That's exactly what I'm planning to do. I want to retire from my main job and just keep working part time in my hobby an other stuff that I can make money on at 62. I just don't want all that time in my hands. It would only be for like 4 hours a day or so. Thanks for the video. Subscribed.
@jaysilver9193
6 ай бұрын
This is the clearest explanation of how this works that I have seen. Thank you!
@bosstime2010
5 ай бұрын
Great info. I have called the social security office twice and both people have told me this isn't true. I'm not questioning you, I'm questioning the people they have answering the phone.
@freddielee8500
Жыл бұрын
Only the federal government could take something that should be fair and simple and make it unfair and incredibly complicated. If we maintain employment and contribute to society and continue paying taxes we are penalized for it.
@maggiemmoore
Жыл бұрын
If one takes early retirement due to cancer because one needs money, it is understandable. No? If one then has to return to work the following year, one pays high penalty. At the same time one is continuing to pay into SS in every paycheck. That is totally ignored by SS.
@anniesshenanigans3815
5 ай бұрын
@traybern 70 is for 'delayed' retirement. 67 is full retirement age, which means you can make any amount you want. I guess over the years they changed the wording.
@krakhour2
23 күн бұрын
@@anniesshenanigans3815 Yeah if you are still able to work at a physical job at 67 with a boss that will expect not 1 less than a 20 year old in production.
@anniesshenanigans3815
23 күн бұрын
@@krakhour2 true. I don't plan to. I want a job like the 80 yo politicians. Work 2 hours a day. Take off whenever you want. Blame everyone else when you screw things up
@J_Neighbor
8 ай бұрын
I was aware of how this worked, but this is the best and clearest explanation I have heard, and I thank you!
@dealbreak
8 ай бұрын
Great video. I always knew you recouped the penalty but not the specifics. Well done.
@JK-xl7un
2 ай бұрын
That was helpful. I'm thinking of starting my SS at 64 as opposed to FRA of 67. My family history and health indicate an early exit from this mortal coil so rather than wait until FRA for the full amount I think having some money now for savings and quality of life is a good trade off. And if I do go over the income limit and the SS holding a few months a year may be worth it. Thank you.
@lindawills9184
Жыл бұрын
Thank you so much you are so smart and informative I understood it perfectly clear about what you said thank you and God bless
@louisz8951
Жыл бұрын
You forgot to mention the calculation on the year that you meet your FRA. On that year, the threshold is 51k. So, if your FRA is in April 1st and you work those 3 months and you earned income is less than 51k, you don't incur a penalty.
@krakhour2
23 күн бұрын
It is 61600 in 2025
@krakhour2
23 күн бұрын
Thats not the problem the smaller amount increases much less than the larger amount as it is a percentage. The 62 to 66 people get 23200 and the 66 to 67 get 61600. Why not gradually make it 10 k more a year instead . 62 gets 23200 then 63 gets 33,200 and so on. That would be more fair so that you can save for when your in your 80s, but they dont seem to care if you run out it is insane . By 2050 half the population will be retiring is what the say. People not having families cause of cost thats why I am gonna take mine early and the fact they are giving beenfits to illegal aliens. How fair is that. Government out of control
@perrynillup
6 ай бұрын
Best explanation ever, thanks
@marypohja2812
2 жыл бұрын
thank you as always for this info
@kkw4904
Жыл бұрын
I am 69 and still paying a $40,000 penalty. $400 a month. I have 2 yrs left to pay. I’m working only to pay them. Are u saying this should have stopped at age 66????
@Tarkus826
2 ай бұрын
They did not withhold any full months to get paid back. They are taking 10% per month until paid off. The payoff runs past FRA so not sure how that affects the refund from them.
@stanrosenfield1116
Жыл бұрын
Question: if you turn on your benefits early, and you're into your 2nd or more year of receiving benefits, can you still suspend your benefits, down the road at normal retirement age, in order to receive an additional 8% per year until age 70? I read you can, called CSR, claim early-suspend-resume; however, when I call SSA, the agent tells me no, stating because I filed early, I lose the right to suspend at normal retirement age.
@ericeandco
2 жыл бұрын
Excellent
@fladave99
11 ай бұрын
I owed 3500 and they let me pay it off over a year
@dgrove627
6 ай бұрын
However, my girlfriend too her ex husband’s (deceased) social security at 62, not hers. She is not taking her social security.
@krakhour2
23 күн бұрын
It is unfair cause they say they dont make partial payments but then like in the example they are willing to give back the refund in a partial added to your normal benefit. They just want to control the money you have paid in and that is unfair and always has been, Who even sets the income limit. How is it calculated. Not fairly. Because if you 65 and 10 months and only a year away from FRA the guy at 62 can make as much as you it doesnt change till your FRA year which is subject to your birthdate. Why such a low amount anyway 23,200 was what it was raised in 2025 and you can buy much with that. When I ask them they say social security is suppose to keep you from poverty only. I think it was devised for the government to take more out of your check and spend it on what they want and hope you die before giving much of it back
@kennethrainero8664
3 ай бұрын
What if you make more than your "best 35" while your takeing SS at 62, does that increase your benefits at FRA also, with the payback from the penalty
@ElParacletoPodcast
Ай бұрын
Thanks for the clarification, but ss has to go, this is insanity.
@krakhour2
23 күн бұрын
Your insane dude. Work all my life for it. Not gonna stiff me at a year away
@irishalbino9308
4 ай бұрын
They know a certain number will die before fra, saving them money.
@curtzimmerman
Жыл бұрын
Hi. Very informative maybe you can help. Born July 56. I believe full retirement age November 22. Started claiming at 62. Was working some so about 20 months withheld . Anticipated todays payment, 2/8/23 to be adjusted for all the withheld months but it didn’t . When I try calling ssa the agents find the question too complicated and don’t have an answer. Any ideas? Thanks
@paulallentaylor6034
2 жыл бұрын
I started my benefits at 62. I did incur a penalty but how much I can't find. I have reached FRA at 66-4 mos as of July 31 2022. It doesn't seem that its taking place for the August payment. I read that they won't do the recalculation until the payment for January 2023. True? How long do they take to do the recalculation? Thanks
@greenbushfinancialgroup
2 жыл бұрын
Hi Paul. Thank you for the question but I'm not sure on the timing of the recalculation. If anyone has experienced this recently, please leave a comment below...... (Comment is for education. Not advice)
@paulallentaylor6034
Жыл бұрын
@T Raybern As in my earlier message, I started collecting at 62, but had money withheld due to over earning. I was told once I reached FRA the money withheld will come back to me in some manner. I dont know how much was withheld. I thought I might see a message regarding this. I have not. A call placed to speak with someone may be the only way to answer my question.
@mishkalarsoncreations
Жыл бұрын
I’ve heard of people not having the reduction happen for years - so confusing
@marymem9864
11 ай бұрын
@@mishkalarsoncreations I think it can take SS years to realize it.
@anniesshenanigans3815
5 ай бұрын
So explain why 67 is called FRA, but the FULL benefits you can get are not until you DELAY PAST FRA at 70? I do not understand why they use these terms.
@ForestToFarm
5 ай бұрын
I will attempt this. Fra is 67 and the point that you can earn as much as you want and no longer get a penalty. Then if you wait till some time past 67 they will basically give you a bonus increase for waiting past that full retirement age up till you reach 70. 70 is the cutoff and no further increases will occur. Hope that helps. Terry
@davidleonard4925
4 ай бұрын
What about if its a survivor benefit that you take before yout FRA? Do you still get penalty back?
@keithmachado-pp6fv
3 ай бұрын
What happens if you start SS while still working and have some zero income years in your calculation. Does the calculation reset each year so you get more as the zero income years drop off. Also how does 401k contributions impact the penalty calculation. Example what if you eliminate all your income by 401k and IRA contributions.
@krakhour2
23 күн бұрын
I tried that the guy screamed at me saying it is still income no matter if you put it in a 401k or not. So they dont care it will show up on your taxes and it will help your taxes until age 72 and thats all it is good for. 401k is a way just to delay further taxes while not being able to spend. Government wants all your money
@davidthompson9359
8 ай бұрын
Thank you for the informative video. Question: I've heard if you don't tell Soc Sec to defer your retirement they will automatically enroll you at 65 even though you are not at your retirement age of 67. Is this true, does Soc Sec automatically assume you will take your social security payments?
@greenbushfinancialgroup
8 ай бұрын
Social security does not automatically turn on your SS benefit at age 65. You have to formally apply to begin receiving your SS payments. (Education. Not advice)
@krakhour2
23 күн бұрын
@@greenbushfinancialgroup Correct and your not due anything till 67 and by then it may be raised till 69
@benzo430
3 ай бұрын
how long would take to recoup the held money after 67 if you worked let's say a whole year or would you be better off just waiting a year to file
@robinflory6109
Жыл бұрын
I received a letter from social security today. It said my December payment would come on or about January 18th. What the hell? Didn't get December payment.
@carolynunderwood2511
3 ай бұрын
😊lpp mlmlml@traybern
@krakhour2
23 күн бұрын
if you just started they delay till next month for working you into system
@ItsEverythingElse
11 ай бұрын
Doesn't it take until about age 79 for you to get all the withheld money back? Taking SS when you're still working with a good wage makes no sense.
@krakhour2
23 күн бұрын
Not true. There is a good chance that this election they will raise the retirement age to 69. If you havent signed up then you will have to wait all over again for 2 more years while some 62 year old gets paid for sitting at home and collects cola raises.
@michaelford746
7 ай бұрын
I just turned 66 this week. my FRA is 66 and 8 months. if I file tomorrow at 66 will I be penalized from now on or does it change to full benefit at 66.8
@greenbushfinancialgroup
6 ай бұрын
Anytime you file prior to the month of your full retirement age, they reduce your benefit, even if it’s by only a few months. (comment for education not advice)
@sarahnovack8350
11 ай бұрын
i am on a payment plan i will not be done with the plan until 8 months past full retierment at 66.6 which will be in jan 0f 24 do i finish paying them and then they recalculate .?
@lkjmpb
8 ай бұрын
If I retired @ 63 but starting drawing SS in June, but worked the 1st 5 months , does maximum earned matter ? Im over 3000.00 due to my work prior to drawing starting June 2023. Also does teacher retirement count?
@greenbushfinancialgroup
6 ай бұрын
Yes, any earned income leading up to the date that you file for Social Security, if you file prior to full retirement age, will count towards the earned income penalty (comment for education, not advice)
@SunnyIlha
Жыл бұрын
They recalculate immediately upon when you STOP working? Had the person started it at 62?
@SunnyIlha
Жыл бұрын
@T Raybern You ARE dumb!! When you STOP working at 62, or whichever year you stop working, it should NEVER be penalized at any time IF AGAIN working further beyond the year the benefit is taken at it's calculated amount based on the age it's taken! AND *furthermore* , it should be RESTORED to 65, *100%* AND if one works BEYOND 65 Retirement Agedness, there should be NO PENALTY *AT* *ALL* applied! Why? Because the individual has ALREADY *PASSED* the Worker RETIREMENT AGE !
@michaelandreas2177
7 ай бұрын
will BEGIN TO BE refunded to you at FRA
@SunnyIlha
Жыл бұрын
67?? That's almost *SEVENTY* years old!!
@SunnyIlha
Жыл бұрын
@traybern 67 is almost 70 years old. Retirement Agedness should be returned to 65 where it should stay set.
@bostonc5827
Жыл бұрын
What mean earn income. If i am 1099 . Self-employmee. Gross income is 32000 but net is 18000 .i am retired 62.
Пікірлер: 61