Working While Receiving Social Security Benefits (Understand These Rules)
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- Опубликовано: 12 ноя 2023
- Working While Receiving Social Security Benefits (Understand These Rules)
Are you approaching retirement age or considering your options for Social Security benefits? It's essential to understand the rules and implications of working while collecting Social Security benefits. 💼💰
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Here are some key points to keep in mind:
1️⃣ Full Retirement Age (FRA): Your FRA is the age at which you can collect full Social Security benefits. For those born between 1943 and 1954, it's 66. If you were born after 1954, it gradually increases to 67. Working after your FRA won't reduce your benefits.
2️⃣ Early Retirement: You can start collecting benefits as early as age 62. However, if you choose to collect before your FRA, your benefits are reduced. For every year before your FRA that you claim benefits, you'll see a reduction in monthly payments.
3️⃣ Earnings Limit: If you're working and collecting benefits before your FRA, there's an earnings limit. In 2023, you can earn up to $19,560 without a reduction in your benefits. If you exceed this limit, your benefits will be reduced by $1 for every $2 you earn over the threshold.
4️⃣ Reimbursement: Once you reach your FRA, any reductions in your benefits due to working are reimbursed over time. Your monthly benefits will increase to account for the earlier reductions.
5️⃣ Taxes: Depending on your total income, your Social Security benefits may be subject to federal income taxes. It's essential to understand the tax implications and plan accordingly.
6️⃣ Planning is Key: Work with a financial advisor or use online calculators to determine the best strategy for your unique situation. Consider factors like your health, expected lifespan, and financial needs.
Remember that Social Security is a complex system, and the rules may change over time. Staying informed and making well-informed decisions is crucial as you plan for your retirement.
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Great educational video!! I’ve been trying to find the answers to these questions.
Glad it was helpful!
Thanks for the content !
Thank you for watching!
Thank you! You kept saying you don't want to take SS early if you're working, and you're assuming/basing it on someone working FT. LOL many at this age are done with the FT work, we only want to work PT anyway.;-) More vids and examples on people taking at 62 and working PT... you probably already have those.. will look for them! Thanks again!
Absolutely!
Exactly. I would like to work part-time, not full-time corporate work like I have for the last 40 years.
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.
This is a great question but I believe it would be better answered by someone in the Social Security department. I would reach out to them directly. Thanks for waching!
Are employer paid health insurance benefits or any additional cost of health insurance payment counted towards the SS income limit?
Here is IRS language: If an employer pays the cost of an accident or health insurance plan for his/her employees (including an employee's spouse and dependents), then the employer's payments are not wages and are not subject to social security, Medicare, and FUTA taxes, or federal income tax withholding.
Here is the website: www.irs.gov/businesses/small-businesses-self-employed/employee-benefits#:~:text=Health%20Plans,or%20federal%20income%20tax%20withholding.
What is that earning limit? Thanks for sharing.
Here you go: www.ssa.gov/benefits/retirement/planner/whileworking.html#:~:text=In%202023%2C%20if%20you're,full%20retirement%20age%20is%20%2456%2C520.
If I retire mid-year at 63 and start collecting Social Security, will my previous first half of the year salary be used toward my earnings limit? (and therefore SS benefits are cut)
I don’t think so based on videos I’ve watched. But if you continue working after you start collecting during your 1st year . It’s called the Special 1st year rule. Your earnings are based on a monthly average. Thinks it’s about $1,800 a month before any penalty is imposed. Continue doing your research 🧐. All the best.
someone flushed the toilet at 7:50. How big a turd was it, i wonder?