Thank you everyone for your support. We are getting overwhelming amount of calls regarding Social Security questions. Our intention was to help the community but we did not expect so many calls. Unfortunately we cannot answer all these questions unless you have the intent of working with us. Again, thank you for your support.
@20Schmidt How long does the SSA retirement benefits application process normally take? (application submission confirmation to receiving award letter). Has been a 6-month wait for myself (application received confirmation on March 20, 2024) so far. My application has been reviewed and they said I have the 40+ work credits to receive benefits. Waiting for the award letter. Have read it usually takes 3-5 months. Can anyone who's been through the process tell me how long it took? Getting concerned (thought i'd have received my letter in August...realistic timeframe). Thank You for any input.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollar by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Not exactly. If you’re below full retirement age (FRA), there’s an earnings limit. For 2024, if you earn over $21,240, Social Security deducts $1 for every $2 you earn over that limit.
Not permanently. Social Security recalculates your benefits at FRA, factoring in the months where benefits were withheld. Still, the upfront loss can be significant for high earners.
It can be taxable. If your combined income exceeds certain thresholds, up to 85% of your Social Security benefits may be taxable. Plus, earning more can push you into a higher tax bracket overall.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Annette Marie Holt turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
If your past FRA, I'm with you. Just save the money if you don't need it. It's nice to have all that extra cash flow, plus there's no guarantees in life and your health. Feeling rich with that extra money is never a bad thing. :)
my SS will start in june this year, first check in july for june, i am still working also as long as i am able, i am sick, heart condition but willing to work as long as i can .
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
The stock market can appear as a bewildering cauldron of fake news for new investors. I would advise using a CFP, giving him/her 2/3, and then investing the 1/3 on your own, but only if you have time to track stocks and educate yourself.
@@FostersCapones The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@JacobReynolds-t7v Congrats! The market to me is like a lucrative chess game, incredibly difficult to outperform, it's all about understanding how the world moves, its history, and psychology... mind disclosing info about your CFP? I'm quite curious.
@@LucaMurgia-j7b MARGARET MOLLI ALVEY is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and is a valuable resource for individuals seeking guidance in navigating the financial market.
What's sad is that I won't work until FRA, but man...I would be well to do if I did...lol. Unfortunately my wondering mind wants to quit and goof off more than I am already.
I delayed benefits to 70, kept working, and still work. I have no regrets. Unlike many single, female retirees, I don’t struggle financially and am still in very good health so I can enjoy life.
Get your social security at 62. The government wants to keep our money. I work part time and am under the limit. I have to have both to make it and I was not waiting to get more on my retirement
Thanks for a simple to follow video. without going into all the details I have been threw, let me just say I have called the SS office 3 times and have 3 different answers !
I am 67 and still working . I started collecting SS pension at FRA of 66 and half yo. While still working, my income is higher than before I started collecting SS. My question is: If I stop working at age 68, or 70, will my pension be higher than what I am receiving now ?
I didn't plan on collecting early but there are a couple of reasons why I changed my mind. I am 62 and will be getting my first check in September. My family members have died by the age of 60. My 3 brothers died at ages 48, 55 and 57 and my Dad lived until 60. Heart disease is in my genetics so that was the number one reason and number two is because I only make 21,000 per year so why not collect now? I have to be realistic and realize that I may not be here at age 67. Heck, I'm blessed to have lived past 60. This works for me and I'm thrilled about it because that money will come in handy right now.
It's great to hear that you've made a decision that works for you. Taking care of your financial needs is important, especially considering your family's history. Wishing you all the best 🙂
Thanks for all the great graphics...they make the rules much easier to understand. I appreciate your efforts and the very thorough explanations. Keep up the great work!
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
Finding financial advisors like Annette Christine Conte who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Once you reach FRA (or full retirement age), you can collect SS benefits without deductions & collect your salary from your employer at the same time. In fact, there's a letter from the Social Security Administration telling you this.
We are glad it was informative for you! You are welcome to contact us to learn more about preparing your income for retirement. Kai & Ann Chung 408-502-7080 www.RetiringOptions.com
GREAT VIDEO! Clear, to the point and easy to follow explanation - no shenanigans. Thank you! 🙏 for helping us understand the crazy/complicated system of retirement we leave on.
@@kciis yeah. I know that I'll get penalized, but you get it back when you turn 65. It is it 67? I could probably take the hit and extra taxes, and recover with investing 👍
I'm not sure what income tax bracket you are in or what state you live in. You will pay Federal income tax up to 85% of your S/S and depending on which state you live in you may have to pay state income tax. I am in a 22% federal income tax bracket. I highly doubt you will earn more by investing S/S income that you have to pay 22% income tax on. You need to check with your accountant.
The only great reason to get started early is because the government has a increasing chance to raise the age limit so if you start taking it they cant cut you off
This applies only to your first year receiving SSA benefits, after one's full retirement age, there is no limit on how much money a retiree SSA recipient can make, the penalty only applies during the year the person elects to receive SSA benefit payments.
this is balogna, i am a sick man that may not live to FRA, so i am taking my SS now at 64 1/2 otherwise the gubment will keep every penny that i could have received while i am alive, so do not wait as long as you can afford to take it early, you will be glad that you took it early.
Very informative, thank you so much. I plan to fully retire (FRA) this June 9th, and that will complete my 66 and 6 months age. But I also wish to work on my current job.
Thank you! As you approach this change, please feel free to reach out to our team with any Medicare or income questions in preparation. Hopefully we can assist your journey. Kai & Ann Chung 408-502-7080 www.RetiringOptions.com
This video is just what i have been looking for. All the questions you covered have been playing like a broken record in my mind. I plan to claim at 62. And yes i will exceed 21,000 thats for sure. But i just am not concerned. I say, get your money now while its still there. Great video.
Agree, get it while you can. My father passed and only received a small amount of his SS. My health is not the best. I retired at 62. At the time the age was 62, not 66.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Did not include social security and pension in my retirement planning dictating when I retire. I didn’t want to be working that long to qualify for SS benefits. Retired debt free at 49 in 2020. .
Over 62 and working overseas for foreign countries being paid in local currency. Meets bona fide under the yearly exemption limit. Start collecting now?
so in your example, you lose those 5 months of ss as over income limit, but you get that back at FRA and really don't lose any money but you are stuck with that lower ss benefit for remainder of lifetime correct?
Hello! I have a question about collecting Social Security Surviving Spouse Benefits while working. I will be turning 60 next August. I have been a widow since 2017 and my late husband was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 taken out for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower income. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.
One thing you didn't mentioned which screwed someone I know: If you retire, lets say at 65 at the end of June, and started collecting Social Security in July. A friend of mine didn't get paid for his work done in June, along with his saved vacation time. He was paid about $35,000 for his saved vacation and final pay in July and August. Social Security told him he exceeded the monthly income limits for those months and had to pay those Social Security payments back. He tried to say these were payments that weren't from work performed in July and August, but it didn't work. To be on the safe side, if you're retiring before FRA, I suggest delaying the starting date of Social Security for at least one month, but probably two months, to be safe.
The people working for a lot of these offices have no idea what the rules are. I have dealt with their mistakes several times. Through my persistence, I was eventuallly made whole, but not without upending my life in the meantime.@@roachtoasties
I started collecting SS at 62 while working with no loss of SS. I was able to put some pay into CATCHUP retirement system and my W2 showed what I received and it does not show the amount which goes into retirement system which may have been a 401k but do not remember for sure.
Confusing with income limits on early retirement, no one ever states whether the income limits, include what your getting for social security retirement. Example 2024 cap is $1860., now if i get $1700. a month from social security, if I continued to work, is my limit now $160 for the month? Better yet, are you saying, I can get the $1700. from SS, and make another $1860?
I remember in my younger days hearing everyone say take it at 62. "It's your money and you lose it when you die". Yes that is so true, but when I turned 62 I was still working and I didn't need it. Fast forward now at 65 and 3 months still working and do not need it. Going back and forth on if I should start taking it and just put it in the bank. Love my job, but I don't need to work, everything is paid for, no mortgage, and started in the 401-k plan at age 21. (I tell all young people join as soon as you can, put in as much as you can, and never ever touch as it will grow) I do believe they will eventually push the FRA to age 70. I do not agree with it at all. I do not comment very often but Ya'll do a great job with the down to Earth videos we can all understand.
Ridiculous that they have these laws to reduce your retirement money, it’s your money, you paid in, and should be allowed to make whatever you want and get your full benefits. But the government mismanaged everything so of course there’s penalties.
Retiring is already so tricky! That is why we always encourage people to not just depend on Social Security and income that is not guaranteed, if they can help it!
Does rental income/rent constitute “net earnings from self-employment“? More generally, is rental income counted as income towards the limit or is it excluded?
why? because the people who take ss at 62 receive smaller payments for the rest of their lives....smaller raises too because cola is based on percentages...
I retired from the VA at 65 and I will be 67 in May 2025 and they told me that when I get 67 I’m at full retirement I can work up to a certain amount of money 59,000. I think it is and I also get a VA pension that I paid into so what would happen to me if you could help me
Cannot find information on my question I live in Ohio. I retired from the state receiving a pension working a Social Security job have done that also while I was working for this state, I have paid in my40 quarters I was told that when I go to retire from Social Security that I will only get will get a quarter of my Social Security they said that I am penalized because I have a PERS pension from the state was wondering if that is really true
If you collect ss retirement early and are still working, can you put some of your working income directly into a traditional IRA account so it doesn't count as income earned above the limit allowed?
Do you have a video addressing all those issues when it comes to SSDI and Medicare between 59 and 65, especially if you don't have W2 income but may have profit or loss from a business?
Not if you’re under the limit. And even if you are, those benefits are only withheld and give them back to you as the Video mentioned. Thanks for your support.
My question: My wife who was ill started collecting her benefit at age 62. Unfortunately she passed away 3 months ago at age 641/2. I’m still working full time with a high income and I will be 66 1/2 in February ( my FRA). I have never collected social security and will not util age 70. I was told that can can collect the widowers spousal benefit ( which will commence now). To make sure I was told that in no way will my own social security benefit be affected when I decide to collect the benefit ( the spousal benefit will cease when I collect my own at 70). Is this correct? The reason I ask is because when I now go on the SS website it can no longer estimate my accruing benefit as I continue to work and get older. Thank you
What I’m divorced 30:years and was married over 10 yrs to that person, and they pass away? I know their benefits are more than mine. Am I notified or do I have to keep checking?
Kai and Ann, thank you for this Simple straightforward video and great info and by the way just subscribed. Have an example if you could assist: You make $150,000 in annual employment earnings, claim SS at 62 which is about $2,100 a month but still work for another 6-12 months before we fully retire and leave the job. How much of that $2,100 is withheld, all of it, some of it, etc when making that annual amount? Is there a calculator to use? I would think better to claim early and have filed the SS process in place then wait until FRA or even longer all while still getting a portion of that SS now to as you say invest.😀
We would love to answer your questions! Feel free to reach out to our office. Here is our contact: Kai & Ann Chung 408-502-7080 www.RetiringOptions.com
Hi I'm 72 years old receiving social security retired early at 62 and working my question is does my social security will increase when stop working. Thank
It would be spread out over your monthly income. See this Resource from the Social Security Website: www.ssa.gov/policy/docs/program-explainers/retirement-earnings-test.html#:~:text=The%20RET%20reduces%20Social%20Security,benefit%20once%20you%20reach%20FRA%20
Question, If I turn 65 in October of 2025 and plan to start collecting then will my income before October count against my SS earnings limit? Also, would it be better to wait until January of 2026 to start my benefits?
I pay in to social security benefits just like I did before and the lady at the social security office says i cant make over 23200 a year or they with hold a check
For the self employed, are they looking at what you made after deductions? Also, do you count the SS benefits in your yearly income as to what you earned for 2023? I turn full age March 2024? Thank you for your help🙏
If you're self-employed, your income is net profit after expenses. You are given an amount for 2023 that is not penalized. Check the source and rules for taxes on social security benefits.
A question: what if i collect SS early and i continue to work, but my earnings come in through an LLC, and my expenses from such LLC offset my earnings. What happens in that situation?
Thanks for the video! I've gotten two different answers to the following question: I'm 64 years old and have a question. I own an S corporation, draw an 18,000 yearly salary AND take equity distributions in the form of owner's draw of about 15,000 per year. Am I correct that the owner's draw (over the 2024 $22,320 threshold) does NOT effect my monthly benefit if I were to take social security at this point?
I will get $2278 a month if I retire at 62, and $3366 if I wait until FRA. That's a difference of $1,088 a month. So if I retire at 62 and work some part time job where I earn $22k a year, then by my math I am nearly $9,000 better off per year than I would have made at FRA. $1088 a month x 12 months = 13,056 less per year at age 62 than at age 67. And if I make 22k a year in a part time job, that will be $8,944 more than I am losing per year (plus a little more each year as the earning limit raises). Am I thinking about this all wrong?
YES COLLECT AT 62!! WHO KNOW IF IT WILL BE AROUND LATER ON THE WAY THE WORLDS GOING 1,600 per month THATS 100,000.00 I have before 67 SURE I GET ANOTHER 500 per month when I’m 67 but how long will it take me to get back the 100,000.00 I could of already had. About 13 years or so. Plus I can still work at 62 and make another 1750.00 PER MONTH WITH HURTING MY S.S. 😀😀😀😀 ANYONE CAN DIE AT ANYTIME TAKE IT ASAP!!!!!!! 😀✌
I am classified by the U.S. Department of State as a "National" which is also identified as a Nonresident Alien by the IRS. As such, I am currently working full-time for a private company, and not the federal government. In the capacity of a "National" and a "Nonresident Alien, per the IRS I am not required to pay federal income tax. Subsequently my employer does not withhold for federal income tax. Question: How does this affect my social security benefits if I continue to work full time and collect social security at 62? Since I'm not taxed as a Nonresident Alien, I assumed I could work and generate as much income and not be penalized if I go above the income limits established by the SSA? I am fully vested in SS and American born. I have a U.S. passport and I'm also retired military.
1) does rental income count or passive income count in the earning limit? 2) what if you work part of the year and make over 22k before you start SS benefits in August?
Hopefully this helps! 1) Rental income doesn't count towards Earnings limit. 2) Social Security counts the calendar year when considering the Earnings Limit.
I may be going back to work full time in 2025 making Roughly $1000 week.. I make about $2000 month on SSI.. $2000 month is not enough to make my bills.. My Question is should I collect SSI until I reach my Yearly Limit of $28000 and at that time have Social Security suspend my SSI until the first of 2026 ??… Would This Scenario be a possible option for me ?
Everyone talks only briefly about retiring at your FRA and still working. My full retire age is May of 2024. I plan on taking my SS in that month. The money that your allowed to make for that year is 59???.00. So does that amount only count for the months before my FRA (May), or whatever I make throughout the whole year? In other words if I make under that max amount in the 1st 4 months before May I will not have any problems with my income from my job and my SS for the rest of my natural born days. Correct??
I know that if you collect ss early there is an annual income limit. If you collect ss and stay below that limit (for instance make $20K a year in earned income) although there is no impact to the amount of your monthly ss check, is there any downside to doing this? Or as long as you stay below the annual income limit there isn’t any? Thanks …
You do have the ability to suspend your Social Security Income and restart it, but If you should and how it affects your limit, give our office a call and we can talk further about it! Kai & Ann Chung 408-502-7080 www.RetiringOptions.com
love your video...I have a question....what about a 60-year-old widow? I read that she could take her late husband's SS benefits early at 60...and that the penalties aren't permanent and that when she doe reach her retirement age she'll have a choice between her SS, or continue with her late husbands ss?
SS is a botched system. If you collect SS benefit at full retirement age while still working. Although you won't have a cap on how much income you earn on your job while collecting your SS benefit: -You will still be paying into FICA which funds SS -Your SS check will be taxed as well (you have to fill out a form W-4V). If you don't submit that W-4V, your federal tax return for that year may suffer. -Medicare Part B is also automatically taken out from SS check if you are over 65. -Depending on how much your combined income is with the SS check and your job paycheck, you will be placed in a higher tax bracket and pay more fed tax. In other words, you're not getting ahead by much. Anyway, I'll start getting mine at FRA next month while still working.
People really can't rely on just our Social Security checks! Thats why we always encourage people to prepare their income well by understand the tax implications, what income streams are guaranteed, and know what expense come with retirement (just to name a few points)!
Getting off part B puts an end to calls from advantage plan sellers. Retiring early means the cost of B part B Medicare reduces your retirement income if you retired before your FRA.
If I collect my SSI at 62 with reduced benefit of 70%, then later, when I switched to widow benefits, would widow benefit be reduced to 70% or not? My husband collected his on full retirement,100%.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you everyone for your support. We are getting overwhelming amount of calls regarding Social Security questions. Our intention was to help the community but we did not expect so many calls.
Unfortunately we cannot answer all these questions unless you have the intent of working with us. Again, thank you for your support.
@20Schmidt
How long does the SSA retirement benefits application process normally take? (application submission confirmation to receiving award letter).
Has been a 6-month wait for myself (application received confirmation on March 20, 2024) so far.
My application has been reviewed and they said I have the 40+ work credits to receive benefits.
Waiting for the award letter.
Have read it usually takes 3-5 months.
Can anyone who's been through the process tell me how long it took?
Getting concerned (thought i'd have received my letter in August...realistic timeframe).
Thank You for any input.
Recently they told my wife it's currently 270 days.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can I get access to your advisor?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Interesting. I am on her site doing my due diligence. She seems proficient. I wrote her an email and scheduled a phone call.
I am in my early 60s and retired at 53. Lots of people gave me pushback because they had difficulty grasping the concept of not working if you don’t have to. I looked at my life as stages. I earned everything I have now through a lot of hard work, but I owe it to myself to “stop and smell the roses” in my final stage of life. In my case I left the country after I retired and live in Latin America. It allowed me to get away from all the negative things happening in America while appreciating my new environment. I have yet to meet anyone who regrets retirement.
Nice way to retire. For me, I believe retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My wife and I both spent same number of years in the civil service, she invested through a wealth manager and myself through the 401k. We both still earning after our retirement.
This is true. I'm in my mid 50's now. My wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with her profits over the years, but at least I earn more. I'm making money even before retiring, and my retirement fund has grown way more than it would have with just the 401(k). Haha.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than a million dollar by just investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
I think this is something I should do, but I've been stalling for a long time now. I don't really know which firm to work with; I feel they are all the same but it seems you’ve got it all worked out with the firm you work with so i surely wouldn’t mind a recommendation.
I definitely share your sentiment about these firms. Finding financial advisors like Marisa Breton Dollard who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Why shouldn’t you collect Social Security while still working? Isn't it just extra income?
Not exactly. If you’re below full retirement age (FRA), there’s an earnings limit. For 2024, if you earn over $21,240, Social Security deducts $1 for every $2 you earn over that limit.
That sounds like a penalty. But does the reduction permanently decrease my benefits?
Not permanently. Social Security recalculates your benefits at FRA, factoring in the months where benefits were withheld. Still, the upfront loss can be significant for high earners.
Does it affect taxes too? I thought Social Security isn’t taxable.
It can be taxable. If your combined income exceeds certain thresholds, up to 85% of your Social Security benefits may be taxable. Plus, earning more can push you into a higher tax bracket overall.
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
@@hasede-lg9hj Mind if I ask you to recommend this particular coach you using their service?
Mind if I ask you to recommend this particular coach you using their service?
I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Annette Marie Holt turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.
I worked 8 years and collected SS at the same time and am glad i did
If your past FRA, I'm with you. Just save the money if you don't need it. It's nice to have all that extra cash flow, plus there's no guarantees in life and your health. Feeling rich with that extra money is never a bad thing. :)
my SS will start in june this year, first check in july for june, i am still working also as long as i am able, i am sick, heart condition but willing to work as long as i can .
@@roachtoasties
Social security is your money .
did you get any checks with held and did you get the audit they suggest you could get
As an investing enthusiast, I've kept aside a good sum of capital to invest for financial independence and early retirement, but my concern right now is the market rally being propaganda. Is this a good time to buy stocks, or do I wait for the crash?
The stock market can appear as a bewildering cauldron of fake news for new investors. I would advise using a CFP, giving him/her 2/3, and then investing the 1/3 on your own, but only if you have time to track stocks and educate yourself.
@@FostersCapones The issue is people have the "I want to do it myself mentality" but are not equipped enough for a crash and, hence get burnt. Ideally, advisors are reps for investing jobs, and at the first-hand encounter, my portfolio has yielded over 300% since 2020 just after the pandemic to date.
@@JacobReynolds-t7v Congrats! The market to me is like a lucrative chess game, incredibly difficult to outperform, it's all about understanding how the world moves, its history, and psychology... mind disclosing info about your CFP? I'm quite curious.
@@LucaMurgia-j7b MARGARET MOLLI ALVEY is a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and is a valuable resource for individuals seeking guidance in navigating the financial market.
@@JacobReynolds-t7v I looked up her name online and found her page. I emailed and made an appointment to talk with her. Thanks for the tip.
If you are on social security and at full retirement age, you can make as much as you want and your social security will not be touched.
Nice! I didn't know that. But looked it up. Yes! Thanks!
What's sad is that I won't work until FRA, but man...I would be well to do if I did...lol. Unfortunately my wondering mind wants to quit and goof off more than I am already.
@@JohnBowl14690 That's the reason for social security...so we can goof off and still get paid for it. LOL
@@stand.6008 - True. The sad part is that I only work about 24 hours per week as it is. Lol.
Your social security is taxed by the Feds depending on amount , you can have a percentage taken out ,
I delayed benefits to 70, kept working, and still work. I have no regrets. Unlike many single, female retirees, I don’t struggle financially and am still in very good health so I can enjoy life.
Get your social security at 62. The government wants to keep our money. I work part time and am under the limit. I have to have both to make it and I was not waiting to get more on my retirement
Thanks for a simple to follow video. without going into all the details I have been threw, let me just say I have called the SS office 3 times and have 3 different answers !
That's the government for u.....they make the simplest things so DIFFICULT.... smh 😮😢😮😢😮.....
The way SSA office people work, they make it as SSA is at least 3 different government departments.
I collected at 70 , i was paid back benefits from 66 and i work part time. I have my health and more money than i need
I am 67 and still working . I started collecting SS pension at FRA of 66 and half yo. While still working, my income is higher than before I started collecting SS. My question is: If I stop working at age 68, or 70, will my pension be higher than what I am receiving now ?
I didn't plan on collecting early but there are a couple of reasons why I changed my mind. I am 62 and will be getting my first check in September. My family members have died by the age of 60. My 3 brothers died at ages 48, 55 and 57 and my Dad lived until 60. Heart disease is in my genetics so that was the number one reason and number two is because I only make 21,000 per year so why not collect now? I have to be realistic and realize that I may not be here at age 67. Heck, I'm blessed to have lived past 60. This works for me and I'm thrilled about it because that money will come in handy right now.
It's great to hear that you've made a decision that works for you. Taking care of your financial needs is important, especially considering your family's history. Wishing you all the best 🙂
@@Robinsnest219 eliminate sugar and starch in your diet and your heart will be healthier
Pls stop telling people to be healthy if your fa.y genetics are bad just go what .akes you happy.heck with health
Thanks for all the great graphics...they make the rules much easier to understand. I appreciate your efforts and the very thorough explanations. Keep up the great work!
I like the content but please drop the music it’s a distraction
The big thing you missed in this video is the fact that taxes on Social Security should be illegal in the first place. Double taxation is illegal and that is exactly what is happening. SS recipients have already paid taxes on the wages when they were working and now when retirees desperately need this income the most to live the government gives them the shaft! Retirement may become a problem for Americans
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Finding financial advisors like Annette Christine Conte who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.
Once you reach FRA (or full retirement age), you can collect SS benefits without deductions & collect your salary from your employer at the same time. In fact, there's a letter from the Social Security Administration telling you this.
Correct!
I’ve learned a lot from your knowledge. Love the clear precise pronunciation on your speech too. Great video!
Thank you so much!
Thank you for this video. It was very informative for me. I had been thinking about doing retirement this year at 62 but I think I will wait
We are glad it was informative for you!
You are welcome to contact us to learn more about preparing your income for retirement.
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
GREAT VIDEO! Clear, to the point and easy to follow explanation - no shenanigans. Thank you! 🙏 for helping us understand the crazy/complicated system of retirement we leave on.
Thank you so much!
I want to file SS at 62 and INVEST it in my ROTH IRA, while I keep working. Thanks for the video.
Go for it! Just make sure you consider all other factors!
@@kciis yeah. I know that I'll get penalized, but you get it back when you turn 65. It is it 67? I could probably take the hit and extra taxes, and recover with investing 👍
I'm not sure what income tax bracket you are in or what state you live in. You will pay Federal income tax up to 85% of your S/S and depending on which state you live in you may have to pay state income tax. I am in a 22% federal income tax bracket. I highly doubt you will earn more by investing S/S income that you have to pay 22% income tax on. You need to check with your accountant.
The only great reason to get started early is because the government has a increasing chance to raise the age limit so if you start taking it they cant cut you off
This applies only to your first year receiving SSA benefits, after one's full retirement age, there is no limit on how much money a retiree SSA recipient can make, the penalty only applies during the year the person elects to receive SSA benefit payments.
doesn't it apply every year until Fra?
Jim you are correct!
Bravo for making this information easy (easier 😳) to understand.
Nice people,talk in simple terms,make a good team
this is balogna, i am a sick man that may not live to FRA, so i am taking my SS now at 64 1/2 otherwise the gubment will keep every penny that i could have received while i am alive, so do not wait as long as you can afford to take it early, you will be glad that you took it early.
Very informative, thank you so much. I plan to fully retire (FRA) this June 9th, and that will complete my 66 and 6 months age. But I also wish to work on my current job.
Thank you! As you approach this change, please feel free to reach out to our team with any Medicare or income questions in preparation. Hopefully we can assist your journey.
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
This video is just what i have been looking for. All the questions you covered have been playing like a broken record in my mind. I plan to claim at 62. And yes i will exceed 21,000 thats for sure. But i just am not concerned. I say, get your money now while its still there. Great video.
Agree, get it while you can. My father passed and only received a small amount of his SS. My health is not the best. I retired at 62. At the time the age was 62, not 66.
Agree 100%.
Yep. Tired of waiting. Work is exhausting.
Tax laws can be so complex, and it’s super helpful to break them down like this. Understanding how different policies can impact our finances is crucial for making informed decisions.
Making profitable investments during this time of political change can be risky without that insight. For me, working with an adviser is the best first step to navigate these complexities and make informed choices.
I think having an investment advisor is the way to go. I've been with one because I lack the expertise for the market. I made over $490K during the recent dip, highlighting that there's more to the market than we average folks know.
Hmmm this is quite interesting, Please can you leave the info of your investment advisor here? I’m in dire need for one.
Nicole Anastasia Plumlee can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
Did not include social security and pension in my retirement planning dictating when I retire.
I didn’t want to be working that long to qualify for SS benefits.
Retired debt free at 49 in 2020.
.
Very nice! What did you do to retire early? Are you completely retired or are you still doing some side investments?
Over 62 and working overseas for foreign countries being paid in local currency. Meets bona fide under the yearly exemption limit. Start collecting now?
This answered my question whether or not my hybrid pension payments would count toward my earnings limit #6 Thank you! 🎉
so in your example, you lose those 5 months of ss as over income limit, but you get that back at FRA and really don't lose any money but you are stuck with that lower ss benefit for remainder of lifetime correct?
Hello! I have a question about collecting Social Security Surviving Spouse Benefits while working. I will be turning 60 next August. I have been a widow since 2017 and my late husband was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 taken out for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower income. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.
One thing you didn't mentioned which screwed someone I know: If you retire, lets say at 65 at the end of June, and started collecting Social Security in July. A friend of mine didn't get paid for his work done in June, along with his saved vacation time. He was paid about $35,000 for his saved vacation and final pay in July and August. Social Security told him he exceeded the monthly income limits for those months and had to pay those Social Security payments back. He tried to say these were payments that weren't from work performed in July and August, but it didn't work. To be on the safe side, if you're retiring before FRA, I suggest delaying the starting date of Social Security for at least one month, but probably two months, to be safe.
They did mention this at 9:30. The income is when it is EARNED, not paid.
@@samlee2907 Try convincing the IRS when they question this.
Wow, never thought of that.
Thanks for the tip.
The government is doing their best to take or not paying citizens.
The people working for a lot of these offices have no idea what the rules are. I have dealt with their mistakes several times. Through my persistence, I was eventuallly made whole, but not without upending my life in the meantime.@@roachtoasties
Yes!
I started collecting SS at 62 while working with no loss of SS. I was able to put some pay into CATCHUP retirement system and my W2 showed what I received and it does not show the amount which goes into retirement system which may have been a 401k but do not remember for sure.
Confusing with income limits on early retirement, no one ever states whether the income limits, include what your getting for social security retirement. Example 2024 cap is $1860., now if i get $1700. a month from social security, if I continued to work, is my limit now $160 for the month? Better yet, are you saying, I can get the $1700. from SS, and make another $1860?
Great video! You did a great job of making a complicated program very simply to understand
Thank you Kai and Ann for sharing your knowledge with us!
You're welcome!
You 2 are a beautiful couple. Here for the financial advise but noticed that also.
Nice clear informative video. But, when PERS is an option, how does that factor in and how does one decide btwn the two?
Awesome couple. Thank you.
Thank you! ☺️
I remember in my younger days hearing everyone say take it at 62. "It's your money and you lose it when you die". Yes that is so true, but when I turned 62 I was still working and I didn't need it. Fast forward now at 65 and 3 months still working and do not need it. Going back and forth on if I should start taking it and just put it in the bank. Love my job, but I don't need to work, everything is paid for, no mortgage, and started in the 401-k plan at age 21. (I tell all young people join as soon as you can, put in as much as you can, and never ever touch as it will grow) I do believe they will eventually push the FRA to age 70. I do not agree with it at all. I do not comment very often but Ya'll do a great job with the down to Earth videos we can all understand.
Wow, thank you for sharing your experience and for the encouraging words😊
Ridiculous that they have these laws to reduce your retirement money, it’s your money, you paid in, and should be allowed to make whatever you want and get your full benefits. But the government mismanaged everything so of course there’s penalties.
That's because so they can support panhandling foreign countries
Retiring is already so tricky! That is why we always encourage people to not just depend on Social Security and income that is not guaranteed, if they can help it!
the Government has and always be a backwards entity they are the most useless people on a payroll ever.
@@SquirrelDarling1 Arithmetic
Does rental income/rent constitute “net earnings from self-employment“? More generally, is rental income counted as income towards the limit or is it excluded?
why? because the people who take ss at 62 receive smaller payments for the rest of their lives....smaller raises too because cola is based on percentages...
I retired from the VA at 65 and I will be 67 in May 2025 and they told me that when I get 67 I’m at full retirement I can work up to a certain amount of money 59,000. I think it is and I also get a VA pension that I paid into so what would happen to me if you could help me
My boss at work told me the income limits had been abolished. Guess he was wrong. I decided to retire at 65 1/2, so I will have to watch my income.
Yeah too many people give advise on this subject when they shouldn’t.
Regarding your income concern, have you seen you “Hybrid” Pension playlists?
I can make around 21k without penalty. I make minimum wage, $14.50 an hour.
Cannot find information on my question I live in Ohio. I retired from the state receiving a pension working a Social Security job have done that also while I was working for this state, I have paid in my40 quarters I was told that when I go to retire from Social Security that I will only get will get a quarter of my Social Security they said that I am penalized because I have a PERS pension from the state was wondering if that is really true
If you collect ss retirement early and are still working, can you put some of your working income directly into a traditional IRA account so it doesn't count as income earned above the limit allowed?
Do you have a video addressing all those issues when it comes to SSDI and Medicare between 59 and 65, especially if you don't have W2 income but may have profit or loss from a business?
I took retirement @62, but finding not enogh money I'm back to work part time.. is it a problem?
My husband has been retired for several yrs
Not if you’re under the limit. And even if you are, those benefits are only withheld and give them back to you as the Video mentioned. Thanks for your support.
Excellent video answered all my questions.
My question: My wife who was ill started collecting her benefit at age 62. Unfortunately she passed away 3 months ago at age 641/2. I’m still working full time with a high income and I will be 66 1/2 in February ( my FRA). I have never collected social security and will not util age 70. I was told that can can collect the widowers spousal benefit ( which will commence now). To make sure I was told that in no way will my own social security benefit be affected when I decide to collect the benefit ( the spousal benefit will cease when I collect my own at 70). Is this correct?
The reason I ask is because when I now go on the SS website it can no longer estimate my accruing benefit as I continue to work and get older.
Thank you
I'm sorry for your loss.
What I’m divorced 30:years and was married over 10 yrs to that person, and they pass away? I know their benefits are more than mine. Am I notified or do I have to keep checking?
Kai and Ann, thank you for this Simple straightforward video and great info and by the way just subscribed. Have an example if you could assist: You make $150,000 in annual employment earnings, claim SS at 62 which is about $2,100 a month but still work for another 6-12 months before we fully retire and leave the job. How much of that $2,100 is withheld, all of it, some of it, etc when making that annual amount? Is there a calculator to use? I would think better to claim early and have filed the SS process in place then wait until FRA or even longer all while still getting a portion of that SS now to as you say invest.😀
I would wait until you either stop working or a couple months before.
this prompted a whole bunch of questions. for example, if I'm already receiving SS and go back to work will SS tax still be withheld from my earnings?
We would love to answer your questions!
Feel free to reach out to our office.
Here is our contact:
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
I need the transcripts to this video this is really the one I need to think about and understand
You can always download the transcript which is right next to the like and subscribe buttons!
Thanks for watching and supporting our channel!
What’s included in your income, pension, rental income or just income from working at a job?
It’s on our video 😁
Look around the 9:20 mark. We hope this helps! Kai and Ann.
How much will your ssa yearly amount go up if you are working from fra to 70?
Assuming each one of those 4 years is higher than your lowest 35 best.
Great video, with all the information that I need.
Glad it was helpful!
Hi I'm 72 years old receiving social security retired early at 62 and working my question is does my social security will increase when stop working. Thank
I’m presently on ss retirement but went back to work. Fun got charged because I worked part time last year didn’t hit $22k.
What happens if someone gets divorced and then remarried, who is entitled to the pension?
great video! I admire how you simplify this!
Thank you so much 😊
how are the suspended funds added at FRA
IS IT ONE LUMP SUM or payments over many years
It would be spread out over your monthly income. See this Resource from the Social Security Website:
www.ssa.gov/policy/docs/program-explainers/retirement-earnings-test.html#:~:text=The%20RET%20reduces%20Social%20Security,benefit%20once%20you%20reach%20FRA%20
Question, If I turn 65 in October of 2025 and plan to start collecting then will my income before October count against my SS earnings limit? Also, would it be better to wait until January of 2026 to start my benefits?
I retired at the age 48 years old, received pension plus supplement of social security
How ?????
Wow!
I agree. I am 1.30 minutes into the video and the music is way too annoying to continue watching.
All income restrictions must be removed. When a person has a job they are paying into social security benefits as before.
i agree.
I pay in to social security benefits just like I did before and the lady at the social security office says i cant make over 23200 a year or they with hold a check
For the self employed, are they looking at what you made after deductions? Also, do you count the SS benefits in your yearly income as to what you earned for 2023? I turn full age March 2024?
Thank you for your help🙏
If you're self-employed, your income is net profit after expenses. You are given an amount for 2023 that is not penalized. Check the source and rules for taxes on social security benefits.
Question: At my FRA I can earn $56,520.00. Does that include my collected Social Security checks for the year ? Not clear . Please, confirm. Thank you
A question: what if i collect SS early and i continue to work, but my earnings come in through an LLC, and my expenses from such LLC offset my earnings. What happens in that situation?
Thanks for the video! I've gotten two different answers to the following question: I'm 64 years old and have a question. I own an S corporation, draw an 18,000 yearly salary AND take equity distributions in the form of owner's draw of about 15,000 per year. Am I correct that the owner's draw (over the 2024 $22,320 threshold) does NOT effect my monthly benefit if I were to take social security at this point?
Thank you for the information.
Great info Guy’s thanks for sharing👍🏻
I will get $2278 a month if I retire at 62, and $3366 if I wait until FRA. That's a difference of $1,088 a month. So if I retire at 62 and work some part time job where I earn $22k a year, then by my math I am nearly $9,000 better off per year than I would have made at FRA. $1088 a month x 12 months = 13,056 less per year at age 62 than at age 67. And if I make 22k a year in a part time job, that will be $8,944 more than I am losing per year (plus a little more each year as the earning limit raises). Am I thinking about this all wrong?
Reach out to us and we can discuss this further!
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
like very much can my friend collect social security while working in his business when he is operateing a loss will close business this november
Thanks for your example!
I filed for my SS retirement at 62, 4 years ago. I've had the same job 15 years. I get paid more in my check for working. I needed it.
How much are you making at your current job yearly?
And, are they taking $1.00 for every $2.00 earned over the limit.? Assuming you are making more
YES COLLECT AT 62!! WHO KNOW IF IT WILL BE AROUND LATER ON THE WAY THE WORLDS GOING 1,600 per month THATS 100,000.00 I have before 67 SURE I GET ANOTHER 500 per month when I’m 67 but how long will it take me to get back the 100,000.00 I could of already had. About 13 years or so. Plus I can still work at 62 and make another 1750.00 PER MONTH WITH HURTING MY S.S. 😀😀😀😀 ANYONE CAN DIE AT ANYTIME TAKE IT ASAP!!!!!!! 😀✌
A lot of people share the same thought process too! Thanks for sharing.
Agreed!
I am classified by the U.S. Department of State as a "National" which is also identified as a Nonresident Alien by the IRS. As such, I am currently working full-time for a private company, and not the federal government. In the capacity of a "National" and a "Nonresident Alien, per the IRS I am not required to pay federal income tax. Subsequently my employer does not withhold for federal income tax. Question: How does this affect my social security benefits if I continue to work full time and collect social security at 62? Since I'm not taxed as a Nonresident Alien, I assumed I could work and generate as much income and not be penalized if I go above the income limits established by the SSA? I am fully vested in SS and American born. I have a U.S. passport and I'm also retired military.
1) does rental income count or passive income count in the earning limit?
2) what if you work part of the year and make over 22k before you start SS benefits in August?
Hopefully this helps!
1) Rental income doesn't count towards Earnings limit.
2) Social Security counts the calendar year when considering the Earnings Limit.
I may be going back to work full time in 2025 making Roughly $1000 week.. I make about $2000 month on SSI.. $2000 month is not enough to make my bills.. My Question is should I collect SSI until I reach my Yearly Limit of $28000 and at that time have Social Security suspend my SSI until the first of 2026 ??… Would This Scenario be a possible option for me ?
Everyone talks only briefly about retiring at your FRA and still working. My full retire age is May of 2024. I plan on taking my SS in that month. The money that your allowed to make for that year is 59???.00. So does that amount only count for the months before my FRA (May), or whatever I make throughout the whole year? In other words if I make under that max amount in the 1st 4 months before May I will not have any problems with my income from my job and my SS for the rest of my natural born days. Correct??
Thank you Im just applying for my now because I just got fired
We are sorry to hear that. In a case like that, where income is necessary, yes, Social Security really might be necessary.
I have a friend on ss and still works 2 days a week. Its perfectly acceptable.
I’m a new subscriber! Like your presentation!
Thank you so much!
I know that if you collect ss early there is an annual income limit. If you collect ss and stay below that limit (for instance make $20K a year in earned income) although there is no impact to the amount of your monthly ss check, is there any downside to doing this? Or as long as you stay below the annual income limit there isn’t any? Thanks …
I like how you explained..❤❤❤
Thank you! We appreciate your kind words!
Regarding question 6, does rental income count as included income?
No. Only earned by working
Clear information
is the income limit based on gross income or net income after standard deduction?
net
It says gross for W-2 employees and Net if you're self-employed.
Lets say I collect ss at 62 but keep working. Then suspend ss when I reach the limit. Can I reactivate ss the next year and do the same again?
You do have the ability to suspend your Social Security Income and restart it, but If you should and how it affects your limit, give our office a call and we can talk further about it!
Kai & Ann Chung
408-502-7080
www.RetiringOptions.com
Food is high not getting food card need a place to live for my self
love your video...I have a question....what about a 60-year-old widow? I read that she could take her late husband's SS benefits early at 60...and that the penalties aren't permanent
and that when she doe reach her retirement age she'll have a choice between her SS, or continue with her late husbands ss?
Thanks for sharing
My pleasure
I turn 65 May 31 with full retirement. I work commission only. How will that affect me? What do I need to know? Thank you
SS is a botched system. If you collect SS benefit at full retirement age while still working. Although you won't have a cap on how much income you earn on your job while collecting your SS benefit:
-You will still be paying into FICA which funds SS
-Your SS check will be taxed as well (you have to fill out a form W-4V). If you don't submit that W-4V, your federal tax return for that year may suffer.
-Medicare Part B is also automatically taken out from SS check if you are over 65.
-Depending on how much your combined income is with the SS check and your job paycheck, you will be placed in a higher tax bracket and pay more fed tax.
In other words, you're not getting ahead by much. Anyway, I'll start getting mine at FRA next month while still working.
People really can't rely on just our Social Security checks! Thats why we always encourage people to prepare their income well by understand the tax implications, what income streams are guaranteed, and know what expense come with retirement (just to name a few points)!
Getting off part B puts an end to calls from advantage plan sellers. Retiring early means the cost of B part B Medicare reduces your retirement income if you retired before your FRA.
If I collect my SSI at 62 with reduced benefit of 70%, then later, when I switched to widow benefits, would widow benefit be reduced to 70% or not? My husband collected his on full retirement,100%.
62 one more year 👍👍👍 man thanks real good info got this (Save) 👍👍👍👍👍👍👍👍
Our pleasure!
I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.
Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!
That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!
Mind if I ask you to recommend this particular coach you using their service?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Found her online page by searching her full name, I wrote her an email and scheduled a call, hopefully she responds.