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Social Security Income Limit: Single or Joint Income?

Devin Carroll, CFP® 27 views

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My wife is exceedingly wealthy, l am a lowly civil servant, we file jointly (the CPAs, trust attorneys, bankers, lawers, financial advisors etc seem to think that's the way to go) my question is does the individual test still apply to me?
Comment from : @TerrySeymour-r5b

Earnings should be based on single earnings
Comment from : @mikeshaw4610

They need to DRASTICALLY RAISE THE EARNINGS LIMIT UPWARDS (like, $30,000!) DUE TO BIDENOMICS INFLATION!!! Bidenomics has made it VERY difficult to live off of a fixed income! I had to go back to work but limit what I made just to make ends meet but yet come underneath the earnings test amount I have a FERS retirement supplement that has the same earnings test amount as Social Security, but is about half the amount
Comment from : @williampapadopoulos8145

Get the f out of my social security account
Comment from : @privatedeletebuttongooglei5221

It is not changing Divorced do not have to live together
Comment from : @privatedeletebuttongooglei5221

Hello brbrI am 62 and have elected to take SS early brbrMy son of 6 is receiving benefits under my record brbrMy wife of 36 is also receiving benefits under my record as the caregiver to my son brbrMy wife is an legal immigrant (green card) and has no work history in the US brbrI am considering writing a book and selling it on Apple/Amazon brbrI know that that would be income for me to declare brbrHowever, my wife is highly educated and could “interview” me and produce and sell this book brbrMy first question is if she sells the book and we file our taxes separately would that potentially effect my payment? Her payment?brbrAlso, would any money made from the book in the second or more years after publication be earned income or passive income?
Comment from : @tommoran236

My wife is working and not drawing benefits I am about to start drawing benefits at 64, and NOT exceed my individual earnings limit My wire's income doesn't affect my benefit, right?
Comment from : @bombdawg5916

Devin can you please try to answer a question that no one seems to have a video on? And that is if one spouse is collecting SSI at full retirement age and is their only source of income but the other spouse is still working, is it better to file joint or individual taxes? SSI income is S17000 and working spouse income is $34000 for example Thanks! Derek
Comment from : @craftylimey

Terribly confusing Are you saying wage income or any income (Cap gains, dividends etc)? Be clear
Comment from : @geraldbennett7035

Should be single income
Comment from : @delindasimpsonjohnson759

My wife works part-time and will be 62 later in 2021 Her gross pay exceeds the earnings limit However, she does receive health insurance coverage and pays for about 1/3 of its cost via pre-tax payroll deduction, and contributes to a 401K, also via pre-tax deduction Does the SS earnings limit apply to her gross pay, or her net adjusted income? She also has a defined contribution based retirement annuity plan from a prior employer that she can begin collecting any time she chooses Am I correct that the annuiy payments will be EXCLUDED from the earnings limit? I find your YouTube clips very informative and too the point Thanks!
Comment from : @billyjoejimbob56

Big Government is the worst organize crime Family ever!!The SOBs are a bunch of criminal crooks!!
Comment from : @elgavilansegoviano8858

Earnings test should be based on single income,
Comment from : @christishea4020

Devin, Happy New Year and thanks for the great info in all of your videos! I have a possible new subject for you - What Social Security issues may arise for couples with large age gaps And when I say large, I'm talking 10-30 years Keep up the great work!
Comment from : @stevesmith9908

This is confusing It should only be based on individual earnings and not effect your spouse But in reality there should be NO Earnings test Its my money and if I need to keep working because my social security check is not enough for me to live on the Gov`t should stay out of it This is a stupid rule Who came up with this dumb rule ??
Comment from : @moneymanfernando1594

Hey Devin, sounds like the system is just cooking the books more & more so eventually social security won't have any resemblance of security, lol, good video, tc
Comment from : @johnthompson5792

A person born in 1951 and does not take benefits until 70, what if any is the maximum earning limit?
Comment from : @phillipcarden7027

Hi, I would like to no if I put in at 62, three mouths before my B-daybrWhen will I get my first payment brAnd how many mouths will I getbrPaid When I get it
Comment from : @davidtrobaugh9798

So, Devin, which are reduced benefits due to excess earnings beyond the limit call back into tennis social security package? That is, will they be restored at a later time when you go full SS retirement, and no longer are employed?
Comment from : @dahutful

How does excess earnings effect a retiree who has not reached FRA and has children under 19 years old still attending school?
Comment from : @lawrenceofamerica2865

Question, if my wife passed away before she started drawing SS brIf I remarry after 60 and collect on my previous wifes SS will her SS be added together with my current wife’s SS if she draws at 62 My intent is to switch later at 65 or 67 with my own SS brSo can both myself and my current wife draw say 17,000 income each before our full retirement age without going over the limit?
Comment from : @toddseger5137

Single Thanks for your great videos
Comment from : @sarahleach9997

If your struggling, have trauma or are handicap, I don’t recommend his advocates I am and they literally don’t help any one so it’s not handicap or mind melt friendly Save your money, I’m think in my head with brain damage spouse and much trauma in my life in the past years, I was told they would but it’s not happening and I was even yelled at for trying and crying it’s enough to send you in a spin and it hits hard that not even paid folks will help you with the vertigo
Comment from : @jayblue9494

single
Comment from : @berkwiley4765

There should bo NO earnings test SS retirement payments are my money, paid in over a lifetime of work If I need to continue working, it should not matter how much or how little I earn
Comment from : @stevesimons3035

Single for sure
Comment from : @chawa630

Peopl get confused by the earnings test and benefit amount subject to Federal tax
Comment from : @hkmp5kpdw

If you are at full retirement age and you're still working and receiving your benefits, does your paycheck have social security taken from it?
Comment from : @Sexy40baby1

That god the IRS isn't screwing everybody !!!!! LoL,,,,
Comment from : @bustersmith5569

What about married filing separate? If my wife apply for spousal benefit does it reduce my benefit from my work?brbrIn other words, jow does my wife applying for spousal benefit affect my social security benefits?brbrWill my benefit decrease or stay the same?
Comment from : @valhallaholsopple

And Thank You for doing this video I had to read info about this in several places to piece this together before seing this video I believe it should stay individual income on the test My wife and I are a prime example she is 2 years older than me She has worked so she has benefits coming to her but she hasn't earned a huge amount in annual salary over the years She is thinking about early retirement because it isn't that big of difference in money if she starts now or waits until 66 & 4 months But I have been in IT all my working life so my benefit will be much better and I am planning on working past FTA If they did both incomes there is no way she could go ahead and start social security
Comment from : @gregbohannon1565

Single
Comment from : @brianseverance6490

Very confusing My wife is 4 years younger than I If I collect at 64, two years before full retirement age, and my wife is working, will her income reduce my SS benefit?
Comment from : @tomrobinson7393

Thanks Devin Another great video You covered something new to meIs it fair to say that once I reach FRA, I can earn as much as I want and still receive full benefits (or whatever benefits percentage I had at the time)? Thanks much
Comment from : @gochristel

Single, definitely! Thank you for this video, Devin It helped me better understand this issue!
Comment from : @melodygreen1053

Single
Comment from : @dennisbrown2389

I get an A because I knew the answer
Comment from : @dennisbrown2389

Devin, do you think the earning limit makes any sense?
Comment from : @MrAndycm

Definitely single not jointly!!! Thanks for your videos
Comment from : @cathygreenwood773

Another first Devin! Thanks for the info!!
Comment from : @lulucly

Thank you for all your knowledge What age can you take spousal benefits
Comment from : @karinblair1367

Single Sounds like another reason to wait until full retirement age to start collecting social security Still married people get it stuck to them much of the time
Comment from : @eyeglasslady9266

Simple question Devin? If my spouse is still working full time (she being 56) making a ”good wage” when I turn 62 and apply for SS, will I collect my full early retirement benefit amount?
Comment from : @BobbyFigliola

Single
Comment from : @anthonyrichardson7543

And yet another rule that works against people still married If you make your spouse an ex spouse (legally) many things improve They just don't think these rules through very carefully, do they?
Comment from : @alanb76

Taxes , my Wife is 51 & I am 72 I give up almost 25 of my SS income to taxes because she still works She pay pays all her taxes on her 47,000 income Why do I have to give mine back I need that money to live on myself?
Comment from : @billjones5178

My wife and I are 10 years apart I’ll be collecting SS while she’s still be working full time So do I assume my SS benefits won’t be effected negatively?
Comment from : @coachron3524

Thank you, Devin Your advice is always appreciated
Comment from : @yolylacy5416

Single
Comment from : @ghughey7222

Question if someone is separated from their spouse but never divorced--- married 13 years If one of the spouse is collecting SSD-- can the other person collect on this as well Many thanks
Comment from : @janfromnycsavesmoney8723