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? Earnings Limits If I Work and Collect Social Security

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Thank you for your video I am a independent contractor who writes off 80 plus of my income since I work 40 hours week delivering auto parts So As an independent contractor, the amount of money that I would earn annually, but it would be higher than what’s allowed, but after taking off a simple, mileage, deduction for using my own car at my own at my own expense, 80 of my income would be a write off how does that play into working and drawing Social Security if I choose to draw it earlier?
Comment from : @justcruisinmom1682

What is my limit of earnings at 66
Comment from : @carlcutts8535

Do they consider a pension and or capital gains from stocks as wages? Thanks
Comment from : @BarnabyBarry

Very informative 👏 👌 👍
Comment from : @youngedwards3265

Excellent review I just got done taking a hard look at all this There are 3 main scenarios to consider as he says in the video 1) the first year claiming benefits 2) after the first year, and before the year you reach full retirement age, and 3) the year you reach full retirement age He mainly talks about scenario 2 but mentions scenarios 1 and 3 ( 7:18) The bottom line is the government takes a HUGE effective tax rate for anybody that wants to work and collect security FORCING you to either a) not even able to live miserably poor or b ) invest in no tax investments when you are young or c) get taxed at an effective rate of about 32 if you are working and collecting social security The government are all criminals
Comment from : @waynelast1685

So, in your first "year" of receiving early benefits (my situation), does Social Security check your new monthly wages income or do they wait until you file your 2022 tax return in 2023 to see how much "over" you earned?
Comment from : @TheJeffShadowShow

Older Americans are so greedy All of this talk about Federal government handouts like SS and Medicare makes me nauseous
Comment from : @edrodgers4581

thx
Comment from : @forever1909

@62, if I can only earn 19k before getting deducted, is that gross or net? because I would have deductions
Comment from : @devhoward223

So, the money the Social Security takes awaywhen do you get it back? Is it a lump sum that is returned or is it a percentage per month or year? How does it workthat's what I'm not sure of
Comment from : @Collection_Obsession

I started collecting SS at age 62 A few years ago I received a letter from SS saying I went over my earnings limit by $9000 They did hold a few checks and the rest I am paying back in a monthly payment plan I am now past full retirement age Will SS continue to take out my monthly payments or will it stop? Also, will I get any of the withheld money back in 2022? Thanks, Ken
Comment from : @kenpsteele

Your explanation is easy to understand thanks
Comment from : @techworld-kc6lt

HERE WOULD BE A GREAT VIDEO ON THE SUBJECT: brCover these questions:brSupposedly if you wait to age 67 to retire, you can work without any reduced social security benefits no matter how much you earn (Yes?) But if you retire at 62 and start collecting social security benefits you get $1 taken away from your annual benefit amount for every $2 over the annual benefit amount you earn working (Yes?) BUT DOES THIS MEAN THAT if you retire at 62 and collect at 62, that even AFTER age 67 (ie full retirement age) you are locked in to paying back $1 for every $2 earned over your annual retirement benefit amount? Such that UNLIKE the person that retired and collected at 67, you will be forever after stuck to pay back $1 for every $2 over your annual benefit amount earned? OR are you only obligated to pay back $1 for every $2 earned over the annual benefit amount up to age 67 (ie the full retirement age)? Such that the obligation to pay back $1 for every $2 earned ends at age 67 and at age 67 the person that retired at 62 is treated the same as the person that retired at 67 in regard to earning income (over the annual benefit amount)? brbrAlso, what is the the Social Security Benefit amount based upon? What if I earned only minimum wage up to age 59, but earned $70K per year for each of 7 years up to full retirement age? How would that affect the retirement benefit amount?brbrNo video on YouTube answers these very basic questions, and this video is no exception (It raises the questions, but does not answer the questions)
Comment from : @billygraham5589

Aren’t SS benefits calculated into the income limits for people who decide to take them before full retirement age Sounds from the video the limit was only for money earned through work It was my understanding the income limit included all income including SS benefits
Comment from : @maryclark8365

I am from September 1956 so my fra will be Jan 2023 I was told in the year of your FRA there’s no longer an income limit??
Comment from : @sergeantpreston5695

I am FRA, my first year of SS benefits, will my social security benefits be taxed along with my wages?
Comment from : @lindadoyle525

I'm 29 and I have never worked I have graduated from college and I am on SSI for health problems I have since I was a child I keep being told that if I work i can loose my ssi especially my medicaid
Comment from : @GabyG48

Great video by the way
Comment from : @robertbithorn8161

When does the max income start? As I apply for benefits? Apply in September 2021, keep working til December 2021 During this time , I earn 12k
Comment from : @robertbithorn8161

Do they count rental property incomes the same as wage incomes?
Comment from : @leeholztrager6463

Great video My wife plans to take apply for social security at age 65 in September 2021 She will not receive first benefit payment until Nov 2021 Will the income she made from Jan - Oct, (approx $25,000) be assessed the penalty for being over the $18,940 income limit?
Comment from : @markzimmerly274

Thank you so much, you’re awesome, I applied for my SS four months out from my sixty six birthday and was limited on the start date in the online application drop down box to three months short of my FRA of sixty six and two months My Application was approved, however I am being penalized and its good to know that I won’t be losing anything, but rather will be receiving the money back in increments at my FRA I appealed the decision start date because I had requested in the (other block) a actual start one month short of my FRA Thanks again
Comment from : @nefertemur8951

Exploit is a super ugly wordhow about advantageously utilize
Comment from : @5DNRG

My retirement shouldn't be determined by a bunch of lazy government assholes It's my money, I worked for it Period !
Comment from : @kuehnel16

Your videos are very helpful Thanx
Comment from : @paulross499

Wait til I'm dead?
Comment from : @paulross499

If I wait for my full benefit retirement which is 67 or wait until 70 and I still want to work do I get penalized for how much money I make at that time is there a cap off of how much i can make or not make when i retire?
Comment from : @lanischom7009

Thank you so much! Finally someone who explained it the way I can understand!
Comment from : @kristinespencer7301

Hello and thanks for your very informative videos 1 question I know the cap on earnings for 2020 $18,240 before the penalty kicks in I'm drawing SS and my wife is drawing a spousal benefit Can I and my spouse each earn $18,240 or is it $18,240 cap combined for both of us? Thanks
Comment from : @fletchflips1017

what happens if you work and put a huge amount into your 401k, like 50-70 percent? is this allowed without a penalty?
Comment from : @johnnnoise

Ok I got one for you I reached 70 and I started collecting social security at 70 but I haven’t saved enough for retirement I taught maybe if I still work another 2 years it might help Do you think it will be wise not to work those two years cause of taxes or just go ahead and retire for good I get $2800 in social security and I gross over $100,000 a year?
Comment from : @roelrequenez2280

Re Medicare, someone told me that when I turn 65 and I am still working (with my company's healthcare insurance), I need not register for Medicare Part A & B Is this correct? Thank you
Comment from : @yannip2083

If at FRA (eg 66 years 4 months) I start collecting SS (Eg $1,500 per month, so $18,000 for the full year), and continue my full-time job (eg $80,000 per year), IRS will tax how much of my SS? Thank you
Comment from : @yannip2083

Are these w-2 wages? Do the same penalties apply for other income?
Comment from : @larrytornetta9764

No only last 15 years
Comment from : @carlyfranze5097

Oh how fun it is Disabilities suck They give a 13 a yr extra What a joke How long do i have to wait for collecting part of his social security He is 66 yrs old im 62 on disability
Comment from : @carlyfranze5097

If I start retirement at age 62 in November 2020, but keep working, will the monthly income limit be applied till the end of the calendar year? and from January forward, will earnings be subject to the yearly earnings limit amount? (If the answers are yes, my thought is to start receiving benefits this year and keep working in 2021 till I make close to the yearly income limit of $18,240) Thank you for your time and information
Comment from : @craigburke5363

Retired early in March But was laid off for a small part time job in June because of Covid So I was collecting SS and unemployment both for a couple months Question: Does that unemployment "count" as wages to Social Security and towards the yearly limit? Or, does SS not count as wages Thank You for your reply
Comment from : @sherribrink5664

What if you are on Social Security Disability and work They said I could make 1200 Is that a month or a year?
Comment from : @shirlcook6925

Get to the topic!
Comment from : @mvzinn111

Your videos are really informative I can't seem to get away from my thought process At 61 I keep thinking draw at 62 while working full time Figuring it out using you calculations I lose 5 months of checks each year That could change a little I guess since in a previous video you said they increase the amount you can make every year Seems to be about $600 a year So if I lose 20 months of checks over the 4 years I keep working is it recalculated as if my retirement was 63 and 8 months I know everyone's situation is different, for me I have just over $500,000 in IRA Accounts I was going to just let that grow until the RMD hits I have a job I love, and can do as long as I am healthy Thanks for the informative videos
Comment from : @masterlee4370