There shouldn't be any earnings limit. Everyone who has worked their whole life has earned SS. Shouldn't matter what you do after. retirement.

@franreyes6158

7 ай бұрын

Absolutely 100% correct!!

@jackdreddle2740

7 ай бұрын

Why would anyone collect SS while they are working???

@Tommy.461

7 ай бұрын

I didn't "earn" my monthly pittance, I paid it in hoping they would save it for me.

@DoctorSmartyPants

7 ай бұрын

Agreed. It's just an additional way of delaying your money.

@aolvaar8792

7 ай бұрын

I worked 27 years, retired at 62

I am 63, working full time for $77,000 and hoping to retire near the end of 2024. Before watching this, I thought I could apply to receive monthly benefits as soon as I had less than $22,500 of salary left to earn from my employer in the year. Now I know that is wrong. I wanted to apply for social security a few months before I stop working so I am collecting both my salary and my social security. $77,250 / 12 = $6437. The earning limit would be $22,500 / 12 = $1875. That means I should not try to do this. I don’t believe in an earnings limit. Such BS, trying to force people to live poor or force us to stay in the full time work force long after the workforce wants us. The age discrimination is awful.

It's our money. I've been paying SS tax for over 30 years. It's my money. Why is the government telling me what the hell I can do with my money!

@yvonnechamper5807

3 ай бұрын

yes, and they call it a benefit !!! lol

@user-fn8dy7kq1k

2 ай бұрын

What's the answer ? Can you keep learning money and your retirement of social security or not .Does it prolong your receiving your payment or shorting it.

@mvp019

2 ай бұрын

It's the return of stolen goods in my mind.

@ninalehman9054

2 ай бұрын

Technically, this is an insurance program, with the policy premiums paid by the people currently working TO the people who are retired. Most people will receive MORE than what they contributed.

@mvp019

2 ай бұрын

@@ninalehman9054 If you neglect the time value of money, which you can't.

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my father through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.

@HildaBennet

Ай бұрын

For retirees and those close to retirement, I believe it's particularly challenging. All those years of labor only to lose it all to a problem you weren't responsible for, my regrets to everyone retiring during this time.

@beafoster747

Ай бұрын

I agree. Based on personal experience working with a financįal manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.

@PennyBergeron-os4ch

Ай бұрын

Your manager must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.

@beafoster747

Ай бұрын

I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.

@PennyBergeron-os4ch

Ай бұрын

Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.

How dare they take anything if a person is able and willing to work especially since it's not much to begin with. If only this applied to politicians. 😊

@m.jlopez8634

7 ай бұрын

Plus their Social Security is put into another account. Theirs is never touched either.

@jackdreddle2740

7 ай бұрын

Why would anyone collect SS while they are working???

@websterhays8352

7 ай бұрын

Why would anyone collect SS before they retire???

@timkarcher6724

7 ай бұрын

@@websterhays8352For income when you only want to work part time

@DoctorSmartyPants

6 ай бұрын

@@websterhays8352 So they don't lose money? Take a 72 year old still working. If they were not taking their SS, then they would have lost 2 years worth of money at the age 70 rate.

There should be no limit as how much you make on any job . Total B/S you payed into it for years then collect it and you can't supplement your income unlimited.

The way the world is today . Just social security isn’t enough to live on. You must have to keep working depending on what age group you’re in. Try living on about 500 dollars per month when everything around is going up?

@michaelbrabant5326

Ай бұрын

YOU CANT MAKE IT ON 22,320 , YOU WILL NEED A PART-TIME JOB

The income limit is ridiculous, while working in retirement you're still paying into ss, why should there be any penalty? It's designed to keep us poor.

Thank you for this. I am a CPA and thought I had all this info down, but your video answered every question I have been searching all over the internet to answer. How the income clawback by SSI gets added back to your benefits (it's added back in months, thereby reducing the time you took benefits before retirement age) is something most people are not aware of. So we are not penalized for filing early and keep working, it just gets added back to the pot. We don't lose those benefits really, it just increases our benefits later.

Thank you so much Mr. Carroll you are a BIG HELP !!!!!!!!!!!!!!!!!!! God bless !!!!!!!!!!!!!!!!!

I really appreciate your channel, and the clarity with which you speak. Both are very helpful.

clear and easy to underdtand delivery of info Many Thanks!

Thanks again for the information.

Thank you for clearly explaining how it works.

Thanks Devin for your 2024 SSI Cheat Sheet. I can already see the value in it.

Great job Devon if you want a hell of a job, I watch your programs when I can. I’ve been very very busy lately, and I am in very busy.

I just downloaded your cheat sheet thank you. This is very helpful. Thank you very much.

He does great job explaining thank you

Just had this one pop up in my feed, most likely because I am a new subscriber. Great info. You touched briefly on self employment, which is where I am now. 40 plus years as an employee and am now SS eligible but the language used on the SS website was a bit confusing about benefits while being self employed. Any of your other videos simplify this?

Thank you for all the info. You make all the complicated jargon easier to understand.

@DevinCarroll

3 ай бұрын

Glad to hear that!

Great video Devon !

Can you do a video that applies to SSI/Disability or point us in the right direction of who we can trust and listen to? Thanks

So happy to find your channel! Do you have any videos or information about social security and self-employment tax?

You are the best!!!!!!

Thank you. I always post your videos to my FB group. Very useful!!

@DevinCarroll

7 ай бұрын

Thanks for sharing!!

Thanks Devin. 😊

Excellent information

Thank you for your valuable information! I do truly appreciate you!

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determines a lot of things, my parents both spent same number of years in the medical profession, my mom was investing through a financial advisor while my dad through the 401k. On retirement, my mom retired with about $5million, while my dad retired with roughly $3.8million.

@JJ-nh8lv

5 ай бұрын

Did you say million? Are you kidding me. Lol. Million!

@Suleferdinand

3 ай бұрын

You are right. I’m in my mid 50’s now, my wife and I were following this same trajectory. Last two years, I pulled out my money and invested with her wealth manager. Not catching up with profits over the years, but at least I’m earning more. I’m making money even before retiring and my retirement funds has grown way more than it would have been with the 401k.

@RaymondKeen.

3 ай бұрын

It’s unfortunate most people don’t have such information, I don’t really blame people who panic cos lack of information can be a big hurdle. I’ve been making more than $25k passively by just investing through an advisor, and I don’t have to do much work. It doesn’t matter if the economy is crashing, great CFA will always make good returns.

@EddyAgnes-vy4kp

3 ай бұрын

Do you mind sharing info on the adviser who assisted you? I'm 40 now and would love to grow my stocks investment portfolio and plan my retirement..

@RaymondKeen.

3 ай бұрын

My CFA ’Margaret Johnson Arndt’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.

Thanks for sharing

Need assistance everything so expensive so so hard need to now more of work programs ! Thank u for posting

Great info!

Increases to annual/monthly limits look minimal

Thanks. This is so much more helpful than the people from Social Security!

@frankboet1

Ай бұрын

I called SS yesterday with some general questions and they told me to speak to a tax accountant. LOL

I was 67 when I retired BUT STARTED SS AT 62. There is a catchup 401k amount which can be contributed so that was held out of my pay. Therefore, my W2 showed my income as less than that required to withhold any SS..

Thank you

I'm retiring in April at 1 month past my 64th birthday. I always learn something from your videos. I'll be in touch...

@rosarionunez6954

3 ай бұрын

I’m also semi retiring at 64 and my first payment in April this year, I have a part time job, I’m hoping to save a good amount of my SS money into my savings, cause now I’m broke….😅

I reported estimated earnings so I want get anything until mid year. I rather do that then to be overpaid, and find out when I'm on 'fixed-income '.😊

does a pension count towards income count to earnings limit? answered later in the video...thanks.

Thanks!

@DevinCarroll

7 ай бұрын

Thanks!!!!!!

Thank you for your Cheat Sheet. What do you think of the proposed new Bill -- You Earned It, You Keep It? What's the chance of it passing?

Thanks for explaining in an easy to follow manner. On to my questions. I’m a CSRS retiree receiving my pension (we did not pay into Social Security). I went back to school, became a massage therapist, & got my 40 quarters. My SS is penalized because of WEP (Windfall Elimination P…?) by 2/3s because of my Federal pension. I’m 70 & am past my FRA. I’ve gone back to P/T work with Visiting Angels. I’m paying into SS almost as much as I get in benefits after the Medicare premium is paid. My 1st question is since I’m drawing SS, will this additional money be counted toward future benefits? My 2nd one is since I’m drawing SS, why do I have to pay more money into SS on my new job?

Does earnings include monies recd from estate earnings and or earnings from winning a law suit?

I get an federal civil service retirement annuity with social security supplement (because I was forced to retire at 57 before I reached retirement age 62). When SSA finds out that I have gone over the earning limit, do they just take if from the SSS amount ($1 for every $2 I'm over) from from the SSS or do they take it from the annuity as well?

You get screwed for daring to take a job so you can eat! And you are still paying into the system.

@tomblevins5020

7 ай бұрын

Why would anyone work and collect SS? So stupid!

Please provide a real life example using math. In the first scenario, retired at 63, still working making $45,000 yearly, for every $2.00 over limit, $1.00 is withheld. This is what I would really like to see. Do get anything from SS, or is everything withheld until you stop working?

I started my ssa early but still have a full time job but got laid off does my unemployment count as income thank you

Does survivor's benefit affect the amount of full retirement income once they retire?

You are right people in the congress and senate are able to get paid by us and make deals on the side.We should be able to work and continue putting in to the system. They are not thinking about how much stuff cost.

Seems that by the time I retire in 2029 (early retirement), the limit should be roughly 26K or so, maybe 27K annually. Fair enough~

Hi Devin. Your the best, so I am asking you this question as I cant get a straight answer.. Have W-2 where I include the S Corp greater than 2% shareholder medical in Box 1 of W-2. But it does not go in Box 3 and not Box 5. So for the social security earnings limitation does the SS Admin use the lower of Box 3 & 5 or the higher of Box 1? I always thought they use 3 or 5 but do they do that when Box 3 and 5 are lower??? PLease help, will pay for a consulation answer. thank you

how and when do you notify social security that you're going to exceed the income limit? Say it's 6months in and I'm over the income limit by a few thousand. Should I let them know then? (and how?) or should I wait till Jan? Or until I file my taxes in April?

Can you explain survival's benefits

The limit should be $2,500 before they start taking money out--everyone needs to rain down on your House and Senate Reps to make this happen. As they say "SS was meant as a supplement," not to live on!!!

I read somewhere that sometimes the SSA makes mistakes calculating what you are due. How can a person figure out if they are getting as much a monthly benefit as they deserve?

@m.mickeypayne9811

2 ай бұрын

A few years ago, I realized social security was helping themselves to a part of my social security check. Instead of paying my 1068.46 , they started paying just $ 1068. For most people, not a big deal. .for me on disability that .68 cents is 2 breakfast servings of food. 😢

@margaritagomez3490

2 ай бұрын

@@m.mickeypayne9811 yep. That .46 is $552 a year!

Thanks Devin. Something that's not clear is term "highly skilled" when it comes to working while on Social Security. It's a nebulous term that could mean anything you want-or don't want, it to mean. The precedence is a 1950's lawsuit that seems a little out of date... I'm a software developer, and I'd like to do some work during my retirement. What I do pays well, but not a huge amount. Does it matter how many hours I work, as long as I stay below the $1860 /mo cap? Maybe you could make a new video and explain this for us...

Thank you Devin great info. My question is if do Roth conversions while collecting s.s. Does this count towards the earned income means test ? or do I only have to pay taxes and not lose any s.s. Income

@DevinCarroll

2 ай бұрын

The distributions from an IRA do not count as earned income. No impact to the "income" that is countable for the earnings test.

Take my money and then put up barriers on how I get it back.

Hi Devon, I am a 58 year old guy that has gone through some major medical issues. I'm a diabetic and a kidney transplant recipient. Company just closed and on unemployment since July. I have have lost my MOJO for working. Just being honest but wife wants me to keep working. Looking for some advice. Thanks in advance.

I'm 69. I work full time and get SS. My total income combined was $49,000. The feds want $810 because no taxes were taken out of the Social Security. Why am I being taxed if retirement age is 66?

@MuzixMaker

2 ай бұрын

If you’re 96 you might still pay tax on income.

@mikehocking4836

Ай бұрын

Because your not a foreigner

Great info. Thanks. Question - does rental income count as income?

@tonyf.8858

7 ай бұрын

I rent out a house and, in my state, (WA) I have to count that as income.

@jackdreddle2740

7 ай бұрын

Why would anyone collect SS while they are working???

@DoctorSmartyPants

7 ай бұрын

Rental income is income. However, this video is about the SS earnings limit. Earnings are defined as wages or earnings from self employment. The SS earnings limit is not at all the same as IRS income.

When considering the 22320 or the 59520, is that based on gross or net earnings?

Thank you so much for posting this, its priceless information, but I have one question. When they say, "income limit", is that income in ADDITION to your social security or is social security income included in your income limit? I know this sounds like a stupid question, but its a bit confusing.

@DesignedAlliance

4 ай бұрын

This is my question also!

@veger5872

4 ай бұрын

Don't give them any ideas! The answer to your question is your SS check is not included in the limit! In my book, the limit should be $2,500/month before they even think about deducting your SS check.

Question If I worked as a teacher till end of school year then decide retire at 62 in September..how does the $$ I earned affect my benefit and, should I wait to apply for SS

i know when i filled out the s.s. form for retirement they asked about wages and tips and if i were self employed, so my understanding is a 401k or an ira account is not counted as earned income

@jackdreddle2740

7 ай бұрын

Why would anyone collect SS while they are working???

@Satjr35031

7 ай бұрын

Correct they are not Earned income like W2

@Newlinjim

5 ай бұрын

The IRS defines money in 401k/pension/IRA as ‘historical income’ and is not subject to the same rules as earned income.

For those of us receiving SS before our FRA is there any way to reduce our Gross income? There has to be a way around it. Like maybe a Health savings account or a IRA something?

I started collecting survivor benefits in July but social security counted my wages for the whole year which put me over by $2400. They are now making me pay back dollar for dollar. Shouldnt i have only had to pay for what i earned after july?

Hi Devin! My question is about working and applying for Social Security Surviving Spouse benefits. I will be turning 60 next August. I have been a widow since 2017 and my late husband was collecting Social Security starting at age 62. Recently I visited my local Social Security office to ask questions about Social Security Surviving spouse benefits. I know the annual working income limit for 2024 is $22,320 and it is $1,860 monthly. I know that it is $1 withheld for every $2 over that limit. I told him I earned close to $50,000 this year of 2023. When I do the Math I will get a little bit each month. Not much though. I was told not to apply because my income is too high. He suggested that I start working part time and in the future I can apply for benefits with a lower working income.. Nowhere on the SSA website did I read that there is an absolute maximum income limit before you should not bother to even apply for benefits. He wouldn't do any calculations to see if I am eligible for anything. Was I given the correct information? Thanks.

@wereone142

4 ай бұрын

Yes, you were. If you apply at 60 for survivor benefits while you make over $50,000 or even a very low amount annually then your Social Security benefits will stay super low FOREVER. Do a lot of research on your own and watch as many relevant KZread videos as possible.

@Thatsswell-hr9ev

4 ай бұрын

@@wereone142 Not if I switch to my own Social Security benefits and cancel the survivor benefits.

@ceciliaornelas

4 ай бұрын

Then why are you bothering to ask a question?@@Thatsswell-hr9ev

What line on IRS Form 1040 is used to calculate the income limit?

Oh I thought the earnings limit would increase by 3.2% as well. But just by $100? Good to know!

@Doyle-nu5el

7 ай бұрын

HE SAID 22320 WHICH WOULD BE 1100 MORE.

@BadSneakers

7 ай бұрын

@@Doyle-nu5el oh brain f$rt- thx!!

Will survivor benefits change?

Working an collecting ss but last 5 years my income doubled since started collecting ss. Prior years before collecting was low. Socail security said I qualify for recalculation benfits now if I apply recslculation

i wanted to ask if your book the heros penalty is based on true facts of the rules it dont say on the cover but from what other readers say everthing thay read in this book is on the web or on the ssi website

I’m interested in understanding more about 1099 commission income and how that translates into “substantial services hours” etc during early retirement at 63. I definitely need to work more than 45 hours a month which is a ridiculous concept. I’m sure I will need to work at least 20 hours a week to earn 1850 a month. Since I’m self employed how would SS know how many hours I’m working anyway.

Is it the adjusted gross income? Or just the gross income that counts?

Just need to know on earned income while taking SS is it the net amount or gross of the number 22,320.00 ??

Do you have one about:"what if i return to work after I retire? "

Do you have a video on the special earnings limit rule ? The first year rule? The $1770.00 oh I think you just did😂.

How do I find the cheat sheet referenced?

I can't believe I just got approved for ssdi it will be over 7 to 8 months to get it in February I don't get any back pay

Can anyone answer this question. Turned 65 in October 2023 and If I start in January 2024, continue to work I will go over the allowed income amount in 2024 by $22,000. Would they hold the checks in 2024 or in 2025, Thanks to anyone answering. Mr. Devin is really the best when it come to social security.

@mbv0223

2 ай бұрын

I have exceeded the limit for the last few years. You should call SS when you know you will be over the limit for the year. They will then withhold the appropriate amount of benefits right away. 2 years ago I underestimated my income and they not only withheld benefits during the first few months of the next year, some how I even had to send them back $1800.

Due to the lag between filing and receiving benefits, does the income limits apply to the date earned, or paid? Hope you understand the question Mr Devin and thanks for your educational support.

@leonardcole7139

7 ай бұрын

I have the same question.

@betsybarnicle8016

5 ай бұрын

I called the SS office before I filed, and the rep. warned me that the earnings limit starts the month you officially start SS (not when you first get a SS check).

This is absolutely crazy we all put into it it’s an insurance it is not welfare it’s an insurance and we’re all entitled to get our part of the insurance and if somebody babysits a little or watches the neighbors dog and gets paid 20 or $50 for it who cares I just can buy a little more groceries maybe some fresh fruits and vegetables come on this is ridiculous. That’s our money. The government certainly spend it with impunity. We should at least get what we need to buy her food with.

Can property taxes be deducted from earned wages as a way not to exceed the earnings threshold of $23,320?

My biggest question! I am 63. In November 2023, I got a new job at a $12K increase in pay. I have my 40 quarters that qualify me to collect retirement, and I want to retire in July 2024. Does my new gross pay rate and addition money I am paying into social security change my benefit calculation, or does it only recalculate every year? The calculator on the website is only based on my income through Dec. 31 2023. I made more in the first quarter of 2024 than any other quarter of my life, and I will do the same in Q2. I want this in the calculation, but I really don’t want to wait until January 2025 to retire.

Are Roth conversions excluded?

Well I am screwed! I received survivor benefits and barely can survive. I had to find a part time job and make roughly $600.00 hundreds more monthly than my benefit and even making that extra earned income I still have to borrow at times for my expenses, especially my car repairs and house repairs are in the hundreds of thousands! Do they not count emergency expenses and cost of living?!!!

Taking $$$$$ back from a widow or widower is a real blow. And to add insult to injury if you make over a mere $22,320 you lose more ….at a time when you really need it - to eat and keep a roof over your head.

Is putting the amount of income that's over the limit into 401k helps avoiding my SS benefits withheld? I am 62 and working PT with $3,600 monthly, and I will be collecting SS in June. By putting %50 of my earnings into 401k would help me to become under the income limit? Thx.

I am on SSDI due to severe neurological complications. I knit and crochet as a hobby to keep my sanity. I might only be able to complete a few projects per week, while other weeks I can’t. Can I sell the completed projects online so they stop piling up without risking SSDI?

@aurora571000

2 ай бұрын

Does Etsy report your earnings to the government (send a 1099)? The $600 minimum might go into effect again in January? Below $600 I’d guess you are safe to be left alone.

@darylandcat

2 ай бұрын

@@aurora571000 they do. Is it $600 per month? My earnings would be way less than that, if any, per month.

If you collect full age and wok what is the increase in your benefits?

During the year of retirement you said I make $59,520 without a penalty. At the end in the "What counts as income you said gross wages from employment income. My question is does that mean Gross Taxable Income? Example if a person makes 70k and puts 20k into a 401k then they would have a Taxable income of 50k Thank you in advance I enjoy your videos

@Satjr35031

7 ай бұрын

The $59K is for 2024 Yes Gross is Gross

@DoctorSmartyPants

7 ай бұрын

Earnings and income are not the same thing. Suggest you check with SS on their definition of earnings, with regards to earnings limit.

@CynthiaIvers

5 ай бұрын

$59,520 on during your FRA year.

If your collecting ss and still working. Invest the ss money if you don’t need it …

My spouse is 5 years younger. If she files at 62 under her own earnings record, can she collect 100% of the survivor benefit when I pass?

Plus as your working you are still paying into SS

I am 63 and work full time for an employer, I also have a small sole priority business that nets less than the SS annual limit. I have read but don’t understand that I would be limited on the amount of hours worked per year if I were to retire now but keep the side hustle. How exactly does self employment income work against SS benefit? Thanks in advance

@Satjr35031

6 ай бұрын

It’s not the hours it’s the money If you are working and not receiving any SS You can make as much as you can

@CynthiaIvers

5 ай бұрын

Your self-employment wages/earnings will count toward the limit.

Wondering about rental income

WHAT WAS THE SOC SEC EARNINGS LIMIT FOR A 67 YEAR OLD SINGLE IN 2020? K-1 CORP 1120S EARNINGS/LOSS?

What if you sell your house do you have to report that too

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.