
Question why ssa keep changing the payment date i was born between the 1st n the t 10th of the month
They used to deposit my ss check on the second week of the month and now they pay at the end of the month why?????….
So what is the weekly income on the monthly income we came have. Is that no more over 23,000 can you explain or send me a link
Yeah its another really stupid outlook from congress. When you reach the age where your occuoation has taken much out if you and you take S.S. you resign yourself to poverty and then while being in tge poorhouse for the next 16 months till you hit fra you atraphy physically and fall behind technologicly until you can go back to work and pay income taxes on a minimum wage hobby job while ya wait to die in poverty……..Gotta hand it to congress.
You said gross earnings on wages. I thought it was taxable earned income, not 401k pretaxed dollars
I tried direct express twice same bs and the company itself is overseas not located within the United States, I switched back to checks by mail for about two months before getting a bank account this was a couple years back.
I think you are wrong. I was born in 1960 so this is the first year for the rules Reagan signed into law to apply. Social Security reduced my income because my social security income + pension income went over $21,240.
Iam 68 going on 69 can l work. And they will not take any money from my Social Security
Fuck all that noise.
It's not worth saving any money because:
1. They tax it before you receive it.
2. They tax it as you spend it.
3. They tax it again when you take it out of the bank.
Well, if you don't save any money up, they can only tax it as you bring it in and spend it.
A penny saved is NOT a penny earned. Fuck that noise!
I retired at 62 last year. I was born in 1956. My income in June says $630. Will that increase? No limit earning? Will I get 125% poverty level?
Very interesting!
This idiot never mentions the hours limit…
What about the 20 14–7, I think it’s like the difficulty of care, when you provide care for a disabled person that you live with or they live with you, which is in this case my adult daughter. The income is already viewed as non-taxable both in my state and federal
What about rent from investment real estate?
What about royalties, Devin? Like say, from publishing a book