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@aitonadoni1021
Ай бұрын
Is there an income level for someone who wants to collect SS at 62, but earns high wages, that would leave them at 0 per month, after the penalties?
@toadie1111
3 ай бұрын
Question. If you return to work before FRA and are subject to the penalty, do you get the penalty amounts back at FRA….. or is that taxed money gone forever? Thanks.
@ohiopat
Жыл бұрын
I wasn't going to watch this one and I know some people have to, but I wanted to say---They would have to drag me kicking and screaming to get me to go back to work, and I loved my job.
@MedicareSchool
Жыл бұрын
Thanks for sharing.
@krakhour2
Ай бұрын
This guy never explains that you get more checks so you dont really get a penalty.No your not growing anything by waiting you just have less time on the planet left
@ErickJones-ny8vp
Ай бұрын
But they always go by monthly you can only make about 1,700 annually before taxes
@angelaetress632
Ай бұрын
If you take some income and put it in 401k from your check so you can meet max limits, does that money count as income. ?
@lolalucky6373
Жыл бұрын
I'm right now in big problem bc I apply for social security in April 2022 I was just 65 my retirement was June 30but now I was receiving letter from ss telling that I have to pay bach 4.331 I was choked bc I didn't know that I wasn't full age retirement also they say that I make above 19 thousand I'm so confused need help bc it wasn't my fault I guess😭😭😭🤦🤦🤦
@MedicareSchool
Жыл бұрын
It is up to you when to draw your benefits. Here are educational videos helping explain the implications/differences of when you draw. You can choose to change your mind and opt out of receiving the benefits by contacting Social Security and paying back amounts received. kzitem.info/news/bejne/04l935t9m5tehGk kzitem.infoscGhnoIT-Iw?feature=share4 kzitem.info/news/bejne/yKKVr56rp5-rmKw
@richtaub3124
10 ай бұрын
The working number of 21,000 is property that needs to be raised to $40,000
@m.campbell650
Жыл бұрын
Love your videos! So very helpful!
@MedicareSchool
Жыл бұрын
Thanks so much!
@Squddle
3 ай бұрын
They say I owe them all the payments I received in 2023 starting in may because I made too much money that year, but, I owned my own business and made that money PRIOR to starting to receive my SSA benefits. I am 65. Isn't it true that if you made the money before starting benefits, it doesn't count? Just because it was in the same year doesn't mean I made any of that after starting my benefits.
@krakhour2
Ай бұрын
Must have been a huge wad of money not even close to 22000
@Squddle
Ай бұрын
@@krakhour2 It was resolved in my favor. I had the 1099k that showed the breakdown of how much I made each month. It was all made prior to my applying for social security benefits. Too bad they put it upon the recipient to prove it to them instead of them doing their homework.
@mikecliburn7800
Жыл бұрын
Why do they still take social security n Medicare out of your check after you retire n still working but not increase your social security benefits every year after your full retirement age
@MedicareSchool
Жыл бұрын
It's adjusted if it's one of your top 35 years of work. kzitem.infoD8BNWWTBLUg?si=0Dtow-cRi-y-QVb7
@leavanwinkle1740
Ай бұрын
Hugely helpful, while I am turning 70 in Oct I waited to collect , being self employed my income varied so I waited to take it at 70,
@rsdokc
Жыл бұрын
Excellent 👍 information. I've reached full retirement but am still working and was concerned about the earnings test. Very helpful
@MedicareSchool
Жыл бұрын
Glad it was helpful!
@MedicareSchool
Жыл бұрын
If you have any other questions, or need help getting your Medicare coverage set up correctly, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc
@wisconsinfarmer4742
Жыл бұрын
Almost the same boat. FTA in feb2024. But I am in excellent health and love my job. If I delay the check for a year it is like idelayed interest on an 8% bond every month.
@krakhour2
Ай бұрын
@@wisconsinfarmer4742 Not really cause a bond you can cash out at anytime. But social security may run out by 2033 and you may see decreased payments or the government may cut it out and offer you something less. Like a one time reduced pay out or free tax breaks or free windows and siding. Good luck to us all
@albertalston3400
7 ай бұрын
What about workers Comp
@springalot9820
9 ай бұрын
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.
@jacquelinezapata2921
Жыл бұрын
My FRA is confusing to me. I work and my birthday falls in July. FRA will be January 2024. (66 & 6 months. ) Will I miss out on the calendar year test for extra earned income?
@bills2814
Жыл бұрын
Professor, What happens to the earnings penalty clawback? Is it restored later? Is the penalty really just a deferral?
@MedicareSchool
Жыл бұрын
Your monthly benefit amount is adjusted upward after your FRA to recoup back the $.
@thetrumpetplayer1109
Жыл бұрын
@@MedicareSchool Could you please elaborate on how the earnings penalty taken out of SS benefits is recouped after FRAS?
@cindym7234
6 ай бұрын
I'm confused. What happens the after your FRA and you still work? My husband reaches full retirement age in June 2024. He will be close to $56,000 for the year in June when he starts collecting his SS. If he continues to work the remainder of 2024, will he be penalized? If so, will the penalty continue next year too? Can anybody answer these questions?
@MedicareSchool
5 ай бұрын
If collecting after reaching FRA then you can continue to work as much as you'd like with no penalties. There wouldn't be a max amount that he would be able to make.
@Joel-yt2vf
11 ай бұрын
while you're working you still paying into social security.
@timothyfender1222
Жыл бұрын
So, I was born in 1958 and my FRA is 66 and 8 months. I turn 66 on Mar. 3 2024. If I file for SS say, April 2024, will I get penalized?
@MedicareSchool
Жыл бұрын
If you file before the FRA, it's a reduced benefit amount. At FRA, you receive the full benefit. If you decide to work while drawing benefits: the year of FRA, at 66, you can make $56,520. Every $3 above, ss reduced by $1.
@thetrumpetplayer1109
Жыл бұрын
Hello Timothy, I am where you are. I am still very confused about all this SS and Medicare stuff. I was also born in 1958. The month of August to be exact. My full retirement age is 66 and 8 months which puts me at April of 2025. Double check. I think your FRA/year would be same as mine which is 2025. Not 2024. This can make a huge difference.
@timothyfender1222
7 ай бұрын
@@thetrumpetplayer1109 maybe I am confused on this. I thought 66 and 8 months was 8 months from the date I turned 66. I think that would be Nov. 2024. Am I wrong on my math?
@cindym7234
5 ай бұрын
Your FRA is Nov. 2024, which is when you turn 66 and 8 months. If you collect before then, you'll get a reduced amount forever. If you continue working and collecting SS before your FRA, you'll get penalized if you make more than the allowed amount.
@Wokewoman
Жыл бұрын
What is the name of your company and can I have a virtual appt? I have so many questions because it seems like I hear different information depending on who I talk to. My FRA means that I should retire on Nov 2024. I have so many questions about SS and Medicare and about my pensions. I need to talk to someone reliable. I love your videos. They are easy to follow.
@MedicareSchool
Жыл бұрын
Medicareschool.com Yes, kzitem.infoDNx8YCNua4k?feature=share If you have any questions please, feel free to give us a call at 800-864-8890 or schedule a free appointment here: www.medicareschool.com/talk-to-a-guide?rc
@garybollrud8968
9 ай бұрын
How likely is S.S.willing to work with you on extended pay back arrangements if you receive an overpayment letter?
@MedicareSchool
9 ай бұрын
Contact your local Social Security Administration for further assistance
@johnensslen
Жыл бұрын
If I retire on the age of 68 years of age past my full retirement age.Will I have earnings test? I will be 68 years of age on 10/25/2027.
@MedicareSchool
Жыл бұрын
No Earnings Test at or past your FRA.
@chrisferretti7020
Жыл бұрын
Remember you don't lose the money taken from your earnings test, you get it back at FRA but, of course, because it's social security the calculations can be complicated.
@MedicareSchool
Жыл бұрын
That is correct.
@karen4stars
Жыл бұрын
Can you explain that formula. I have already had it witheld 9 months for going over earnings limit in the past 2 years. How will i get it back?
@MedicareSchool
Жыл бұрын
Your monthly benefit amount is adjusted upward after your FRA to recoup back the $.
@Doyle-nu5el
11 ай бұрын
IT IS PAID BACK OVER TIME AND YOU WILL NEVER BE SURE YOU HAVE GOT ALL OF IT BACK!!!!!! THE RULES AND CALCULATIONS ARE SO COMPLICATED IT IS BEST TO JUST NOT GO OVER THE LIMIT!!!!@@karen4stars
@krakhour2
Ай бұрын
@@MedicareSchool Then why dont you mention this and explain how you can make over the amount to survive and enjoy what time you have left. Nobody knows you expiration date
@Joel-yt2vf
11 ай бұрын
You pay into social security while you're still working. You get penalties for going over the limit. My question is where does the money that was taken out for social security go?
@MedicareSchool
11 ай бұрын
My team would be happy to assist you. Give us a call at 800-864-8890 or schedule an appointment at www.medicareschool.com
@eddiemckinney8385
Жыл бұрын
Thanks for all you share with us
@MedicareSchool
Жыл бұрын
You bet!
@howardhughes4920
Жыл бұрын
21500 in 2023 how much increase in 2024
@markbentien8094
Жыл бұрын
Hi, love your videos! Are you sure there's never a monthly amount to exceed when working and drawing SSI? For instance, I'll be 63 in January, I'm thinking about taking SSI in January, and working until the end of May. That would put me right at $22,000 for the year. Can I do this?
@MedicareSchool
Жыл бұрын
Reach out to your local Social Security Administration for assistance
@TC-eo5eb
4 ай бұрын
SSI is not the same as S/S. SSI is for people with disabilities and not tied to income.
@MrCPPG
Жыл бұрын
Do funds withdrawn from a Roth IRA after 59 1/2 count as part of MAGI for medicare premium determination purposes?
@MedicareSchool
Жыл бұрын
Yes, your Roth conversion could increase your Part B and D premiums so consider talking with a financial advisor or tax professional before you do any Roth conversions. That way, you can decide the timing and amount based on your overall financial picture and goals.
@MrCPPG
Жыл бұрын
@@MedicareSchool There is two year lookback on that for magi ? Say if I wanted to make any large purchases (car etc) I should do it before age 63?
@jhasemi
Жыл бұрын
That’s what I do? Working beyond full retirement age and collecting social security.
@MedicareSchool
Жыл бұрын
Thanks for sharing.
@wisconsinfarmer4742
Жыл бұрын
That is a sweet spot.
@fionpica7406
Жыл бұрын
Great information - thank you.
@MedicareSchool
Жыл бұрын
Glad it was helpful!
@debrabrady8476
Жыл бұрын
Videos are very helpful just not sure if I'm quite st the retirement age to be able to work part time and it not effect my social security, because I really rely on it to help me make it each month.
@MedicareSchool
Жыл бұрын
Here are educational videos to help you: kzitem.info/news/bejne/04l935t9m5tehGk kzitem.infoscGhnoIT-Iw?feature=share4
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