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Wed Aug 10, 2022, 12:52 PM

Is there a limit to what you can earn if you are on Social Security?

Just wondering if anyone know the answer to this question? TIA

9 replies, 402 views

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Reply Is there a limit to what you can earn if you are on Social Security? (Original post)
hookaleft Aug 2022 OP
Elessar Zappa Aug 2022 #1
jimfields33 Aug 2022 #7
Merlot Aug 2022 #9
rsdsharp Aug 2022 #2
SWBTATTReg Aug 2022 #3
TreasonousBastard Aug 2022 #4
VMA131Marine Aug 2022 #5
SheltieLover Aug 2022 #6
Skittles Aug 2022 #8

Response to hookaleft (Original post)

Wed Aug 10, 2022, 12:53 PM

1. Not sure.

I’d like to know also.

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Response to Elessar Zappa (Reply #1)

Wed Aug 10, 2022, 01:56 PM

7. Yes. Best to wait to 70 and the limits go away.

If your still working, doesn’t make sense to take SS. Wait until you are done working or 70 years old. 62 is way to young to take SS especially since they take away a chunk for life. 70 you will get a beautiful monthly check that will make you so happy.

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Response to jimfields33 (Reply #7)

Wed Aug 10, 2022, 02:13 PM

9. Waiting until you're 70 only works if you can still earn money

A lot of older people, especially post pandemic, will never see their incomes return.

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Response to hookaleft (Original post)

Wed Aug 10, 2022, 12:58 PM

2. This should help

When you reach your full retirement age, you can work and earn as much as you want and still get your full Social Security benefit payment. If you’re younger than full retirement age and if your earnings exceed certain dollar amounts, some of your benefit payments during the year will be withheld.

This doesn’t mean you must try to limit your earnings. If we withhold some of your benefits because you continue to work, we’ll pay you a higher monthly benefit when you reach your full retirement age. So, if you work and earn more than the exempt amount, it won’t, on average, decrease the total value of your lifetime Social Security benefits — and can increase them.

Here is how this works: When you reach full retirement age, we’ll recalculate your benefit to give you credit for months you didn’t get a benefit because of your earnings. In addition, as long as you continue to work and receive benefits, we’ll check your record every year to see whether the extra earnings will increase your monthly benefit. You can find more information about working after retirement on our website at www.ssa.gov/benefits/retirement/ planner/whileworking.html.

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Response to hookaleft (Original post)

Wed Aug 10, 2022, 01:00 PM

3. I think it's $19,000+, I just saw this amount a couple of weeks ago in another article on SS,

I can't place where I saw the article or what, but here's a snapshot of it, and there's quite a few tidbits of SS information on DU, so search around, using the appropriate keywords to gear your search in the right direction. Good luck in your searches!

How much income can I make before it affects my Social Security?
The Social Security earnings limit is $1,630 per month or $19,560 per year in 2022 for someone who has not reached full retirement age. If you earn more than this amount, you can expect to have $1 withheld from your Social Security benefit for every $2 earned above the limit.

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Response to hookaleft (Original post)

Wed Aug 10, 2022, 01:07 PM

4. Yes, sort of. For every $3 you rarn over the limit, a buck is...

taken ftom your SS payment. The max changes a lot, so checking with SS is necessary.

When you hit "actual" retirement age, whatever that is, no more deductions.

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Response to TreasonousBastard (Reply #4)

Wed Aug 10, 2022, 01:16 PM

5. Full retirement age is currently 67

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Response to hookaleft (Original post)

Wed Aug 10, 2022, 01:28 PM

6. No but Medicare premium can skyrocket, depending on income.

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Response to hookaleft (Original post)

Wed Aug 10, 2022, 01:58 PM

8. if you are not at "full retirement age", yes

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