Hi Larry. I filed befre FRA and have been receiving reduced benefits based on earnings above the 2018 cap. I understand the 2.00/1.00 formula for exceeding the annual limit and was expecting to have some months suspended again for 2019 but still no confirmation from SS re when those payments will resume. Ihave called SS 4 times and ea answer is a little different. Last answer saidcomputer programs that generate these letters is just backed up? Shouldn't I have received something from Ss by now re what they will pay and when?
Thank you Elaine
Hi! I turned 62 in July of 2018 and became eligible to receive benefits in August. I continued to work, with less hours and staying under the $14,040 monthly limit. I made more than that in August, coincidentally when I received a form from Social Security to estimate what I would make for the rest of the year. I told them that I went over in August and would make a certain amount as the annual amount, which I calculated as my income limit for the remaining months. Obviously I goofed, because my entire December payment was withheld in January, 2019.
Larry, I'm trying to clarify the employment income to use for the SS earnings test and whether you can use Box 1 on your w-2 (which many times is reduced by 401(k) contributions). I read an article recently that stated Box 1 was the income you could use so wanted to see what your opinion was. Many articles I read online don't address this issue at all but I would think many people that want to keep working part-time and also make 401k contributions would want to know as it could change significantly how many hours they could work without limiting their SS payments.
If I take early retirement at 62, can I work in my self employed job and base my income off net income for the year instead of monthly for social security purposes? By the time I take deductions, I'll be around 18,000 to 20,000 net.
I will be 62 in July. I work 32.50 hours a week could I get my S.S. and work also?
I started ss in nov of 2018. I earned 23000 in the first 3 months of 2018, but nothing after that. Will that affect my 2 months of ss in 2018 and is that gross or after deductions earnings that is used for the penalty? Thanks
I plan to take early retirement at 62 in 2019.My birthday is 6/25/57.How much money can I earn in 2019. I get paid 1099.Does my limitation on income include the full calendar year,or is it calculated and prorated from 06/25/2019 ?
I will be 63 in 2020 and have two dependent minor children both 14 years old. I will be earning $64,000 FICA wages in 2020 (approx 46400 over the earnings limit). My estimated monthly Soc Sec Monthly Benefits at 63 will be $2000 a month for a yearly SSA benefit for myself of $24,000. However, our family max benefit is estimated at $48,000 a year.
This year my wife turns 62 in July and will file for her early benefit at that time. I will retire in September of this year at age 67 and over my FRA. At that time I plan on filing a restricted application for spousal benefit and allow mine to grow till age 70 when I file for my own benefit. My question is will my earnings I receive prior to my retirement date limit in any way the amount of my spousal benefit or my wife's benefit?
I am thinking of retiring when I am 63 and collecting Social Security benefits so that I can write full-time. I understand that, if I do, and I make money on my writing, Social Security will withhold $1 for every $2 I would make over $17,040. My question: A scenario -- The wonderful dream comes true and, for my novel, I get a million dollar advance. Does this mean that Social Security would withhold $491,480?