I will collect social security at 62.5 . my minor children will also receive benefits. I plan to continue working.
my benefit is 1990 per month . the childrens benefits will be total of 1950 per month. I will make $5500 per month.
Question: Will my monthly benefit be reduced to zero and than childrens benefits reduced, or will it be deducted from both of our benefits in an equal amount.
Hi,
I took Widow's benefits from my ex-husband and I am trying to determine what income/expenses impact the cap before I go over the maximum amount which is about 18,000 for 2020. I took a new job which offered health insurance and took the HSA and was wondering if insurance premiums and contributions to the HSA are able to be deducted from my income in figuring out the MAGI.
Hi,
I plan to take survivor's benefits when I turn 60 in July of this year. I'm currently working and want to wait till SS confirms I will receive the benefits before I give notice / quit my job (I'd like to my last day to be in June). My appointment is in April - how long can I expect to wait before I receive confirmation in writing from S.S. that my benefits will begin the month following my birthday and the $ amount? Also, I expect to receive about $7,500 in vacation payout.
Hi Larry. I turn 62 this june and want to start collecting my social security benefit. My income is from rental property. That is my only income. Will that count against what I will receive per month?
Hi,
Probably not. Only earned income (i.e. wages and self-employment earnings) counts for Social Security earnings test purposes. The only way that rental income could be considered as earned income would be if you're a realtor, or if you perform regular services for the convenience of your tenant, such as daily maid service.
Does nontaxable short disability payments that appear in box 12 code J on a W-2 (other boxes are blank) from an insurance company count as earnings for the earnings test? Also if in my last month of employment before going part time, I was on leave receiving sick pay, would that pay count towards the $1470 (2019) monthly limit?
Hi,
I am 65 years old and collect survivor benefits I was wondering how much I am allowed to make working at my job while collecting these benefits. I know if I was collecting Social Security at this age I would only be allowed to make $17,040 per year but I couldn’t seem to find out if there is a difference between these two benefits and how much I can make
Hi,
I plan to retire at 60 and collect SS widows benefits. I may want to work very part time. I understand the 2020 earnings limit is $18,240/yr which comes to $1,520/mo. If I earn only $12,000 but earn it in 2 or 3 months (vs. $1,000/mo spread over the full year) will I be penalized? In other words is there a "monthly limit" of what I can earn or is there only an annual limit?
Thank you!
Hi,
My spouse starting drawing retirement benefits before FRA. Then she decided to work part-time as a self-employed sole proprietor. She has gone over the earnings limit this year and we need to let the Social Security Administration know. What I can't figure out is whether for the earnings limits reduction, "net earnings from self-employment" includes the deduction for our family's health insurance. I know that when you pay self-employment taxes, the deduction for health insurance is not included in that calculation.
Happy New Year to you and thank you in advance for responding to my question: I started receiving widows benefits when I turned 60 in September of 2014. First check was in November 2014. I will be 66 in September of 2020. If I'm right in assuming that my Total Gross pay less the 401K, Aflac, Dental, HSA & Optima health deductions are the pre-taxed items that come out of the gross wages, then my total Social Security wages would be around
My birth date is Sept. 15, 1956 and I am collecting SS but working full time. That means that they are withholding about 6 or 7 months of benefits because I'm over the earning threshold. The year I reach full retirement I would not have to have anything withheld because the earning limit is more then i would earn anyway. But my question is; when can I start keeping all the benefits and still work full time ?