In this video, we’re covering the new 2023 rules that apply if you want to work while collecting Social Security benefits. Then I’ll answer some of the big questions like:
→ Does the Social Security Administration Look at Single or Joint Income?
→ What happens to benefits that are withheld if you go over the earnings limit?
→ How is the earnings limit actually applied?
→ When does the limit switch from an annual limit to a monthly limit?
→ Should you tell the social security administration if you are over the limit?
→ Will the earnings limit affect spousal or children’s benefits?
→ What actually counts as Earnings?
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✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
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See Disclosures Below
⭐⚠️⭐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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Do you think we should have an earnings limit?
But I don't know they say people can work on social security is just has to be like the hours and the money that you make
So I am 68 and wife still works since she is a 1960 child. So I guess I can get a part time job then? Right
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Typical charlatan
Why do all these advocates put out all this extra money for social security and low income people almost on a daily basis, since the COVID Virus started these advocates put out all this information for low income people to receive stimulus checks, monthly payments and other money and still after 2 years of these advocates putting out all this information low income people don't receive anything, why do they do this to struggling people.
Starting with the subprime collapse of 2007 the earnings limit should have been removed. Go forward to mega inflation year 2022 and the earnings limit should have been removed. G. Carlin was right when he said "they don't give a damn about you". They've had many, many chances to prove George wrong.
Is monthly or yearly amount income earned Gross or Net? What if you receive a bonus?
I am on SSDI what is the most income I can make is it bye the month or is it annually???? Thanks
I was grandfather in during the windfall pro on my statement i have no work history i filed an appealed an no response have to keep calling wait time over 20mins still no contact
If I need a monthly income test for my first year receiving benefits, do I need to do anything additional to let them know when I submit my application?
Retired @ age 65, full retirement was 66/4months, now that I'm age 67 am I allowed to earn unlimited income if I decide to work
If I work at the age of 77 will my check stop ?
As an disabled Adult child. How much can a dac collect from a parents work record?
Helo i received SSA at early retirement and i have been working now i am full retirement. How much i could make/ year.? The maximum i could make?
Thx
Thanks good info
They keep changing the rules as you get closer. The carrot gets a longer stick.
If I work through a LLC can I pay myself ? My full retirement age is 66-6
Currently I am 65 -3 months
Applying for a consulting job paying 1k per day 5 days a week
But not guaranteed
Guidance please
What if you are receiving 100% disability from VA + retirement form DoD? How does it affect filing for SSI?
Can you ask social security too pay me more if i worked on SS?
I started investing 35-40 years ago. I never thought I could retire comfortably. At 66, I retired started SSI and retired with a very comfortable portfolio. Lately with the inflation rate, it even stresses me also.
I started receiving $649 SS Retirement at my age of 63 in January 2022 – I do work part time but understand I can only make $649 a month or I will be penalized. Am I correct? Thanks. RH
And BTW, NO. I don't think we should have limits.
I just wish that I could get every penny I've paid in through the years, in one big fat check and then the government stay out of my business. I'm only half way through this video and I'm dizzy with confusion. What this video tells me is that we have WAY too many braniacs in positions of power, who are making these very confusing rules, that affect so many retirees. Shame on you Feds!
I know people that are in their 70s and getting their full SS and tax exempts working full time keeping their full paychecks! facts, not bs lies! California state.
@DevinCarroll question, I have looked into this, currently 63. I am thinking FRA is in 2026.
In doing some research, I see the income limit is $52K the year you reach FRA, and it stops counting the month you hit FRA.
So if I am reading this correctly, doesn’t this mean I can file for benefits in Jan 2026, then continue to work full time? I should be right at $50K when I hit my FRA month.
Wouldn’t this strategy give me a monthly income pretty close to what I would get at FRA, be able to work all of 2026 and then retire the beginning of 2027 and continue the monthly benefits. Or am I missing something or have my info wrong?
This guy is clueless as to what REALLY happens. It's Social Security or working income. There's no having both and there's not "Extra" money. Social Security will take away dollar for dollar every dollar earned up toy the amount of your SS benefit. So, you ether work and make more than your SS benefit (after taxes) or there's no point in working as it's working for no financial benefit. I don't care what they say the rules are, that's what actually happens. Obviously this guy is NOT on social security and is obviously CLUELESS!
If you collect Social Security at 63 for a brief period (6 months) and have a full-time job, can I stop my SS benefits after 6 months?
I don’t know why there is an earning cap on SS retirement until a person reaches a certain age, not to mention being taxed twice for SSR. This stupid rule is holding me back for another year.
I don’t see my situation here – my husband retired early at 64, two years before FRA. I am 62 and working PT, earning more than the income limit. My FRA is 67 and I plan to work until then. My question – 85% of my husband’s SS is taxed due to my income and I’m not sure why. I thought that once he hit FRA that would stop.
Also, is there a good way to determine if I should be claiming spousal benefits now that I am 62?
There are no rules when paid in cash.
I am a nurse and I took ss 7/22. I am grossing 1200 biweekly. My ss is 2550. Am I going to be in trouble with too much income?
I was placed on SSDI at 63 and was told that at my full retirement age this would become my retirement amount {SSI}. I'm now 67 and past my full retirement age. While I am still not able to do the work I used to do and with inflation eating away at the benefits and my savings, I feel I need make money other ways including online. I understand that being past full retirement age there is no earnings limit where they take $1 for every $2 I would make. my question{s} is, 1: do I have to notify the SSA that I am making extra income or just file it at the end of the year? 2: Does my SSI get added to any extra earnings putting me in a higher tax bracket thereby taxing my SSI benefits?
You work and work and SS does not cover survival.
I paid in social security 30 years ago, living on realestate income. But paid no social security, I paid myself 100,00 and withholdings in December. How is this calculated?
Earning limits and taxes taken out of SS should be eliminated. These rules affect people that can least afford them and remove a valuable labor resource from the market when the country needs it the most.
Social security took my disability away and I can't work I'm in pain 24/7 a total hip replacement total knee replacement I need another hip replacement can you help
The SS office said that they will not withhold checks but in the next year they will send a letter that I owe the over limit I earned the year before after you file they assess what you owe not take from you at the time of over earnings.
If I earn over $5000 over my income limit of 2022. Social security will deduct $2500 from my social security paycheck. Can we request Social Security to deduct social security check evenly divide over the 12 months instead the first few months of the year?
In the year I plan to retire I will have 5 months of income over the monthly limit before I actually begin taking social security. Will those months apply to the earnings limit or only the months where I actually take social security?
All 85 million of us on social security Need to get together and file a class action lawsuit against Congress They need to be taken care of us the American citizen instead of foreign countries aliens coming across the border us 1st of course we need to be suing our Congress taking them to court for neglecting us what we want not what they want we need to be suing Congress a class action launched it all 85 million of us We better wake up America Congress is selling us down the road
I heard the Medicare premium for 2023 is going to be $164.90 per month. Is there any way to lower that if a person has Medicare Advantage??
If you put money you’ve made into an IRA or Roth for you or your kid dies it still count as earned income?
Thank you so much!
Excelent explanation on Social Security Bennefits. My questions regarding Full Retirement ages limits and or penalties were answered.
Regarding this I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.
How can we get to federal government to put back to 16 trillion dollars they took out of the social security fund plus the interest that would be owed I am thinking 29.9% interest would be good compounded minutely since the conception of the social security system
Single people only are allowed to earn $2,000 a month it's outrageous that's not enough money for someone to live on