Working While Receiving Social Security (The New 2024 Rules)

No video

Working While Receiving Social Security (The New 2024 Rules)

Рет қаралды 445,589

Күн бұрын

In this video, we're covering the new 2024 rules that apply if you want to work while collecting Social Security benefits. Then I'll answer some of the big questions like:
→ Does the Social Security Administration Look at Single or Joint Income?
→ What happens to benefits that are withheld if you go over the earnings limit?
→ How is the earnings limit actually applied?
→ When does the limit switch from an annual limit to a monthly limit?
→ Should you tell the Social Security Administration if you are over the limit?
→ Will the earnings limit affect spousal or children's benefits?
→ What actually counts as Earnings?
🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just two pages! 🔥🔥
📹 See my video "What Income Counts Towards Social Security Earnings Limit? • What Income Counts Tow... "
📜 See my article "Social Security Income Limit: What Counts as Income?" www.socialsecu...
📍We can show you how to retire with confidence! 📍In our Big Picture Retirement Plan, we can help make your retirement savings last longer and reduce your taxes by coordinating your Social Security filing strategy, retirement account withdrawals, and Roth conversions. 📞Schedule your call and see if this plan is a fit for you. www.devincarro...
🎤 If you're preparing for retirement or already enjoying it, you'll definitely want to catch my podcast, Big Picture Retirement. Your retirement's success hinges on seeing the "big picture" and tying together your legal, tax, and financial strategies. On the show, we dive deep to offer insights on effective planning, and I'm joined by my co-hosts - attorney John Ross and yours truly, financial planner Devin Carroll. www.bigpicture...
➡️ Want to hire Devin and his team? -- www.carrolladv...
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
www.devincarro...
➡️ Get a copy of my best-selling book, Social Security Basics, here -- amzn.to/2twsABZ
➡️ Social Security Questions? Join my FREE Facebook Group! / 428684237572614
📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal, and financial advisors. 🙇🙇🙇🙇🙇
-----------------------------------------------------------------------------------------------------

Пікірлер: 698

@Bshiddy 10 ай бұрын

There shouldn't be any earnings limit. Everyone who has worked their whole life has earned SS. Shouldn't matter what you do after. retirement.

@franreyes6158 10 ай бұрын

Absolutely 100% correct!!

@jackdreddle2740 10 ай бұрын

Why would anyone collect SS while they are working???

@Tommy.461 10 ай бұрын

I didn't "earn" my monthly pittance, I paid it in hoping they would save it for me.

@DoctorSmartyPants 10 ай бұрын

Agreed. It's just an additional way of delaying your money.

@aolvaar8792 10 ай бұрын

I worked 27 years, retired at 62

@jtixtlan 5 ай бұрын

I am 63, working full time for $77,000 and hoping to retire near the end of 2024. Before watching this, I thought I could apply to receive monthly benefits as soon as I had less than $22,500 of salary left to earn from my employer in the year. Now I know that is wrong. I wanted to apply for social security a few months before I stop working so I am collecting both my salary and my social security. $77,250 / 12 = $6437. The earning limit would be $22,500 / 12 = $1875. That means I should not try to do this. I don’t believe in an earnings limit. Such BS, trying to force people to live poor or force us to stay in the full time work force long after the workforce wants us. The age discrimination is awful.

@fr0103 Ай бұрын

Taking Social Security early, in my view, is a greed tactic by SS to entice people to take less than what they contributed to OASDI / FICA, over their working lives. Don't fall for it. If you're working and don't need the money, don't take it; let it grow to 100% and collect at your Full Retirement Age (FRA). You'd only be collecting 70% starting at age 62 and increase 8% (simple interest) per year until your FRA and through age 70. Nobody can collect more than 124% plus .05% per month of their benefit, anyway. Let it ride and take your benefit at your FRA, then go make as much you want without penalty. Don't torture yourself crunching numbers until you go blind, it's all about the long game and survivial. Collecting as many monthly checks as you can until the end.

@orbpupil Ай бұрын

Government greed

@vegassurvivor2745 27 күн бұрын

What's your plan? I'm in similar situation

@skipmatsey8352 13 күн бұрын

Become a 1099 contractor. You can write off your health insurance, home office depreciation, mileage, plus a portion of your utilities and maintenance.

@jtixtlan 13 күн бұрын

@@skipmatsey8352 Thank you for your comment. I don't know if I can do that, since I am not actually working from home. I have an employer and I work at the plant.

@JJ-nh8lv 8 ай бұрын

It's our money. I've been paying SS tax for over 30 years. It's my money. Why is the government telling me what the hell I can do with my money!

@yvonnechamper5807 5 ай бұрын

yes, and they call it a benefit !!! lol

@user-fn8dy7kq1k 4 ай бұрын

What's the answer ? Can you keep learning money and your retirement of social security or not .Does it prolong your receiving your payment or shorting it.

@mvp019 4 ай бұрын

It's the return of stolen goods in my mind.

@ninalehman9054 4 ай бұрын

Technically, this is an insurance program, with the policy premiums paid by the people currently working TO the people who are retired. Most people will receive MORE than what they contributed.

@mvp019 4 ай бұрын

@@ninalehman9054 If you neglect the time value of money, which you can't.

@RhondaLawson014 3 ай бұрын

Regardless of whether you're a Wise person, it's best to consult a professional advisor right away. As a business owner in the service industry as well as an ebay reseller of all product categories, I can attest to the fact that we are in a severe recession and that everyone is running out of money

@GideonMitchell17 3 ай бұрын

Starting early is simply the best way of getting ahead to build wealth, investing remains a priority. I leant from my last year's experience, I'm able to build a suitable life because I invested early ahead this time

@stephenbates6 3 ай бұрын

That's quite impressive, you surely made a good bit of money. I myself invested in warren's BRK-A stock quite pricey but totally worth it

@MargaretGeoffrey 3 ай бұрын

My $305k growth has been stagnant since 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could be retiring in next 3 years

@hillaryrowland1 3 ай бұрын

It's crucial to have a well thought-out strategy and not make impulsive moved based on short-term market fluctuations. Patience and a long-term perspective are keys. you should consider a market expert to guide you

@RhondaLawson014 3 ай бұрын

Timothy Eric Meek is whom I work with look up for him and know more about his profile

@carolj.3175 10 ай бұрын

How dare they take anything if a person is able and willing to work especially since it's not much to begin with. If only this applied to politicians. 😊

@m.jlopez8634 10 ай бұрын

Plus their Social Security is put into another account. Theirs is never touched either.

@jackdreddle2740 10 ай бұрын

Why would anyone collect SS while they are working???

@websterhays8352 10 ай бұрын

Why would anyone collect SS before they retire???

@timkarcher6724 10 ай бұрын

@@websterhays8352For income when you only want to work part time

@DoctorSmartyPants 8 ай бұрын

@@websterhays8352 So they don't lose money? Take a 72 year old still working. If they were not taking their SS, then they would have lost 2 years worth of money at the age 70 rate.

@shellylofgren Ай бұрын

Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioral psychology. How can I generate more income to retire with at least $3m for long term care?

@shellyhayn Ай бұрын

We share common goal, making sure you are ready for your later years is very important. That's why passive investing works, low costs, better diversification and it enables people to overcome their behavioural bias especially if they engage professional help.

@donna_martins Ай бұрын

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 $30k passively 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.

@DavidRiggs-dc7jk Ай бұрын

I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help

@donna_martins Ай бұрын

Vivian Jean Wilhelm is the licensed advisor I use. Just research the name. You’d find necessary details to work with and set up an appointment.

@DavidRiggs-dc7jk Ай бұрын

Thank you so much for your helpful tip! I was able to verify the person and book a call session with her. She seems very proficient and I'm really grateful for your guidance

@ChristopherAbelman Ай бұрын

I’d be retiring or working less in 10 years, and considering this financial recession, I’m curious to know best how people split their pay, how much of it goes into savings, spendings or investments, I earn around $250K per year but nothing to show for it yet.

@JosephineKenney Ай бұрын

Very true, I find myself lucky enough exposed to money management at an early age. Worked full time when I was 19, purchased first home at 28, fast forward time... I'm 50 now, got laid off March 2020 amidst lockdown, a blessing in disguise. At once, I consulted an advisor to stay afloat and with subsequent investments, I'm only 15% short of $1m as of today.

@JosephineKenney Ай бұрын

Her name is “Sonya Lee Mitchell” can't divulge much. Most likely, the internet should have her basic info, you can research if you like

@SuperMatrix59 15 күн бұрын

Well considering if Harris gets in you better push your retirement date to 15 years

@barttfisher 3 ай бұрын

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my father through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.

@PennyBergeron-os4ch 3 ай бұрын

Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

@PennyBergeron-os4ch 3 ай бұрын

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

@raymoreci3847 4 ай бұрын

The income limit is ridiculous, while working in retirement you're still paying into ss, why should there be any penalty? It's designed to keep us poor.

@toddhanson5047 2 ай бұрын

It's designed so you don't take it until just before you die.

@MerriAsh 2 ай бұрын

Why can't I work

@JJ-nh8lv Ай бұрын

It's the greedy politicians who steal and defraud, and they want to make this as difficult and complicated as possible to hide their corruption.

@dianaradford1040 11 күн бұрын

Yes@@toddhanson5047

@edwardhenderson1478 5 ай бұрын

The way the world is today . Just social security isn’t enough to live on. You must have to keep working depending on what age group you’re in. Try living on about 500 dollars per month when everything around is going up?

@michaelbrabant5326 3 ай бұрын

YOU CANT MAKE IT ON 22,320 , YOU WILL NEED A PART-TIME JOB

@PHILLIPS8822 8 ай бұрын

There should be no limit as how much you make on any job . Total B/S you payed into it for years then collect it and you can't supplement your income unlimited.

@fr0103 Ай бұрын

After you attain your full retirement age (FRA), you can collect 100% or Primary Insurance Amount (PIA) of your earned Social Security retirement beneift, and earn as much income as you wish without penalty.

@janasher4940 2 ай бұрын

Thank you for this. I am a CPA and thought I had all this info down, but your video answered every question I have been searching all over the internet to answer. How the income clawback by SSI gets added back to your benefits (it's added back in months, thereby reducing the time you took benefits before retirement age) is something most people are not aware of. So we are not penalized for filing early and keep working, it just gets added back to the pot. We don't lose those benefits really, it just increases our benefits later.

@lisacarver1128 4 күн бұрын

People collecting SS need to work. Groceries are out of sight as well as gasoline and everything else needed to live . Sixty five should be the age where you can make what you want.

@markwilsdon9141 2 ай бұрын

Information everyone......this is an "Insurance Plan" we are paying premiums not a tax and regardless, look what you paid in, it's a good deal regardless. It can be made HONEST by our Federal Govt. to STOP double taxing our SS Benefit.

@troymcgrew9822 5 ай бұрын

Take my money and then put up barriers on how I get it back.

@templar1060 21 күн бұрын

Our corrupt govt makes it as complicated as possible for a reason

@dianaradford1040 11 күн бұрын

Still have to work s job no matter what you choose with everything still going up

@debraanazonwu8387 10 ай бұрын

Thanks. This is so much more helpful than the people from Social Security!

@frankboet1 4 ай бұрын

I called SS yesterday with some general questions and they told me to speak to a tax accountant. LOL

@Dumbluck14 9 ай бұрын

You get screwed for daring to take a job so you can eat! And you are still paying into the system.

@tomblevins5020 9 ай бұрын

Why would anyone work and collect SS? So stupid!

@Brotherken1234 3 ай бұрын

EXACTLY! 😡

@hersdera 9 ай бұрын

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 determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.

@JJ-nh8lv 8 ай бұрын

Did you say million? Are you kidding me. Lol. Million!

@Suleferdinand 5 ай бұрын

You are right. 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 profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.

@RaymondKeen. 5 ай бұрын

It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.

@EddyAgnes-vy4kp 5 ай бұрын

Do you mind sharing info on the adviser who assisted you? I'm 40 now and would love to grow my stocks investment portfolio and plan my retirement..

@RaymondKeen. 5 ай бұрын

My CFA ’Margaret Johnson Arndt’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

@lisaselby-brood1897 4 күн бұрын

A lot of the numbers and the words that he's saying are making my eyeballs glaze over. I think the easiest way to remember it is this. Please tell me if I'm wrong. if you are physically able and it is possible, work until your full retirement age before you pull your social security. After that, you can continue to work and earn what you want and still pull your Social Security, and there will be no penalties unless you're making like a million dollars a year. for the average Joe, this is the simple thing, I hope. At least that's my plan. And I'm going to try to hold out an extra 2 years continue working before I pull my social security. That way my numbers will go up, because I'm sorry to say, my social security is my retirement. And in the meantime I'm banking every dollar I can!!

@lemons2lemonade884 9 ай бұрын

Can you do a video that applies to SSI/Disability or point us in the right direction of who we can trust and listen to? Thanks

@lettienugent 6 ай бұрын

I really appreciate your channel, and the clarity with which you speak. Both are very helpful.

@bobbreit5244 8 ай бұрын

I'm retiring in April at 1 month past my 64th birthday. I always learn something from your videos. I'll be in touch...

@rosarionunez6954 6 ай бұрын

I’m also semi retiring at 64 and my first payment in April this year, I have a part time job, I’m hoping to save a good amount of my SS money into my savings, cause now I’m broke….😅

@rlynnpierce2166 4 ай бұрын

Please provide a real life example using math. In the first scenario, retired at 63, still working making $45,000 yearly, for every $2.00 over limit, $1.00 is withheld. This is what I would really like to see. Do get anything from SS, or is everything withheld until you stop working?

@romeysiamese6662 7 ай бұрын

Taking $$$$$ back from a widow or widower is a real blow. And to add insult to injury if you make over a mere $22,320 you lose more ….at a time when you really need it - to eat and keep a roof over your head.

@americanredneck8686 6 ай бұрын

Thank you so much Mr. Carroll you are a BIG HELP !!!!!!!!!!!!!!!!!!! God bless !!!!!!!!!!!!!!!!!

@artisboyd807 4 ай бұрын

You are right people in the congress and senate are able to get paid by us and make deals on the side.We should be able to work and continue putting in to the system. They are not thinking about how much stuff cost.

@kathyfann 10 ай бұрын

This is absolutely crazy we all put into it it’s an insurance it is not welfare it’s an insurance and we’re all entitled to get our part of the insurance and if somebody babysits a little or watches the neighbors dog and gets paid 20 or $50 for it who cares I just can buy a little more groceries maybe some fresh fruits and vegetables come on this is ridiculous. That’s our money. The government certainly spend it with impunity. We should at least get what we need to buy her food with.

@captnawty7966 5 ай бұрын

Thanks Devin for your 2024 SSI Cheat Sheet. I can already see the value in it.

@mariaco8854 3 күн бұрын

What cheat?sheet I’m sorry I’m asking because I’m also an SSI.

@thAvenueCollective 6 ай бұрын

I read somewhere that sometimes the SSA makes mistakes calculating what you are due. How can a person figure out if they are getting as much a monthly benefit as they deserve?

@m.mickeypayne9811 5 ай бұрын

A few years ago, I realized social security was helping themselves to a part of my social security check. Instead of paying my 1068.46 , they started paying just $ 1068. For most people, not a big deal. .for me on disability that .68 cents is 2 breakfast servings of food. 😢

@margaritagomez3490 4 ай бұрын

@@m.mickeypayne9811 yep. That .46 is $552 a year!

@beverlyweber4122 10 ай бұрын

Seems that by the time I retire in 2029 (early retirement), the limit should be roughly 26K or so, maybe 27K annually. Fair enough~

@zarfer 3 ай бұрын

I was 67 when I retired BUT STARTED SS AT 62. There is a catchup 401k amount which can be contributed so that was held out of my pay. Therefore, my W2 showed my income as less than that required to withhold any SS..

@annaCPA76 Ай бұрын

no its not its all subject to SS

@sapple3946 17 күн бұрын

@@annaCPA76correct

@jimwhite9483 5 ай бұрын

Just had this one pop up in my feed, most likely because I am a new subscriber. Great info. You touched briefly on self employment, which is where I am now. 40 plus years as an employee and am now SS eligible but the language used on the SS website was a bit confusing about benefits while being self employed. Any of your other videos simplify this?

@user-ng2hz5lz2x 6 ай бұрын

I reported estimated earnings so I want get anything until mid year. I rather do that then to be overpaid, and find out when I'm on 'fixed-income '.😊

@katmandu49 6 ай бұрын

Thank you for your Cheat Sheet. What do you think of the proposed new Bill -- You Earned It, You Keep It? What's the chance of it passing?

@MLPflegl 4 ай бұрын

Question If I worked as a teacher till end of school year then decide retire at 62 in September..how does the $$ I earned affect my benefit and, should I wait to apply for SS

@johnnie31000 4 ай бұрын

I just downloaded your cheat sheet thank you. This is very helpful. Thank you very much.

@cmharris1959 6 ай бұрын

It is totally ridiculous to limit people when they are younger @ 62 the more you could make the more they could take, and who feels like working as you get older? Seems to me the whole thing is backward.

@BadSneakers 10 ай бұрын

Oh I thought the earnings limit would increase by 3.2% as well. But just by $100? Good to know!

@Doyle-nu5el 10 ай бұрын

HE SAID 22320 WHICH WOULD BE 1100 MORE.

@BadSneakers 10 ай бұрын

@@Doyle-nu5el oh brain f$rt- thx!!

@M-tk8xy 5 ай бұрын

I'm 69. I work full time and get SS. My total income combined was $49,000. The feds want $810 because no taxes were taken out of the Social Security. Why am I being taxed if retirement age is 66?

@MuzixMaker 4 ай бұрын

If you’re 96 you might still pay tax on income.

@mikehocking4836 3 ай бұрын

Because your not a foreigner

@tomy5868 6 ай бұрын

does a pension count towards income count to earnings limit? answered later in the video...thanks.

@danavh6319 6 күн бұрын

Thank you so much for the information… 1. Positive on the rental income. Is that count toward the earnings limit? 2. Does the gross income on the self employed count toward the earnings or net after all the deductions?

@michelesholar1756 6 ай бұрын

Thank you for all the info. You make all the complicated jargon easier to understand.

@DevinCarroll 6 ай бұрын

Glad to hear that!

@Thatsswell-hr9ev 7 ай бұрын

Hi Devin! My question is about working and applying for Social Security Surviving Spouse benefits. 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 withheld 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 working 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.

@wereone142 7 ай бұрын

Yes, you were. If you apply at 60 for survivor benefits while you make over $50,000 or even a very low amount annually then your Social Security benefits will stay super low FOREVER. Do a lot of research on your own and watch as many relevant KZfaq videos as possible.

@Thatsswell-hr9ev 7 ай бұрын

@@wereone142 Not if I switch to my own Social Security benefits and cancel the survivor benefits.

@ceciliaornelas 7 ай бұрын

Then why are you bothering to ask a question?@@Thatsswell-hr9ev

@Pamela-sm7xo Ай бұрын

Thank you for making this information simple

@margaritagomez3490 4 ай бұрын

If your collecting ss and still working. Invest the ss money if you don’t need it …

@chaser1956 10 ай бұрын

Still somewhat confused. I retired at 65 in March 2021. I am now 67; so If I decide to get a part-time job, all of that income, no matter the total wage amount, will not affect my monthly SS checks?

@Satjr35031 10 ай бұрын

Correct

@RoadieWingZZ 10 ай бұрын

Correct. Once you reach full retirement age (FRA) there’s no penalty and no limit to your earnings.

@nurse2959 9 ай бұрын

except paying taxes on it@@RoadieWingZZ

@icanonlyimagine7626 6 ай бұрын

What if you have six months before you turn 67 when they consider it full retirement age? Is it actually full retirement age or not until birthday?

@itruck1 10 ай бұрын

During the year of retirement you said I make $59,520 without a penalty. At the end in the "What counts as income you said gross wages from employment income. My question is does that mean Gross Taxable Income? Example if a person makes 70k and puts 20k into a 401k then they would have a Taxable income of 50k Thank you in advance I enjoy your videos

@Satjr35031 10 ай бұрын

The $59K is for 2024 Yes Gross is Gross

@DoctorSmartyPants 10 ай бұрын

Earnings and income are not the same thing. Suggest you check with SS on their definition of earnings, with regards to earnings limit.

@CynthiaIvers 8 ай бұрын

$59,520 on during your FRA year.

@davebaker3241 10 ай бұрын

My spouse is 5 years younger. If she files at 62 under her own earnings record, can she collect 100% of the survivor benefit when I pass?

@veger5872 7 ай бұрын

The limit should be $2,500 before they start taking money out--everyone needs to rain down on your House and Senate Reps to make this happen. As they say "SS was meant as a supplement," not to live on!!!

@traced5900 9 күн бұрын

Well, I wish they would stop taking it from my pay check and let me handle/determine my supplemental income when I decide to retire.

@marywells1197 10 ай бұрын

i know when i filled out the s.s. form for retirement they asked about wages and tips and if i were self employed, so my understanding is a 401k or an ira account is not counted as earned income

@jackdreddle2740 10 ай бұрын

Why would anyone collect SS while they are working???

@Satjr35031 10 ай бұрын

Correct they are not Earned income like W2

@Newlinjim 8 ай бұрын

The IRS defines money in 401k/pension/IRA as ‘historical income’ and is not subject to the same rules as earned income.

@brayaddisonjr.8400 8 ай бұрын

I get an federal civil service retirement annuity with social security supplement (because I was forced to retire at 57 before I reached retirement age 62). When SSA finds out that I have gone over the earning limit, do they just take if from the SSS amount ($1 for every $2 I'm over) from from the SSS or do they take it from the annuity as well?

@wa13601 9 ай бұрын

clear and easy to underdtand delivery of info Many Thanks!

@pauly1959 2 ай бұрын

The frustration and outrage of all these comments...are the same feelings I had since I got my first check at 13...53 years ago. I met my uncle sam and my cousin fica. My mother told me then, my "relatives" were gangsters.

@douglaswhite9777 10 ай бұрын

Great job Devon if you want a hell of a job, I watch your programs when I can. I’ve been very very busy lately, and I am in very busy.

@mmd6708 Ай бұрын

you help alot of people with your wisdom thank you

@margaritagomez3490 Ай бұрын

And yet we still have to pay bills, mortgage, taxes, food With what we get.

@anniesshenanigans3815 10 ай бұрын

Thank you. I always post your videos to my FB group. Very useful!!

@DevinCarroll 10 ай бұрын

Thanks for sharing!!

@kendrickle5297 3 ай бұрын

Is putting the amount of income that's over the limit into 401k helps avoiding my SS benefits withheld? I am 62 and working PT with $3,600 monthly, and I will be collecting SS in June. By putting %50 of my earnings into 401k would help me to become under the income limit? Thx.

@AMConcepcion 9 ай бұрын

how and when do you notify social security that you're going to exceed the income limit? Say it's 6months in and I'm over the income limit by a few thousand. Should I let them know then? (and how?) or should I wait till Jan? Or until I file my taxes in April?

@russdavis1960 10 ай бұрын

Thanks again for the information.

@kathycarter1421 5 ай бұрын

Thank you for clearly explaining how it works.

@Roseh818 3 ай бұрын

Need assistance everything so expensive so so hard need to now more of work programs ! Thank u for posting

@khietphan7078 4 ай бұрын

I got social security benefit at 62 and still working 8 years from now but my benefit doesn’t increase !😢

@legallycarmen1 3 ай бұрын

Well I am screwed! I received survivor benefits and barely can survive. I had to find a part time job and make roughly $600.00 hundreds more monthly than my benefit and even making that extra earned income I still have to borrow at times for my expenses, especially my car repairs and house repairs are in the hundreds of thousands! Do they not count emergency expenses and cost of living?!!!

@dalp6657 2 ай бұрын

The Congress has to wake up and do some to let retired people work without any penalty. It is about starving, surviving, it is about having a dignity lifestyle, not a miserable one.

@billtalleyrealestate2966 Ай бұрын

Question: If I start social security in July. (Being under FRA) is the gross income limit of $22,320 calculated from July to Dec. 2024 or retroactively calculated from Jan to Dec 2024?

@alexsteven.m6414 2 күн бұрын

In these uncertain times, it's more important than ever to have a solid understanding of how to manage your finances, invest wisely and navigate economic downturns. But my primary concern is how to grow my reserve of $240k which has been sitting duck since forever with zero to no gains, sure I'm all in on the long term game, but with my savings are lying waste to inflation and my portfolio losing gains everyday, I need a remedy.

@jayscanlan2775 4 ай бұрын

Retirees should not have to pay taxes on SSI

@allycatsmith5158 10 ай бұрын

I started my ssa early but still have a full time job but got laid off does my unemployment count as income thank you

@pcp.9834 2 ай бұрын

Yes, it does. It's Called earned income. If half your income n benefits, is less than $25,000. then you have to pay taxes if you file.😉🇺🇸🪖

@jeanettecrabb1713 8 ай бұрын

I started collecting survivor benefits in July but social security counted my wages for the whole year which put me over by $2400. They are now making me pay back dollar for dollar. Shouldnt i have only had to pay for what i earned after july?

@darylandcat 6 ай бұрын

I am on SSDI due to severe neurological complications. I knit and crochet as a hobby to keep my sanity. I might only be able to complete a few projects per week, while other weeks I can’t. Can I sell the completed projects online so they stop piling up without risking SSDI?

@aurora571000 5 ай бұрын

Does Etsy report your earnings to the government (send a 1099)? The $600 minimum might go into effect again in January? Below $600 I’d guess you are safe to be left alone.

@darylandcat 5 ай бұрын

@@aurora571000 they do. Is it $600 per month? My earnings would be way less than that, if any, per month.

@rshoe1023 Ай бұрын

I am close to retiring, probably within the next year or two. This info has been very helpful as to what to expect. I subbed you and hope to find out some more valuable info from you on this subject.🙂

@donnamitchell7857 4 ай бұрын

Thanks for explaining in an easy to follow manner. On to my questions. I’m a CSRS retiree receiving my pension (we did not pay into Social Security). I went back to school, became a massage therapist, & got my 40 quarters. My SS is penalized because of WEP (Windfall Elimination P…?) by 2/3s because of my Federal pension. I’m 70 & am past my FRA. I’ve gone back to P/T work with Visiting Angels. I’m paying into SS almost as much as I get in benefits after the Medicare premium is paid. My 1st question is since I’m drawing SS, will this additional money be counted toward future benefits? My 2nd one is since I’m drawing SS, why do I have to pay more money into SS on my new job?

@robinjackson1157 10 ай бұрын

Does survivor's benefit affect the amount of full retirement income once they retire?

@Spaceflightlover2010 7 ай бұрын

Thank you so much for posting this, its priceless information, but I have one question. When they say, "income limit", is that income in ADDITION to your social security or is social security income included in your income limit? I know this sounds like a stupid question, but its a bit confusing.

@DesignedAlliance 7 ай бұрын

This is my question also!

@veger5872 7 ай бұрын

Don't give them any ideas! The answer to your question is your SS check is not included in the limit! In my book, the limit should be $2,500/month before they even think about deducting your SS check.

@user-fm5vb5si4j 10 ай бұрын

I needed to start taking my monthly social security benefits in 2020 at age 64. At that time along with my social security I started working part time. In April of this year (2023) I reached my full retirement age. Currently I am planning on continuing to work my part time job at least throuh the end of 2024. I know because I started taken my benefits before reaching my full retirement age, my benefits were reduced. But now that I am at full retirement age and still working and paying into S.S. My question is will I be able to get any additional benefits or credits for the money I am paying into S.S. now?

@nurse2959 9 ай бұрын

nope

@Satjr35031 8 ай бұрын

If any of your years surpass any of your highest 35 They will do a recalculation the following September.Any increase will be a small amount

@donnaj.bonnel2789 10 ай бұрын

Thank you for your valuable information! I do truly appreciate you!

@chrisnelson523 Ай бұрын

For the question of "What Counts as Income", for the Earnings limitation, Capital Gain income is allowed, and raw land is a Capital Asset. However, do the profits from land "flipping" count as allowable earnings? Or would land flipping profits be considered ordinary income, and not capital gain income, for purposes of this SS Earnings limitation?

@rb-me7bq 16 күн бұрын

very helpful. will need to re-watch.

@chuckstinson345 10 ай бұрын

I can't believe I just got approved for ssdi it will be over 7 to 8 months to get it in February I don't get any back pay

@danielbosch5512 Күн бұрын

If you reached the threshold of $22,300 ,are you not still paying back into Social security,,does that have any factor.??

@barrykelly2722 3 ай бұрын

When considering the 22320 or the 59520, is that based on gross or net earnings?

@MegaFisherman16 10 ай бұрын

Hi Devon, I am a 58 year old guy that has gone through some major medical issues. I'm a diabetic and a kidney transplant recipient. Company just closed and on unemployment since July. I have have lost my MOJO for working. Just being honest but wife wants me to keep working. Looking for some advice. Thanks in advance.

@Pisti846 10 ай бұрын

I retired February 28 and got my final check on March 15th. Does that final check count against my March SS benefit?

@Satjr35031 9 ай бұрын

Depends on your age Were you 62 or in the year of your FRA?

@Pisti846 9 ай бұрын

@@Satjr3503165.

@jimidrammer4187 8 ай бұрын

I asked the same question here then googled it and found a page on SSA website that says: "Wages count toward the earnings limit when they’re earned, not when they’re paid". So I think that answers both our questions.

@keith8325 10 ай бұрын

Due to the lag between filing and receiving benefits, does the income limits apply to the date earned, or paid? Hope you understand the question Mr Devin and thanks for your educational support.

@leonardcole7139 10 ай бұрын

I have the same question.

@betsybarnicle8016 8 ай бұрын

I called the SS office before I filed, and the rep. warned me that the earnings limit starts the month you officially start SS (not when you first get a SS check).

@michaelgartman4320 7 күн бұрын

Are they savvy at cracking down on S-Corp stockholders who take a $21,000 salary and the rest of their money as K-1 income?

@erosh6012 4 күн бұрын

It would be nice if it was explained in simpler way to undertand it all What you explained is like me reading what is on SS website Showing examples to more common people you know? What if I waite till 70 to file and I die at age 68 will my spouse be able to file instead of me and get my benefits completely?

@Neal_only1 10 ай бұрын

Increases to annual/monthly limits look minimal

@user-fs2xk7fh9h 6 ай бұрын

Ratio of workers to retiree is dropping so where is the money coming from to cover benefits?

@Satjr35031 5 ай бұрын

That’s the million dollar question.

@flippingforreal109 8 ай бұрын

Question is anyone asking themselves why the government is doing this to it's citizens.

@SandfordSmythe 3 ай бұрын

Because there ain't enough money in SS?

@valariesullivan9691 15 сағат бұрын

Because they need to add to those 20 billion dollars for the war over seas.

@fr0103 Ай бұрын

I reached my full retirement age this month, June 2024, 66-1/2. I am investing about 80% of my benefit (100% FRA) in an agressive ETFs investment plan for a minimum of 3-1/2 years until I am 70 years old. The strategy is to invest as much as I can and offset the 8% per year (or 24% for 36 months) plus 3% for 6 months = 27% that I would've collected had I waited to claim my benefit at age 70 and let Uncle Sam pay me a stagnate amount based on simple interest. Taking my benefit now and investing it in the ETFs, I should do better earning compund interest than a straight 27% increase annually plus 6 months. If you can spare the funds to invest, doing this is a good way to have your cake and eat it too, collecting the same (or more) of your benefit as if you waited until at age 70.

@lisaselby-brood1897 4 күн бұрын

What are ETFs?? Sorry; don't kn

@josephcorraini4391 9 ай бұрын

I am 63 and work full time for an employer, I also have a small sole priority business that nets less than the SS annual limit. I have read but don’t understand that I would be limited on the amount of hours worked per year if I were to retire now but keep the side hustle. How exactly does self employment income work against SS benefit? Thanks in advance

@Satjr35031 9 ай бұрын

It’s not the hours it’s the money If you are working and not receiving any SS You can make as much as you can

@CynthiaIvers 8 ай бұрын

Your self-employment wages/earnings will count toward the limit.

@barbaragarrett6482 Күн бұрын

Hi, my? is I am retired at age of 63 now and I would like to work as self-employed part time doing a side gig how does the earned income limit work in this situation. And how many hours can I work and still be considered retired. and would I file my taxes under my 1040 as individual or as self-employed.

@bennym1956 8 күн бұрын

3:50 was all I needed

@user-zc2xl2fy3u 17 сағат бұрын

I am at full retirement and draw my sis but I also draw a check off the stock market as dividends so what I am hearing the dividends do not count as earned income can anyone tell me if this is true

@WayShowers 5 ай бұрын

So happy to find your channel! Do you have any videos or information about social security and self-employment tax?

@rhondadavis4285 7 күн бұрын

Here in Florida my husband and I have to live in the poverty level because he has drawn SSI for the last 15 years and when I made any kind of money at all they took it away from us that check was only $700 maybe a bit more at the end. He now draws his Social security but we are still at the power level. I think it's very unfair I could have stayed in the workforce so much longer but I was discouraged and did not do so because they took all my money what's the point in working if you're not making any money? . I wrote Governor DeSantis about it and I never received an answer they don't care.