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Social Security Earnings Limit - 5 Questions You Should Know How To Answer

Devin Carroll, CFP® 51 views

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Hello Devin: At 62 I will have a child 10yrs oldIf I file the but still work and pay back all my benefit , does my child still recieve hers without penalty?
Comment from : @markkaidy8741

I love the honesty of everyone and Their perspectives Two things for sure not taxing the benefit and no earning limits would be a great start Now if a genius could figure out how to provide disability payments effectively and efficiently with out fraud and waste I have been a RN for forty bryears and the generally poor brhealth of many Americans and our brdiets should be addressed I hate the political rhetoric You cannot even talk about this subject as a legislator and the swamp will get you and make you look like you are stealing from your Grandmother
Comment from : @JohnSvoboda-t6w

Yes earning limits should be eliminated but it is away to increase your benefits if you go over Should not be reduced in the first place
Comment from : @RockingRod78

Does gross income include 401k contributions? If I make 40000 but put 22000 into my 401k would my gross income be 18000?
Comment from : @katiesimenson2765

My FRA is April 2026 If I start receiving benefits starting in January for the whole year of 2025 when would the tax penalty take effect if I earn over the earnings limit? brbrWould they automatically hold my checks the following year until the overpayment is paid off?
Comment from : @DigitalGrowthWithGeorge

This information was very helpful and easy to understand Thank you
Comment from : @commonsense3904

What is the income limit from age 66 to age 67, if a person full retirement age is 67?
Comment from : @shawnbaxter3636

Are you giving legal advice?
Comment from : @ernestojuarez1888

Absolutely, the government should Not have a Earnings Limit during the time people are collecting Social Secuity It seems very Stupid that the Government would essentially discourage productive people from working That is Dumb ! Goverment never ceases to amaze me with their stupidity
Comment from : @DaleRupp-j1u

I think dividend and investment income, when realized in a year, should be included in the earnings limit Why shouldn't people that have benefited from the laws that protect the wealth of the upper middle class pay taxes just like the people that haven't had that privilege?
Comment from : @pattymatthews8108

How do I get the cheat sheet?
Comment from : @snana9665

I have thoroughly talk to social security and read all the information on nerd wallet They say they dont shut anything off and they get offended when you say that They hold your benefits and it is set on every dollar you make in income If you make 2 dollars over 1 will be taken off The annual amount doesnt increase until your FRA year only If you make any money over the limit your whole check will get held Social security doesnt pay partial payments But you will get that money later when your earnings limit goes up which would be your FRA year
Comment from : @krakhour2

Does Tips from cutting hair count as income? As tax had already withheld also
Comment from : @worldchanges10

The earnings limit discourages partial retirement For many people, it makes sense to work less as you get older, but not to stop entirely, The earnings limit makes it impossible for many people to draw social security if they are still working, and complicated for the rest I used to think my mother-in-law was silly to refuse to earn a dollar over the earnings limit---social security would only take half of the excess But when I looked into the paper work, and the risk of having benefits stopped entirely for a period of time, I understood her approach
Comment from : @optimistgrump

You didn't mention if VA Disability $ counts as income?
Comment from : @dewservices

Earning limits is communism, it is ridiculous and illegal, and it must end, they are the one's that owes money
Comment from : @Thebibleauthority

Excellent video, answered most of my questions I'm slightly confused about one thing: I made a lot more than my spouse, so I'll be collecting my benefit, and my spouse will be collecting the spousal benefit (1/2 of mine) However, when I retire, my spouse will still be working Based on what you said, it sounds as if my spouse working won't affect my SS benefit, and also, since I'm not working now, my spouse working won't affect my spouse's "spousal" benefit (1/2 of mine), since I'm not workingbrbrDo I have this correct? Or does my spouse continuing to work affect either of our benefits? Thanks!
Comment from : @everlastingarms3065

Hi The two significant income items that you did not address is rental income and investment income (eg mutual fund income from sales within the specific fund)brThanks
Comment from : @Bob-fy8bt

What about 401 k money?
Comment from : @joeortiz3488

How can I contact your team
Comment from : @AndrewFaber-rq6uk

If you are self employed is the earnings limit based on your AGI?
Comment from : @DougOsborne-h7n

Thanks for the info Cleared up some questions I had
Comment from : @garydower7870

The earnings limit should be eliminated So taxing social security should be eliminated We are taxed on what we contributed I recommend to younger people why save anything, it’s held against you
Comment from : @wilma6235

Rental income?
Comment from : @JenniferPeterson-zb5jt

If a person retires and collects ss early, is the earnings penalty permanent or does it go away when they reach full retirement age?
Comment from : @JTMaaan

Three question:brIm 68 and collecting SS If I go back to work, will i still pay into SS? And if so, what happens to that money? Do I benefit at all for paying into SS? TIA
Comment from : @arodsa8882

What about passive rental income ? does it count towards the income limit for benefits?
Comment from : @molinotortillas

Govt sets limit to control the supplicant
Comment from : @markmurphy3177

Is the annual limit the only limit we cannot go over?
Comment from : @zandrafaison2271

What about Roth IRA’s? Do those count as income?
Comment from : @MariaGarcia-gj5ie

I noticed that passive rental income was not considered
Comment from : @XinLao-z4l

Devin you missed the boat If I collect Soc Sec early but my spouse continues to work and make an income over $32K I WILL BE TAXED ON MY SOC SEC payments YOU MUST clarify this immediately
Comment from : @matt75hooper

So the SS benefit bis/b considered earned income and thus a part of that earning limitation? What percentage is this taxed? If that tax scale varies, what are the parameters that determine the different levels of taxation (on the taxes I've already paid since age 16)?
Comment from : @greggphillips6402

How much money would you have to "earn" that would cause social security to not just tax , but to yank your benefit away entirely?
Comment from : @stbernard7498

Excellent information Very helpful
Comment from : @lwmillerlwmiller

I have an S-Corp and am a W2 employee Can my company make $100,000 per year and only pay me 19,000 to stay under the limit?
Comment from : @christiananderson8019

I heard the migrants cost americans 458 billion dollars Can I claim them as dependents?
Comment from : @Sky1

It shouldn't matter it's my money they need to give it to me This crap needs to stop
Comment from : @Sky1

Devi, that was a great video That's it I'm waiting to 67 to get SS
Comment from : @timothythompson4036

I think it needs to be eliminated also I have another question: what about rental income in regards to SS income?
Comment from : @CindyHolman

What side of the fence does rental property income fall under?
Comment from : @TXTim315W

absolutely they should be done away with
Comment from : @smack1326

Not sure if it is possible - I think it might be beneficial to add average gain of 4-5 if one invested the SS benefit money in your calculator
Comment from : @truchartsczar

🤯
Comment from : @jeepgurl1379

Earnings limit needs to be eliminated Very good video and excellent information
Comment from : @truchartsczar

Thank you so much Devin This video and your others on Social Security answer my questions in a clear and concise fashion
Comment from : @benjaminpensiero8519

I will start taking SS in Oct i have 4 months til end of year Is the self employment 1st year income limit net pay or is it agi divided by 12 for whole year
Comment from : @Lowellmckee-gz7rd

Thank u 🙂
Comment from : @brendayack8061

Great content Devin, can you confirm that my military retirement and VA Disability Payments would NOT count toward the income limit? I’m pretty sure they don’t, but really would like some confirmation that I haven’t been able to find Thanks
Comment from : @jamesbyrnes9138

this yr you can earn 21240is this annual or can you make all 21240 in a few months and nothing the other monthsdo they ding you the months you earn 1770?
Comment from : @davedavis5262

What about collecting per diem? Does that count?
Comment from : @Mars-77

My sister is getting ready to retire and has alreadty made 75K and wants to apply for SS mid year, what would her monthly earnings limit be in 2023?
Comment from : @myramoxley4334

Cap it at 62,500 any thing above that loose 4 percent up to 40 percent of the amount collected
Comment from : @davidallison9372

Can you have income from an S corporation as an employee as long as it stays under the required amount?
Comment from : @sharonrowley4929

Great video!
Comment from : @lmp141

Can I combined my earned income with my self-employment loss and net is under the income limit, will I still see a reduction?
Comment from : @JosephHessling

😊
Comment from : @Thruthedoor7

I have searched and searched for someone that can answer my questions as I am about to turn 62 and wasn't sure if I should file early even though my husband will wait until his full retirement age My biggest concerns were answered by you in this video Thank you so much for being so entirely informative and not just giving partial answers like so many others out there do
Comment from : @melkent1908

no, it should not, because those who pay more can contribute to others who are less fortunate, besides they make so much money that they would save a lot more
Comment from : @asadimn

Is inheritance counted as income? Thank you
Comment from : @CCJeremiah9_24

What if the Annuity payments are from IRA
Comment from : @hunzybunzy808

Superb video The most complete collection of answers that I've found An income type that I'd like to see added to the Earnings Limit is Rental Income from a property I'm 64 and when I retire, I'll rent out my house and hit the road in an RV
Comment from : @forwimp

Excellent! Pension payments don't count! That's what I was writing to ask when you put it first thing on your list When I retire at 62, my private pension payment will be greater than my SS payment and that's what I was wondering about Now my next question would be if I could get by pretty good on just my company pension, do you think that it's better to apply at 62 and invest the SS money for 8 years; bird in hand; or wait 8 years until 70 for the greater payment Odds are I may live till mid 90's; God willing
Comment from : @freedomwillring6749

Does pass-through income from an S corporation count against the earnings limit?
Comment from : @MrRocky1959

When does social security claw back their $1 for every $2 over the limit? In January, or after April when taxes are done?
Comment from : @bonniefay933

My wife owns a business that I am listed on as a 10 partner I haven't ever received any income from the business nor do I expect too I filed my paperwork for ss today Do I need to account for that 10 in my application?
Comment from : @autonomous6788

This was a great instructional video and answered 5 big questions that I’ve had about Social Security
Comment from : @ronaldmoody4766

I started collecting at 62 I've kept working for the past 10 years I plan on retiring at 75 Can I have my benefits recalculated when I retire?
Comment from : @johnwieczorek

Yes
Comment from : @helencurtin9661

It would help everyone if the Earnings limit was discarded Especially when you consider the amount of taxes you Still have to pay when you retire It would keep many people in their homes and off of additional Government support like medicaid, by keeping more of their money available to them for those expenditures
Comment from : @yvonnelewis4888

I did not start collecting Social Security at my full retirement age and waited till I was 70 years old to start collecting Social Security I am still continuing to work Are there limits to how much I can earn and what do I pay taxes on the income from working or the income from working and the income from Social security? I've been confused about this for some time Thanks for your help and answering my question
Comment from : @cecilfreeman6147

If I have a small business and I am drawing SS early, could I put my business in my wifes name to avoid going over the monthly limit?
Comment from : @paulknoblock8797

What about inheritance? I’m thinking that’s not “earned” income so it wouldn’t count Correct?
Comment from : @pamp212

I am 68 and working full time My plan is to work full time until 70 Recently I am considering changing jobs which could possibly earn less than what I make currently With this possibility would my monthly SS benefit lower based on whatever my new annual income would be? I love to work how much can I make without it being a disadvantage? I enjoy your videos Very informative Thank you
Comment from : @pegsilverwood2869

I’m wondering if rental income counts toward the SS earnings limit
Comment from : @pamcornelius9122

I wish you had included income from rental property But I bet it counts for SS
Comment from : @joannebutzerin6448

You didn't mention disability payments
Comment from : @clinthough7014

Yes, the wage limit should be eliminated Why should one be forced to a lower standard of living because of having social security Working while receiving Social security will give them the means to be creative, happier and capable of helping others
Comment from : @robertwolf653

Third video I watched, this one was the best explanation!
Comment from : @SeashoreRuby

One question is are these limits based on on gross income or net income because they are taxing your gross income already?
Comment from : @Neal_only1

OMG I didn't know about these Earnings limits Earnings limits make the system complicated so get rid of them SS is taxable income already so Just leave it at that
Comment from : @chuck6962

Eliminate the earnings limit and stop taxing SS
Comment from : @jarredsdad

What a joke So the lucky person who worked for the government (politician or inside job) getting a 100k to 200k a year pension does not get penalized but the self-employed person or low income worker with no pension and no health benefits and makes 30 or 40 or 50k a year working long hours gets punished At the same time he/she has to pay a fortune ( up to 20k a year) for a low-quality health plan while the pensioner has a gold plated plan Ridiculous system created by our criminal politicians How about that fairness and "paying their fair share," our dishonest politicians are talking about All income limits should be dropped now!!
Comment from : @enjoylife4528

Great show, how about VA disability payments, does it count towards earnings limit?
Comment from : @macmac9308

If a person on social security rents a room in their house to a family member do they have to file income tax on the amount they receive? Like if their ss yearly amount is 23,412 and the rent they receive is 4440 per year, from the rent received, would they be filing for 27,852 per year?
Comment from : @jjwen4653