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Feb 12th, 2024
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 Re: Working during retirement and receiving social security.
[Re: huntwest]
#8787688
01/25/23 01:45 PM
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Joined: Apr 2008
Posts: 4,547
TPACK
OP
Extreme Tracker
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OP
Extreme Tracker
Joined: Apr 2008
Posts: 4,547 |
If you're not at your full retirement age drawing SSI and you go over the allowed limit while working, they will tax the H*ll out of you. Something like 2 dollars for every dollar you earned.
But, if you're at full retirement age and working, you can draw SSI and make as much money without any tax issues.
This is what I was told, should still be true. Pretty sure you get that back after turning full retirement age. What is full retirement age? What Is Full Retirement Age (FRA)? Full retirement age (FRA), also known as normal retirement age, is the age at which you can receive full retirement benefits from Social Security. Full retirement age varies depending on the year you were born. FRA is 66 years and two months for people born in 1955, and it gradually rises to 67 for those born in 1960 or later. 1
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Re: Working during retirement and receiving social security.
[Re: S.A. hunter]
#8787720
01/25/23 02:42 PM
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Joined: Jul 2013
Posts: 6,042
tlk
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2013
Posts: 6,042 |
If you’re in good health you should look at going back to work full time to make up for the poor decision to file before your FRA. You will have the right to suspend your monthly benefit if you choose to work full time and your benefit will start growing again all the way to 70 if you work that long, if not start it again at FRA and your check will be much higher and you can work as much as you want because you are not subject to earnings restriction. Lots of folks do not realize that your SS benefit grows at a guaranteed 8% for each year you delay taking it - you have to start takstart taking it at age 70. If you do not need the money to live on then consider delaying to ag 70 The breakpoint is around age 80 that you come out ahead by waiting so you should also take your health and family history into account when making the decision. I start drawing mine this year in May when I turn 70 - with my wife's spousal it ends up being a pretty good chunk of money each year Average lifespan is 80....... \ yes sir - that is why I said you need to take your health and family history into account
You can't fix stupid
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Re: Working during retirement and receiving social security.
[Re: TPACK]
#8787788
01/25/23 04:32 PM
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Joined: Sep 2013
Posts: 485
Uncle Zeek
Bird Dog
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Bird Dog
Joined: Sep 2013
Posts: 485 |
Are any of you working during retirement while drawing a social security check? If you are, what advice can you give to someone who is considering it? I retired in 2020 @ 62 (Not FRA / currently 64) and started drawing my social security in 2021. My old employer just called me and asked if I would return to work. I told them I would consider it, but I was only interested in part time work and could only make 21,240 per the new 2023 SSI guidelines. TIA I posted about this awhile back. Please read and let me know if you have any questions: https://texashuntingforum.com/forum...al-security-my-post-from-tff#Post8487930
"Decency is not news; it is buried in the obituaries - but it is a force stronger than crime" ~ Robert A. Heinlein
Artim Law Firm, PLLC
Estate, probate & taxes
2250 Morriss Road, Suite 205, Flower Mound, Texas 75028
972-746-0758 work
zac@artimlegal.com
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Re: Working during retirement and receiving social security.
[Re: TPACK]
#8787863
01/25/23 06:35 PM
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Joined: Jul 2005
Posts: 3,309
Stump_jumper
Veteran Tracker
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Veteran Tracker
Joined: Jul 2005
Posts: 3,309 |
If you're not at your full retirement age drawing SSI and you go over the allowed limit while working, they will tax the H*ll out of you. Something like 2 dollars for every dollar you earned.
But, if you're at full retirement age and working, you can draw SSI and make as much money without any tax issues.
This is what I was told, should still be true. Pretty sure you get that back after turning full retirement age. What is full retirement age? What Is Full Retirement Age (FRA)? Full retirement age (FRA), also known as normal retirement age, is the age at which you can receive full retirement benefits from Social Security. Full retirement age varies depending on the year you were born. FRA is 66 years and two months for people born in 1955, and it gradually rises to 67 for those born in 1960 or later. 1 Goes up by 2 months per year. So 66 and 6 months for those born in 1957
2017 Tundra 5.7 CM 4x4
2006 Champion 2200 Bay Boat
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Re: Working during retirement and receiving social security.
[Re: TPACK]
#8787916
01/25/23 08:08 PM
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Joined: Apr 2007
Posts: 12,260
deerfeeder
THF Celebrity
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THF Celebrity
Joined: Apr 2007
Posts: 12,260 |
All I know is that at age 72 I was getting my regular dot gov retirement (32 years worth with the feds) and working as an EMT. I had to quit because they were killing me with income taxes. If I had to live on the friggin' meager sum I get from Social Security I would probably look like a Nazi Death Camp survivor. And they are taxing me on that chit too.
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