Earnings Rule The Year You Start Taking Social Security

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Title	:	Earnings Rule The Year You Start Taking Social Security
Lasting	:	8.49
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Claiming at 62 in two weeks In 2025 at this time it's 1950 cap for myself I can work with that Less work more fishing Let's go
Comment from : @Marc-zp6uq

What is the purpose of this? Just to hurt people? They’re already going to be drawing less retiring early
Comment from : @TheTruthSeeker756

Just talked to social security office They tell me this is wrong The money you make in a Callender year counts no matter when you retire I know they're wrong but who do you get to fight for you?
Comment from : @rickhardin8254

Is the amount I receive based on the date of application or date I want it to start brIt’s November now I want it to start January
Comment from : @suz0000

here is my opinion about Social Security this is our money that has been confiscated from us for decades there should not be any limitations on anything we should get our check each month as promised when the program began with no stipulations what so ever but here is my personal experience dealing with SS administration, they will tell you straight up its NOT money, the money belongs to the government i have been told this to my face they will also say this is not a bonus for you, it’s for you to retire on so if you logically evaluate this mindset you will find two scenarios, #1 they don’t want you to retire #2 if you do, they want to keep control over you by limiting your ability to live the way you desire financially
Comment from : @kimcabe3993

I think that living longer is just bulshit
Comment from : @Mike232-j2p

Do you need to make under $22320 to receive ex spouse survivor benefits if raising a child under 16$
Comment from : @Emilee-dd4hi

Hi How much can I earn while drawing social security? I'm 62 and my full retirement age is 67, if that matters thank you for your time
Comment from : @jamesmorrow4991

Why cant I make as much as I want regardless?! SS is my money anyway!
Comment from : @michaelalfano1712

For God's sakes make the distinction between "retiring" and FILING for social security This is extremely important!
Comment from : @bobcalvert7194

One of the major problems with all 3 of these SS videos is that they fail to discuss the average age of life expectancy & how much you lose to SS even if you only get 1500 a month and/or penalized 100 for every 3 you make working on the side Those videos and that guy are all full of shit In most cases one has to live until between 83-85 to recoop SS benefits lost by taking them as soon as possible There are many similar videos stating the same BS and all are for the government trying to dupe people into delaying taking their SS benefits Truth is NOW, that the average life span for a white male is down to around 77 7 DELAYING YOUR SS BENEFITS WILL COST YOU UNLESS YOU MAKE TO 83 OR 84
Comment from : @mitchcornacchia968

it will be easier to understand if you were writing it or showing what you explain on a board or something instead of talking very fast
Comment from : @grayerdays

Need to make clear it's NET income they go by
Comment from : @DeniseDeniseMinter

Leave it to the gov brains to come up with these insane rules
Comment from : @U2BER2012

I think it's a scam that the income number before full retirement age is so low he needs the money more than low income earners? Why isn't this number around 40 or 50 k???
Comment from : @kirklamb3270

Does the first year rule apply if your FRA is in June of 2024 and you start collecting your SS at that time but continue to work? Does the $56,000 ish max income start calculating in Jan 2024? Or does it start calculating in June 2024 when you first start collecting SS? Nobody ever talks about this Hopefully someone can answer this Thank you
Comment from : @cindym7234

You said penalized so many times, but never said what happens with that money SS withdraws? What happens with that money? Do I get it at a later date or does SS just keep it for themselves?
Comment from : @RadReelingFishing

Its not really a penalty, its more a deferral, you are not loosing any benefits
Comment from : @Honestcritic79

I think… you cleared up one confusing aspect I’ve had to draw from my IRA prior to collecting SS would not effect my amount? I have NO wage income at this time ??
Comment from : @BlueLineGroovy

Not everyone lives longer Its sad for people who or say 62 or older that they need to wait until 67 for full retirement Unfortunately its a catch 22 If you wait until say 67 for your tull retirement you will draw much more monthly but if you draw social security at 62 you will definately not draw as much They keep raising the retirement age and trying to make it imposdible for people to draw the full amount from it
Comment from : @brendacurry3943

I don’t understand why age matters we should be able to make as much money as we choose I’m 23 and I definitely don’t like how it is being on ssi, for age is only a number if I wanted to retire at 30 I should be able to do so
Comment from : @clintkillzbeatz330

Your earnings limitations should be reduced for every consecutive year until Full Retirement Age
Comment from : @JACKPAVAL

Mike, if you still work, do you still pay into SS? Will it increase what you are getting now?
Comment from : @mgomez5606

I am classified by the US 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 US passport and I'm also retired military
Comment from : @springalot9820

03:42
Comment from : @lovechangesus

What do you mean by “penalized”? Are those lost dollars forfeited or just held back from you, to be paid later?
Comment from : @annamelanie5151

If you take early social security starting in January and in February you get a $15,000 bonus from your employer is that okay or are you going to be penalized trying to figure out if I can make that 21001 month or does it got to be spread out over the year
Comment from : @willisshields647

Very helpful! My husband is retiring early in 2024 and will get a $90,000 bonus when he doesif I understand correctly since it is the first year, he will get his full social security the next month? But the month he gets the $90k he will get nothing
Comment from : @silverowlthrifter

Let me rephrase that, Under the first year retirement special rule, If you start collecting in the middle of the year Does the Monthly Earnings Test kick in automatically even if you have not earned anything yet or does the MET only kick in after you've earned more than the Earn Income Limit ? Hope to hear from you
Comment from : @gonglez1162

I've seen a lot of videos concerning the first year retirement special rule but nobody has explained the opposite scenariobrFor example, what happens if you start receiving your benefits in July and have earned $0 but start working the next month and make $20k for the rest of the year Is that $20k considered as part of the Retirement Earnings Test and you would not be penalized since it's below the Earn Income Limit or would the Monthly Earnings Test automatically kick in the month you start receiving your benefits
Comment from : @gonglez1162

What if you 66
Comment from : @carlcutts8535

Does filling status affect that $19,500? ie if filling jointly and the spouse does not work, would the limit be doubled?
Comment from : @dreamfly555

What is the first month the special first year rule applies? Is the month you apply or the month you get your first check??
Comment from : @garybenski6383

If your fra is in Nov 2023 and you start benefits in May 2023 and you made $20,000/- up till April, will your exempt limit be $36, 520 ($56,520- $20,000) till October 2023 or the monthly rule of $4,710/- apply till October 2023?
Comment from : @muhammadshaikh7689

The 1st year "Grace Year" rules were not clear until you explained them Thank You
Comment from : @Chris-wp3ew

If I'm at 66 what is my limitations of earnings 😊
Comment from : @carlcutts8535

Your First Year Rule segment was just what I was looking for! I had no idea that is what it is called so I was not using right keywords to get the result I needed THANK YOU!
Comment from : @mikeglo168

I know so many single people who started collecting their SS at 70 but continue to work "full-time" past age 70 I guess a lot of their SS and/or their paycheck will go to IRS, right? How much SS will they lose? How much of their paycheck will they lose?
Comment from : @yannip2083

I am self employed and wondering if they go by Gross Adjusted Income, or Taxable income for how much you can earn?
Comment from : @sarahfridy6245

Is there a limit on how much u can have in your bank account when your drawing social security?
Comment from : @alangomez4075

Do I have to apply for that special rule?
Comment from : @shirleyulery1976

Wow
Comment from : @missqueen3703

Regarding the first year special monthly rulewhat counts as monthly income?the money that I receive on my paydays in the calendar month or the hours that I worked in the calendar month times my hourly rate Thanks
Comment from : @richardboeckman3697