Social Security Income Limit: What Counts As Income?
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- Опубликовано: 14 окт 2024
- If you’re under full retirement age and file for Social Security benefits there is a limit to the amount of income you can have before your benefit is reduced or shut off completely. But what counts as income? In this video I'll explain what income sources will and will not trigger the earnings limit.
Resources:
My video: How To Fix Social Security Overpayment Notices
• Social Security Overpa...
Social Security Handbook Chapter on Wages - www.ssa.gov/OP...
SSA publication “How Work Affects Your Benefits”
www.ssa.gov/pu...
SSA POMS RS 02505.240 Summary of How Major Types of Remuneration Are Treated
secure.ssa.gov...
SSA POMS RS 02505.005 How to Count Wages Under the Earnings Test (ET)
secure.ssa.gov...
SSA POMS RS 01402.000 Wage Exclusions
secure.ssa.gov...
SSA Publication “Special Payments After Retirement”
www.ssa.gov/pu...
SSA POMS RS 02510.016 Treatment of Special Payments (SP)
secure.ssa.gov...
SSA POMS SI 00830.510 Royalty Income secure.ssa.gov...
SSA POMS SI 00830.505 Rental Income secure.ssa.gov...
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⚠️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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Great video. We all strive for financial independence and better life. It’s not difficult in achieving this through the right investment, living frugally, and budgeting. I’m glad I learned early in life to work hard for financial freedom
In my opinion, venturing into a good investment is not just a strategy for generating passive income but a profitable saving method for future expenses. Those who fail to make the right decisions early in life end up regretting it. Nevertheless, investing can be difficult and risky doing it solely, For this reason, I advise seeking help from professionals(financial advisors). It’s not just watching videos and reading investment books the challenge is using them well.
@@MarcelPhilips sincerely, I’m truly inspired by your words. I’m very interested in investing and I have got a good sum of money which I’m ready to put in with the right information. My biggest fear is losing my money on the wrong investment. For this reason, I’m willing to listen to your suggestions and ideas on how to invest wisely.
@@DavidAntony-gq7id As an OAP with a lot of experience, I firmly believe that the success of any investment depends on having the right information, regardless of what others say, do whatever you set your mind to. Warren Buffer always says "be greedy when others are fearful and be fearful when others are greedy". This is certainly the trick to succeeding even when others fail. I made $100,000 working with MARTHA ALONSO HARA a licensed financial adviser . It’s been a promising experience so far with her.
@@MarcelPhilips Please, how do I connect with your financial planner?
@@DavidAntony-gq7id quickly do a web check where you can connect with her, and do your research with her full name mentioned
Thank you Devin for bringing this to light. Allthough im only 59 im trying to learn now so im ready. You are very helpfull, thank you
You’re the best. Your information made a huge difference in my world. Thanks.
Thank you for explaining the simple steps which inspired me to take a step forward into the work world with less worry about walking into traps.
Devin, your videos never disappoint. Great job!
thanks Devin you have been very helpful appreciate it
Hi Devin, you have some good videos. I have a question. Could you cover Supplemental Security Income? I know that you can not have over $2000 in saving. This makes it so hard to have any kind of savings.
Do you qualify for an ABLE Act account? You can have up to $102,000 in savings with an ABLE account and not lose benefits.
God this sounds like fun calculation. We'll see what happens when I retire, maybe next year. Thanks for the info!
Thank you Devin! Very informative since I retired June 1 of last year. Wasn't sure what income counted since I received wages, then collected SS mid year after retirement.
Great Video, Thank you for this information it's answered questions I had 💜
Great job explaining the system. I had paid into SS from age 16 and never had any gaps in employment until age 53. After working 32 years at my last job I was laid off. I was unable to land any real work as a construction electrician at that age. So by age 62 I had already blown through my 401k and needed income so I took my SS early. I think I received about $7k from SS that year and I was able to get work the year prior and made like $33k so the $7k was taken back by SS. So basically someone who make millions in investments is not penalized but some old guy struggling to survive and working the government just takes it all. Just seems a bit unbalanced.
I have known this since I was 15.
I am now 62.
I found it very useful info! Thank you! Subscribed!
Thanks Devin I enjoy and appreciate your info videos. I'm definitely considering taking social security early along with a career change and I know I best get schooled up on the subject before I need the information because I have no doubt I'll need it. Thanks again Devin.
Thanks Jerry! Glad you find these videos useful.
@@DevinCarroll is investing in buying a mortgage considered investing?
Thank you, you cleared up some questions. It would be great if you could touch on social security disability insurance and what counts as income against SSDI as I just recently was approved for SSDI. Such as my pension, dividends, and my 401k which is now my IRA.
Rental income is exempt!
I sure hope it's on February check. Will be very much appreciated 🙏.
Terrific summation!
Great video Thank you Devin! Question for you capital gains in investing in real estate considered income for survival ss benefits?
Good info to know, thanks!
Good information. Thanks Devin.
I appreciate ya Devin. I’m just going to comment on your shelf there behind you. That is an add all of its own and good on you for using it for that purpose.
It will be interesting on who will actually see their benefits as so it is called. Because we paid in that money.
Do you need to pay income taxes on the money earn after the age of retirement ,
Thanks for sharing your tips ..
I subscribed! 😀You're so informative!
So many SS gotchas. Thanks Devin!
Thanks for clarifying it.
Thank you once again Devin, another great video!
The cure for SSI is to include managing money well courses in public schools. If done, most people wouldn't depend on SSI in retirement.
I started to manage money well in my mid-30s. I can now retire at 61with my investments.
No, it’s not. It’s for people with disabilities
WOW SOMEONE I KNOW WAS BORN IN 1957- I HAD NO IDEA THAT THEY THEIR FULL RETIREMENT AGE IS 66 YEARS AND 6 MONTHS- THAT IS A LONG TIME
Family & Life Too it’s 72 for my age
@@jenkemp
WOW!
Great Information Thank You very much.
Thanks for watching!
I am having problems finding this information on line. I am receiving unemployment and pandemic benefits and I am under the full retirement age while receiving Social Security. Will these payments be held against me as income?
Can you tell us please
Hi! Devin, I have a question for you. How come SSI. SSDI and so is counted as income. When it's so far below the poverty level. The poverty level is $1077 for 1 person. This means anyone making this amount or below is not making enough so they are listed as Poverty Level. I'm 62 years old. and get SSI every month. That's $794 at about $9500 a year. I can't buy a car or own my own home. Why, because I don't make enough money.
Devin, I am only going to receive $250 a month. Obviously I can’t live on that. Thank God for my husband. How much extra can I make per month without being charged?
I have turned a lot of people on to you. Thank so much.
The real hell of it is that if you had invested in a recurring income strategy that was COMPOUND interest is you would have more than they give you in the end (probably like they did with YOUR $) :(
Thank You. Does the pre-tax status for health insurance also mean that health insurance premiums are deducted from earnings when figuring earned income limits for early retirement??
I filed for early ssi benefits at age 62. I then went back to work for a college that didn't withhold social security taxes and instead held money for a retirement account. Does this income count as earned income against my allowable earnings?
I’m self employed but get 1099s as I’m a contractor. Do I count the total on my 1099 or just my adjusted gross income
kim greenlee I’m wondering the same thing, does anybody know?
I earned money from participating in a research study, and my ssdi hearing is in march 2020, will that hurt me?
Does household income or say someone paying rent to someone within a household effect the person's SSA who is also receiving the rent money?
Devin, I retired at age 57 under Federal Employees Retirement System (FERS). A portion of my retirement is classified as Social Security but it is fully paid by Office of Personnel Management (OPM). Therefore, am I still subject to the income threshold of $17,640 per year?
57. Amazing. You lifelong govt hacks retiring so young while the people that pay for your early retirement work til 67+ before they retire.
Hey Devin... You can file for Social Security at the beginning of the calendar year that you obtain full-retirement age. My birthday is in November. I was born in 1957. How does that affect the benefit amount? Thank you for all your videos. I enjoy learning about my retirement.
David
The income limit increases in the calendar year you attain full retirement age. See my video on the income limit for more information - ruclips.net/video/aEZZT1eG6Ig/видео.html
Hi can you please you please make one video explaining the Medicare road and cost
I wondered if you know if your on SSDI are you able to Day Trade Stocks where there is a limit on how much Capital Gain, or income, you can make yearly ?
Devin, please teach the representatives at Social Security how to do their jobs. We need you running the show over there! Lol
Once full retirement age, does one still have to pay into SS on income, and ... if so, does those payments increase the SS benefit received?
Great video, I know we're talking about tax year 2023 now. Does rental income classify as a penalty type income? A Cash brokerage account If you turn a profit on a stock this account against your Social Security income? How about an inherited IRA not a very big one but it must have a disbursement taken from it every year How is that treated? Thx great video!! ✌️
Thank you you know you're awesome! And this is a good thing. Devon is the income retirement age rather going up to age 70 for thos of us born in 1957? I believe I heard it in a channel that was not yours unfortunately I know this question is in my mind step this change might happen next year 2020? Respectfully, thank you
Not that I know of. If they do increase the full retirement ages, it will likely be phased in over a period of several years.
Thank you! Immensely enjoyed that video of you and your son doing some fun activities thank you for sharing that it was a special moment for you guys and for us who see you behind your office background, just saying
Devin I have been watching your videos over several years. Could you do a video on gaps in employment. I have 6 years of 0, of those 6 I had 4 years that I worked in Canada after receiving permanent residence. Since the U.S. and Canada has a mutual agreement should I get a record of the 4 years worth of payments from Canada and present it to SS here to fill in the zeros.
Devin does Roth conversion count as Provisional Income when figuring taxes on Social Security Benefit. Thank you
Good info. Thanks
Glad you found it useful!
Hi Devin I am 62 and I plan on retiring in September 10-22 I will be 63.
My question is does any of my income I make before I retire in September 22 go against me? It's my understanding that any money I make before September doesn't count against me and I can still make the allowable amount of 19,560.00 going forward? Please help.
Because that's how I was filing for my taxes called rent rebate
Tell us is the company pension be taxed at the end of the year also retirement sss and that person only 64 years old retired early. Thank you.
My full retirement age is 66 and 8 months. I want to retire at 65. I know my yearly income limit is 19,560.00 per year. Does that amount include my paycheck income and my retirement? Or is it just the paycheck amount?
What is considered self employment income? K-1, schedule C?
I have 2 real properties that I derive monthly income from.
Does rental income count as part of the income limit, when you get retirement benefits, before FRA?
Hi Devin. I began received SS retirements benefits at 62 and am now day trading. Can those profits negatively affect my SS benefits.
I have not recieved my stimulas check of 1200 yet. I’m on SSI an I gonna get one or not. I didn’t file taxes in 18 or 19. But you all said we didn’t have to. So am I not gonna get a check!
Me too
good video thanks!
Glad you liked it!
I filed early Social Security in March 2019. Was laid off for a part time job in June because of Covid. Collected unemployment. Is unemployment benefits considered covered wages by Social Security??
No
If I earned 1 month of salary for January 2019 and then on Feb 1st was given a 6 week severance package and did not begin SS retirement till Oct 2019, then does the January income and the 6 week severance count against me as earned income?
If I can get a government grant to start up my own business, will that affect my retirement benefits?
Correct me if I'm wrong, but if I go for retirement at 62, and my SSI checks are $1,000. In 1 year I will gain 12k. Now if I plan to continue working, I can make up to $17K $17K + 12K is 29K. What possible greater gain can you get if you don't begin receiving Social Security at 62? Taking retirement while working is the only thing that should be given PRIORITY attention in these videos.
Question, lets say that if I were to retire at 62, and begin receiving my $1,000 per month check, and every year plan to make up to 2 x the maximum allowed. This is also a gain of $17k - $.5k or $8.5k. Again, what gain can be greater than working while taking retirement, beginning at age 62?
The above questions are more important to me than any RUclips video on the topic.
I am disabled and have been receiving social security from my parents
since they died. Can I buy stocks and still keep my social security and
medicare?
Please let me kno when you find out I have same question????
@@RDR2SLANG I can indeed invest without losing my social security. :-D
Pension like Cal Pers retirement is not considered income and added to ss benefits for income tax purposes?
Both are full retired Collecting SS, ( 22K total for both a yr ) selling a 2nd home used as a summer home, capital gains on it is about 35K, will we have pay any federal taxes on SS or capital gains ???
What about FIRST year on income and SSI? Does it matter what you make the first year that you go on SSI?
If I who're myself out does that count as income?
Thank you for the video. I can't find anywhere if SPOUSAL income counts towards the earnings offset test, assuming retirement prior to full retirement age. Example, Husband turning 66 3/15/23, wife 56, he earns $ 35,000 she earns $ 47,000. He is debating about taking SS now, rather than age 66 6 months. (6 months from now.) i realize there is a different offset in the year of full retirement age which is 2023. Will her income count towards the earnings test or is it JUST his income for him in 2023? She is NOT taking spousal SS. she is 56. Is that enough information to answer my question?
Does selling my home and make some cash on it dies that count as income? As I am on SS Disability I am 61 born in 1958
Hi Devin
Thanks for this video. I was under the impression that I would have to wait until age 70 before I could earn income and get receive my social security. If I am understanding you correctly I can collect my social security when I’m 66.5 because I was born in 1957, is that correct?
Correct!
Devin Carroll 😊 thanks so much. I will probably get my late husbands social security in the year that I’ll be 66.5 but if I’m still working I’ll be making over that $46,000 number you mentioned. What happens if I ask for my social security just after I turn 66.5? Does that limit for receiving social security still apply. In other words I turn 66.5 in April, does the limit apply if I start receiving in May? Thank you so much for this information, I really appreciate it. I’m so sorry to bother you with this too.
@PearlPerlita Venegas true
I'm on disability after my husband died in 2009 and I have epilepsy. Is there a maximum amount of income that I can get before it affects my disability?
Most people don't want to work more to save for retirement after their FRA. Tell the government to put back our money they stole from SSA that WE paid into the system! Keep doing what you are doing to help us make smart decisions.
Ernie retired and worked for cash. Now I see why. The neighbor farmer, retired, but still drives the tractor.
Woah woah woah…. Pensions, annuities, IRA (pretax), and 401k (pretax) payments ALL count towards your income and can affect your social security taxation… WHAT?!?! I’m blown away by the chart listed at 4mins in stating that all these are not sources of income. Either we need more clarification here or this video is extremely misleading
When I sell my house and have to buy another, does that count as liquidated income and go against me no longer receiving my SSI?
If you buy a cheaper house, yes, it's considered as income. Even some gifts are looked at as income.
Does social security office and they told me I couldn't earn money from Americorps that's a program that gives you a stipend or they said that if I got the stipend from Americorps it would count against my social security? The Americorps did offer me the grandma program which is a tutor for low-income schools that pays $2.59 in stifen hours.
Americorps tried to tell me it wouldn't go against my Social Security but when I went to the Social Security office they said they would count it against my social security so who is right?
So if a casino going senior under full retirement age wins a taxable jackpot, they'll be okay as long as the jackpot is under $17,650 right?
Can I deduct a self employed loss against w2 income to calculate my earnings limit while I am drawing monthly as checks before my fra
If you have children with the age of 22 years or older living in the same house as the parents, will their income counts toward the total family’s combined income or it’s only the parent’s income? Asking because the quote I read below “In order to qualify for disability, a family’s combined income and resources must total less than $3000. If you are unmarried your income and resources must total less than $2000.” I would highly appreciate your answer.
Ya I've w went back to work after returning to an they calming I'm over paid with our color raise I went from 1800 to 6100 an lost my social security until June
Work all my life for bullshit out of them
Earned income...private pensions not included
great work
Is Pension or equitable distribution money from divorce considered income for Medicare?
Did you find out info on this situation in same boat
I am a disabled veteran. I am 63, I receive veterans benefits and SSDI. How does this affect an Inheritance? My mother recently passed and left me $30k. Does this affect my SSDI? I know it won't affect my veterans benefits, but will my inheritance affect my SSDI benefits and will I be required to pay tax on it?
I receive SSDI and I went over SGA. Caused by vacation pay non work activity. So question is is vacation pay consider as SGA am I'm at risk of getting my SSDI terminated by SSA?
Is there a legal form that SSA makes you sign so that your SSD benefits will not increase as you age increases? COLA only.
What about a personal loan would that be considered income...can;'t find anything about a personal loan on their site.
What is the income limit for SSI for a married couple ?Thanks
Can't seem to find anything that addresses "passthrough" income (not wages).
If you getting ssi and say if u make a $100,000 from stock capital gain how much would u get tax
I rent my upstairs out, does that go towards my income?
I suppose income from a couple rentals count towards earned income if retired early?
Does anyone know if i am allowed to day trade stocks without it affecting my SSDI benifits?
What about inheritance or insurance payments from the deceased? Thanks.
What if you are getting survivor benefits I get my late husband's three quarters of this check which is 1259 $1,279 and what if I wanted to work and do a part-time job
If you take SS 1 year early, does the income limit stay or does it go away when you reach FRA?
If I early retire at 62 and start my own business I'm only allowed to make $18,000 a year is that after all my deductions for the business
So you said dividends... so if I get dividends from the stock market it's not assumed to be income if I reinvent those dividends?
If I get a loan from a bank is it considered income is any debt considered income especially the debt that you owe if I'm paying off a debt from something that is worth money like antiques or jewelry to pay the debt is it considered income.