Working While on Social Security? Rules & Limitations You Need To Know! 😱

[@MedicareSchool]

✅ Watch the Internet's #1 Online Medicare Educational Workshop for FREE: get.medicareschool.com/3JqNOoJ ✅ To get 1 on 1 Help from our Team, Schedule a Call Here: get.medicareschool.com/46dESg7

[@aitonadoni1021]

Is there an income level for someone who wants to collect SS at 62, but earns high wages, that would leave them at 0 per month, after the penalties?

[@richtaub3124]

The working number of 21,000 is property that needs to be raised to $40,000

[@randystockton624]

Im 59....have watched many videos on drawing SS....and can tell you that 75 percent of the comments that I have read say they are very glad started drawing at 62 and still working even with the penalties.....i will not have a lot of money saved ( some) but 63 and half will be my limit because no one is promise tomorrow....my health is excellent from jogging 4-5 times a week and doing resistance training also.....im ready to stop working so much i have had enough....let the chips fall where they may....... I do not need 500 thousand dollars to retire like a lot of people.....

[@leavanwinkle1740]

Hugely helpful, while I am turning 70 in Oct I waited to collect , being self employed my income varied so I waited to take it at 70,

[@ohiopat]

I wasn't going to watch this one and I know some people have to, but I wanted to say---They would have to drag me kicking and screaming to get me to go back to work, and I loved my job.

[@MedicareSchool]

Thanks for sharing.

[@jamesp.7496]

Different for everyone, I retired when I was 59 1/2 so a little to early to sit around. I just work part time, collecting my social security and pension, my also collects her social security. So I work part time , I make about $22,000. A year and not touching any savings. I enjoy it. Gives me purpose, I can’t sit still in the mornings. Enjoy your retirement. ❤️🌵

[@rsdokc]

Excellent 👍 information. I've reached full retirement but am still working and was concerned about the earnings test. Very helpful

[@MedicareSchool]

Glad it was helpful!

[@MedicareSchool]

If you have any other questions, or need help getting your Medicare coverage set up correctly, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc

[@wisconsinfarmer4742]

Almost the same boat. FTA in feb2024. But I am in excellent health and love my job. If I delay the check for a year it is like idelayed interest on an 8% bond every month.

[@krakhour2]

@@wisconsinfarmer4742 Not really cause a bond you can cash out at anytime. But social security may run out by 2033 and you may see decreased payments or the government may cut it out and offer you something less. Like a one time reduced pay out or free tax breaks or free windows and siding. Good luck to us all

[@m.campbell650]

Love your videos! So very helpful!

[@MedicareSchool]

Thanks so much!

[@toadie1111]

Question. If you return to work before FRA and are subject to the penalty, do you get the penalty amounts back at FRA….. or is that taxed money gone forever? Thanks.

[@chrisferretti7020]

Remember you don't lose the money taken from your earnings test, you get it back at FRA but, of course, because it's social security the calculations can be complicated.

[@MedicareSchool]

That is correct.

[@karen4stars]

Can you explain that formula. I have already had it witheld 9 months for going over earnings limit in the past 2 years. How will i get it back?

[@MedicareSchool]

Your monthly benefit amount is adjusted upward after your FRA to recoup back the $.

[@Doyle-nu5el]

IT IS PAID BACK OVER TIME AND YOU WILL NEVER BE SURE YOU HAVE GOT ALL OF IT BACK!!!!!! THE RULES AND CALCULATIONS ARE SO COMPLICATED IT IS BEST TO JUST NOT GO OVER THE LIMIT!!!!@@karen4stars

[@krakhour2]

@@MedicareSchool Then why dont you mention this and explain how you can make over the amount to survive and enjoy what time you have left. Nobody knows you expiration date

[@eddiemckinney8385]

Thanks for all you share with us

[@MedicareSchool]

You bet!

[@albertalston3400]

What about workers Comp

[@ErickJones-ny8vp]

But they always go by monthly you can only make about 1,700 annually before taxes

[@jhasemi]

That’s what I do? Working beyond full retirement age and collecting social security.

[@MedicareSchool]

Thanks for sharing.

[@wisconsinfarmer4742]

That is a sweet spot.

[@springalot9820]

I am classified by the U.S. 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 U.S. passport and I'm also retired military.

[@Squddle]

They say I owe them all the payments I received in 2023 starting in may because I made too much money that year, but, I owned my own business and made that money PRIOR to starting to receive my SSA benefits. I am 65. Isn't it true that if you made the money before starting benefits, it doesn't count? Just because it was in the same year doesn't mean I made any of that after starting my benefits.

[@krakhour2]

Must have been a huge wad of money not even close to 22000

[@Squddle]

@@krakhour2 It was resolved in my favor. I had the 1099k that showed the breakdown of how much I made each month. It was all made prior to my applying for social security benefits. Too bad they put it upon the recipient to prove it to them instead of them doing their homework.

[@mikecliburn7800]

Why do they still take social security n Medicare out of your check after you retire n still working but not increase your social security benefits every year after your full retirement age

[@MedicareSchool]

It's adjusted if it's one of your top 35 years of work. kzbin.infoD8BNWWTBLUg?si=0Dtow-cRi-y-QVb7

[@Joel-yt2vf]

You pay into social security while you're still working. You get penalties for going over the limit. My question is where does the money that was taken out for social security go?

[@MedicareSchool]

My team would be happy to assist you. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com

[@angelaetress632]

If you take some income and put it in 401k from your check so you can meet max limits, does that money count as income. ?

[@fionpica7406]

Great information - thank you.

[@MedicareSchool]

Glad it was helpful!

[@bills2814]

Professor, What happens to the earnings penalty clawback? Is it restored later? Is the penalty really just a deferral?

[@MedicareSchool]

Your monthly benefit amount is adjusted upward after your FRA to recoup back the $.

[@thetrumpetplayer1109]

@@MedicareSchool Could you please elaborate on how the earnings penalty taken out of SS benefits is recouped after FRAS?

[@lolalucky6373]

I'm right now in big problem bc I apply for social security in April 2022 I was just 65 my retirement was June 30but now I was receiving letter from ss telling that I have to pay bach 4.331 I was choked bc I didn't know that I wasn't full age retirement also they say that I make above 19 thousand I'm so confused need help bc it wasn't my fault I guess😭😭😭🤦🤦🤦

[@MedicareSchool]

It is up to you when to draw your benefits. Here are educational videos helping explain the implications/differences of when you draw. You can choose to change your mind and opt out of receiving the benefits by contacting Social Security and paying back amounts received. kzbin.info/www/bejne/qISqqpp9l85gh5Y kzbin.infoscGhnoIT-Iw?feature=share4 kzbin.info/www/bejne/nZ3Cep2ro9Ktm9k

[@garybollrud8968]

How likely is S.S.willing to work with you on extended pay back arrangements if you receive an overpayment letter?

[@MedicareSchool]

Contact your local Social Security Administration for further assistance

[@jacquelinezapata2921]

My FRA is confusing to me. I work and my birthday falls in July. FRA will be January 2024. (66 & 6 months. ) Will I miss out on the calendar year test for extra earned income?

[@Moonlightdance58]

What is the name of your company and can I have a virtual appt? I have so many questions because it seems like I hear different information depending on who I talk to. My FRA means that I should retire on Nov 2024. I have so many questions about SS and Medicare and about my pensions. I need to talk to someone reliable. I love your videos. They are easy to follow.

[@MedicareSchool]

Medicareschool.com Yes, kzbin.infoDNx8YCNua4k?feature=share If you have any questions please, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc

[@akromasanta]

I'm 63 this year, and I'm still working, My full retirement is 67, and I'm planning to retire 65, I still have two underage kids. Is that a good retirement age? Because if I wait more, I will lose my two kids' additional income

[@MedicareSchool]

You would want to meet with an advisor that can assist you given you have this special situation.

[@akromasanta]

​@@MedicareSchoolthank you

[@timothyfender1222]

So, I was born in 1958 and my FRA is 66 and 8 months. I turn 66 on Mar. 3 2024. If I file for SS say, April 2024, will I get penalized?

[@MedicareSchool]

If you file before the FRA, it's a reduced benefit amount. At FRA, you receive the full benefit. If you decide to work while drawing benefits: the year of FRA, at 66, you can make $56,520. Every $3 above, ss reduced by $1.

[@thetrumpetplayer1109]

Hello Timothy, I am where you are. I am still very confused about all this SS and Medicare stuff. I was also born in 1958. The month of August to be exact. My full retirement age is 66 and 8 months which puts me at April of 2025. Double check. I think your FRA/year would be same as mine which is 2025. Not 2024. This can make a huge difference.

[@timothyfender1222]

@@thetrumpetplayer1109 maybe I am confused on this. I thought 66 and 8 months was 8 months from the date I turned 66. I think that would be Nov. 2024. Am I wrong on my math?

[@cindym7234]

Your FRA is Nov. 2024, which is when you turn 66 and 8 months. If you collect before then, you'll get a reduced amount forever. If you continue working and collecting SS before your FRA, you'll get penalized if you make more than the allowed amount.

[@MrCPPG]

Do funds withdrawn from a Roth IRA after 59 1/2 count as part of MAGI for medicare premium determination purposes?

[@MedicareSchool]

Yes, your Roth conversion could increase your Part B and D premiums so consider talking with a financial advisor or tax professional before you do any Roth conversions. That way, you can decide the timing and amount based on your overall financial picture and goals.

[@MrCPPG]

@@MedicareSchool There is two year lookback on that for magi ? Say if I wanted to make any large purchases (car etc) I should do it before age 63?

[@ildacosta6965]

I have a question, i was 1957 and i take my retired at the age at 65 and half, i'm thinking going back to work so if i do that i can make as much money i want??? Can someone help please!

[@MedicareSchool]

As longas you are past your full retirement age, you can make as much as you'd like.

[@cindym7234]

I'm confused. What happens the after your FRA and you still work? My husband reaches full retirement age in June 2024. He will be close to $56,000 for the year in June when he starts collecting his SS. If he continues to work the remainder of 2024, will he be penalized? If so, will the penalty continue next year too? Can anybody answer these questions?

[@MedicareSchool]

If collecting after reaching FRA then you can continue to work as much as you'd like with no penalties. There wouldn't be a max amount that he would be able to make.

[@markbentien8094]

Hi, love your videos! Are you sure there's never a monthly amount to exceed when working and drawing SSI? For instance, I'll be 63 in January, I'm thinking about taking SSI in January, and working until the end of May. That would put me right at $22,000 for the year. Can I do this?

[@MedicareSchool]

Reach out to your local Social Security Administration for assistance

[@TC-eo5eb]

SSI is not the same as S/S. SSI is for people with disabilities and not tied to income.

[@johnensslen]

If I retire on the age of 68 years of age past my full retirement age.Will I have earnings test? I will be 68 years of age on 10/25/2027.

[@MedicareSchool]

No Earnings Test at or past your FRA.

[@howardhughes4920]

21500 in 2023 how much increase in 2024

[@Joel-yt2vf]

while you're working you still paying into social security.

[@debrabrady8476]

Videos are very helpful just not sure if I'm quite st the retirement age to be able to work part time and it not effect my social security, because I really rely on it to help me make it each month.

[@MedicareSchool]

Here are educational videos to help you: kzbin.info/www/bejne/qISqqpp9l85gh5Y kzbin.infoscGhnoIT-Iw?feature=share4

[@krakhour2]

This guy never explains that you get more checks so you dont really get a penalty.No your not growing anything by waiting you just have less time on the planet left