Yep; FICA taxes @ 15.3 % are a big hit for those of us that are self-employed. 🙄 BTW - This is the best and most clear explanation of this subject I have seen. Well done!
@Theretirementnerds
Жыл бұрын
Your kind words are truly appreciated. Thank you for taking the time to watch and say such kind things!
@georgen9755
Жыл бұрын
recruited through the middle management so they refer as those who were asked to resign as self employed ? The students who back in 2011 worked to pay their fees while many students were funded through several sources ......To upgrade my qualifications I spent my earnings to get a post graduation from Anna university not sathyabama ..university or Stanford university ......or cola company gave a penny to study
@Bendc1970A1
5 ай бұрын
I'd like to know how much of a difference in benefit for someone who worked 34 years vs someone who worked 35 years. In other words how much of a difference would one year of earning 0 dollars would affect your benefit amount vs working that one more year to get that zero to drop off.
@Satjr35031
12 күн бұрын
It has to do with how much you made over the 35 years. You could have someone who only worked 30 years and could receive more SS than you because he made more than you did.
@teams3345
Жыл бұрын
Outstanding video. I have tried to explain this stuff (like saving in a 401K) to family members on deaf ears. They don’t want to hear it and will regret it later.
@Theretirementnerds
Жыл бұрын
Social Security is a nice foundation for retirement, but not something to rely solely on for retirement. Keep trying with the family!
@teams3345
Жыл бұрын
@@Theretirementnerds Oh they know it now as they are getting close to retirement. It has been a 30 year teaching endeavor.
@user-se1mi3si9d
10 ай бұрын
Can you confirm, or clarify, the following questions given this scenario: FRA is 67. PIA is 2,500. COLA is 2.4% from age 62 to 70. Question 1) Will 5 years of COLA be added to the initial PIA if I file at 67, for a new PIA of 2,815? Question 2) If I decide to wait until 70, does the new PIA of 2,815 get a compounded annual increase of 10.4% (2.4 COLA + 8% extended credit) for three years, for a final PIA at 70 of 3,788? BTW, thanks for all your content. Your channel is an excellent source of information. Keep up the great work.
@Theretirementnerds
6 ай бұрын
I am so sorry... I didn't see this comment until just now. KZitem comment notifications are not the easiest to find, so I sincerely apologize for taking so long. Can you send me an email to erik@90daysfromretirement.com and we can go into this a bit more. My team will be able to dig into this in more detail and give you an answer.
@iamiam2994
5 ай бұрын
Very good explanation. If I am understanding correctly. It is better to start claiming in high inflation? Missed that 8%😢 Your lady in the example nailed it.
@lydo-kisner552
Жыл бұрын
Thank you for a very clear explanation. Much appreciated.
@Theretirementnerds
Жыл бұрын
Thank you for watching!
@masterlee4370
Жыл бұрын
Turning 65 this year, not collecting yet and still working. I did set up an account on line finally and if I would have started in January of this year it was about $2,370 a month. Working another year I am not sure how you calculate how much more it would be. I do know this I will need you to work another 20 plus years to make sure I get my check every month lol. Great video.
@Theretirementnerds
Жыл бұрын
Haha! Luckily, I plan on working for another 20 years... but just for you :)
@bikeny
Жыл бұрын
On the ssa site when you look at your expected benefits, you can modify the future income box, so you can enter next year's expected gross income and you should see how your future benefits change (if they do). Every time I look at it, it pre-fills the box with the most recent year's income (2022), If your salary next year won't change, then the expected benefits they are showing you probably won't change either. Of course, if next year's income becomes one of the 35 years, then it could change things.
@JagdishGanda-q1g
9 күн бұрын
I arrived USA @64 year age with green card. Ihv worke 40 quarter in MS state now I stopped working, every year i hv paid w2 with income 13000/ per year what i received from ssn
@jodiecox4353
Жыл бұрын
Nicely done Erik!!!
@Theretirementnerds
Жыл бұрын
Thank you Jodie!
@alang4193
Жыл бұрын
An idea for a future video: It would be interesting to know how social security figures the amount they will pay for disability income. Also, if a person is on disability for awhile, will that affect their retirement benefits? Are the years that a person is on disability considered zeros?
@Theretirementnerds
Жыл бұрын
Great idea Alan! We'll put one together
@Theretirementnerds
Жыл бұрын
And to answer your questions here quicker than we can make a video :) If you are awarded Social Security Disability benefits, it pays out your PIA - what your benefits would be at your Full Retirement Age - from the time you qualify for Social Security Disability benefits up to retirement. Once you qualify for SSI at your FRE, your amount stays the same, but it is no longer disability income, it is regular social security benefits income. Social Security Disability Income is not going towards earned income, so yes, it would be zeros for those years.
@syedsikandar1196
9 күн бұрын
Hello, there is a "Today's dollar vs. Future dollars" on social security website estimator. How reliable do you think future dollars is?
@worldchanges10
Жыл бұрын
Can you discuss what isn't counted as over the limit for 2023 ($21,240) while working and receiving social security at 62, for example, tips income as a hair stylish including contribution to IRA while working. thanks wise man
@imancho
6 ай бұрын
Nice Video, thanks. How do you find out the index to adjust the income. In your first example 4.5? thanks
@Theretirementnerds
6 ай бұрын
Here is a link for it: www.ssa.gov/oact/cola/awifactors.html Put in 2024 at the bottom, click "Submit Request" and you'll see the index for the given years going back.
@4score
Жыл бұрын
Thanks for the excellent video. Question for you; My wife is retiring in May, a couple months shy of 66. I'm 65 and still planning to work another year or so. We were planning on starting her SS payments in May. I know Social Security has a rule about how much you can earn "after" turning on your Social Security payments. If she's collecting SS and not working from May 1st forward, is she clear from the penalty or does the income she's already generated Jan-May come into play and possibly contribute to a penalty? Thanks in advance.
@Theretirementnerds
Жыл бұрын
Thank you so much for watching! The income earned prior to filing for benefits is not included in the annual income limits for those who are under FRA. It would only be the income she earns AFTER she turns on benefits that would count. Sounds like in your scenario, she would be good to retire in May and have benefits begin in June.
@kim.in.nature.
Жыл бұрын
I only earned a few hundred dollars of benefits. Medicare takes a huge chunk of that small amount. What happens when the Medicare increases exceed my SS earnings?
@Theretirementnerds
Жыл бұрын
There is a special provision called the Hold Harmless provision that is meant to protect you against increases in Medicare that would reduce your Social Security benefit. This is the article from Social Security that explains it more: blog.ssa.gov/how-the-hold-harmless-provision-protects-your-benefits/#:~:text=A%20special%20rule%20called%20the,the%20Medicare%20Part%20B%20premium.
@user-nz7yb5gx3g
11 ай бұрын
I get 1132 a month
@alanhill2508
3 ай бұрын
So, so confusing. This is why you have a business lol. To make all of this work for those of us who can't fully grasp all of it.
@Theretirementnerds
3 ай бұрын
You're not wrong... it's confusing for sure and gives us a little niche where we can help people
@sandramoye-cochran5412
Жыл бұрын
How do we know what all of the bend point amounts are?
@Theretirementnerds
Жыл бұрын
For some reason, we didn't get notified on this comment, so we apologize for taking so long to answer! The bend points can be found here: www.ssa.gov/oact/cola/bendpoints.html
@Dr.kamini-qp6pq
9 ай бұрын
How do they calculate social security disability benefits
@Theretirementnerds
9 ай бұрын
A bit complicated to answer in a KZitem comment. AARP has a good article on it here: www.aarp.org/retirement/social-security/info-2021/ssdi-benefit-calculation.html Hope that helps!
@user-nz7yb5gx3g
11 ай бұрын
How much when im 80
@whodidit99
Жыл бұрын
Is SS taken out of wages after you begin taking SS benefits? If you don't have a full 35 years of wages and at age 65 begin SS benefits, will the benefits be recalculated each year since you have more working years?
@Theretirementnerds
Жыл бұрын
SS is taken out of wages after you begin taking SS benefits and that will revolve around those bend points. If you do not have a full 35 years of wages at 65, they are recalculated each year as you replace a zero with income you earned each new year. Great questions! Thank you for watching!
@24-Card
11 ай бұрын
Top 35 Net or Gross?
@GoldieColeman-nw9wb
10 ай бұрын
Do I get a increase in social security when I turn 66 I am already getting SSDI
@Theretirementnerds
10 ай бұрын
You would get the annual Cost of Living Adjustment increase (COLA) but your SSDI benefits are already based on your Primary Insurance Amount (PIA), so there wouldn't be an additional bump at your Full Retirement Age. Great question!
@Serolfarim1
8 ай бұрын
@90DaysFromRetirement Some of the people on SSDI work part time. Any change other than COLA when they reach their full retirement age?
@dianeb7902
Жыл бұрын
Have to be poverty income to receive spouse benefits. I can't qualify for an apartment. By myself can't get my husbands social security. Talk about crooked apples. Thanks Trump!
@Theretirementnerds
Жыл бұрын
Not following here. You do not need to be poverty income to receive spousal Social Security benefits. These two videos explain that in more detail: kzitem.info/news/bejne/pX5jqoVnj4SlinY kzitem.info/news/bejne/yoKG1W2df6aGZKg
@ElpidiosantarinDelrosario
4 ай бұрын
Sir i want to behonest i need your help p lease sir can you help me im 68 years old already and im not very professional cqn you help me please tgqnkyou
@ElpidiosantarinDelrosario
4 ай бұрын
Iam will8ng to pay taxes and im happy to paying taxes im honest
@ElpidiosantarinDelrosario
4 ай бұрын
I working here in alaska 14 differen5 company i been here since1989 herr in anchorage and im not move in other state only anchorage
@BrentPeterson-dx4fs
2 ай бұрын
If i.were the president American national income would be to the retirement of the aglow white would be approxamently.24,000.000.000.000 trillion annually per year if you were a American with a birth certificate..... with white majority privileges as a first born citizen only Born here in America in the last 276 years.....
@BrentPeterson-dx4fs
2 ай бұрын
And l ment anglow ....not just nothing.....
@BrentPeterson-dx4fs
2 ай бұрын
Who ever said 32,000.000.000. 000 trillion for the back yard White's 😮😅😅😅😅😅
@davidfolts5893
Жыл бұрын
Social Security is the foundation that everything else in retirement planning sits on. Thanks, 90 Days From Retirement, for another outstanding video!🔥🎯♟
@Theretirementnerds
Жыл бұрын
Couldn't agree with you more! Social Security is important to plan around. Appreciate you!
@rdgale2000
Жыл бұрын
I think it would be helpful for some of us if you put up the real dollar amount you would receive around the 'bend points'. Some of us need to see what the numbers are: I.E. NOTE THIS IS AN ANNUAL INCOME AMOUNT! Part 1: $1,115.00 * 90% = $1,003.50 Part 2: ($6,721.00 - $1,116.00) = ($5,605.00 * 32%) = $1,793.60 Part 3: ($160,200 - $6,722.00) = ($153,478.00 * 15%) = $23,021.70 Meaning the MOST I can expect to get from SS is ($1,003.50 + $1,793.60 + $23,021.70) = $25,818.80 PER YEAR or $2,151.57 Per month! That doesn't look right, put could you please check my math to see if I did it right. So the person who only has an average of $4,000.00 a year could expect to get a SS check for $1,926.38 a year from SS or $160.53 per month. I hope your home is paid off.
@Theretirementnerds
Жыл бұрын
We can put together a video around that. A lot depends on someone's income over the top 35 years of income. Your calculations had the right intentions but there are some corrections that need to be made, specifically around moving between annual and monthly amounts. You would need to calculate your Average Indexed Monthly Earnings (AIME) which is summing up to the 35 highest paid years of income adjusted for inflation and then dividing that sum by the amount of months (35 yrs * 12 months = 420). This then gives you the AIME, a monthly amount. You then apply the AIME amount to the "bend points" to get your PIA. Using the PIA, you can then determine your FRA benefit and the benefit you would be entitled to based on your filing age. Again, this is a monthly figure, not annual. You are taking the $1,003.50 + $1,793.60 (=$2,797.43), which are monthly benefit amounts, and then adding in the $23,021.70 as an annual number, dividing it all again by 12. Don't need to do another division by 12. Just need to keep the units the same in terms of months vs years. The SSA does have a max PIA though, which, for 2023, is a $3,627 monthly benefit. The easiest way to see what your PIA would be is to create a My SSA account on ssa.gov (if you haven't already) and it'll all be calculated for you. Hope that helps!
@The442nd
2 ай бұрын
whole lotta yip yap that sounds like the description of a "ponzi scheme"
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