This video discusses the Social Security Annual Earned Income Limit and working while collecting Social Security. The video discusses first year exceptions to the earnings limit, often called the Monthly Earnings Rule, or the "Grace Year" exemption, how this exemption is applied if you earn more than the monthly limit in any given month and what happens to spousal and child benefits if your benefits are suspended due to excess earnings. The video ends with a discussion on what constitutes earnings in the eyes of the SSA. FREE Retirement Ready Checklist: Holy Schmidt Book Club: Important Links: Follow Me on Instagram: Geoff's Facebook Page Federal Reserve Board Survey of Consumer Finances: Social Security Administration Application for Benefits Current Social Security Cost of Living Adjustment Social Security Payment Estimator THE CHANNEL’S MOST POPULAR VIDEOS Should You Take Social Security at Age 62 and Invest it? 7 GOOD REASONS to File for Social Security Benefits at Age 62 Average Retirement Savings by Age 60. Are You Almost Ready to Retire?!? The BEST AGE to File for Social Security Retirement Benefits 3 Social Security "Little Known Facts" That Are REALLY Important Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider....(read more)
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As the population continues to age and life expectancies increase, more and more people are choosing to work even after they become eligible to collect Social Security. For many individuals, this can be a great way to supplement their retirement income, stay active and engaged, and enjoy the sense of purpose that comes with work. If you are considering working while collecting Social Security benefits in 2023, there are a few things you should keep in mind. First, it is important to understand how your earnings will affect your benefits. For example, if you are younger than full retirement age (which is currently 66 or 67, depending on your birth year), your benefits may be reduced if you earn more than a certain amount each year. In 2023, the earnings limit for individuals younger than full retirement age is expected to be around $18,960. It is also important to note that if you do work while collecting Social Security, you may be subject to income tax on some or all of your benefits. The amount of tax you owe will depend on your income level and other factors, so it is wise to consult with a tax professional to understand your specific situation. One potential benefit of working while collecting Social Security is that it can help you delay taking your benefits until a later age, when you may be eligible for a higher monthly payment. For example, if you delay taking your benefits until age 70, you could receive up to 8% more each year than if you had started collecting at your full retirement age. Another thing to consider when working while collecting Social Security is how your employment may impact your health care coverage. Depending on your job and your employer, you may be eligible for health insurance through your workplace, or you may need to obtain coverage through other sources. Be sure to research your options carefully to ensure that you have the coverage you need. Ultimately, the decision to work while collecting Social Security is a personal one that will depend on your individual circumstances and preferences. If you are considering this option, be sure to do your research, consult with a financial advisor or other professionals as needed, and carefully evaluate how it will impact your finances and overall well-being. With the right planning and preparation, working while collecting Social Security can be a great way to enjoy a fulfilling and financially secure retirement. https://inflationprotection.org/working-and-receiving-social-security-benefits-in-2023/?feed_id=83553&_unique_id=6428636ad09b7 #Inflation #Retirement #GoldIRA #Wealth #Investing #graceyear #graceyearexception #socialsecurity #socialsecuritybenefit #socialsecuritybenefits #socialsecurityearningslimit #socialsecurityearningslimit2022 #socialsecurityearningslimit2023 #socialsecurityearningslimitthresholds #SocialSecurityearningslimits #socialsecurityearningstest #SSI #workingwhilecollectingsocialsecurity #workingwhilecollectingsocialsecurity2023 #SpousalIRA #graceyear #graceyearexception #socialsecurity #socialsecuritybenefit #socialsecuritybenefits #socialsecurityearningslimit #socialsecurityearningslimit2022 #socialsecurityearningslimit2023 #socialsecurityearningslimitthresholds #SocialSecurityearningslimits #socialsecurityearningstest #SSI #workingwhilecollectingsocialsecurity #workingwhilecollectingsocialsecurity2023
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