In this video I'll be covering the earnings limit rules that’ll be effective for 2022 and then answer some of the top questions that I’ve been asked since I made the 2021 update video. 🔥🔥 Get the Ultimate Social Security Cheat Sheet! It takes the essential information from the 100,000 page Social Security website and condenses it down to just one page! 🔥🔥 📊 Get a customized Social Security filing plan. Start with a complimentary 15-minute consultation with my team of Registered Social Security Analysts ➡️ Want to take a deeper dive into investment management and financial planning with Devin and his team? -- Video: Social Security...What Counts As Income? → Financial Advisors! Become an RSSA and discover how Social Security expertise can unlock massive opportunities for your practice -- 🧑💻 Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn: ✔The Most Important Factors to Consider BEFORE You File for Benefits ✔Why Filing Early Can Be the Best Strategy ✔Why This Is The Biggest Decision of Your Retirement Access the workshop today at this link ➡️ Get a copy of my newly revised book here -- ➡️ Simple Questions? Join my FREE Facebook Group! ➡️ If your question is about the WEP/GPO, join this Facebook group instead See Disclosures Below ⭐⚠️⭐Please read this⭐⚠️⭐ I am an actual practicing financial planner, but I'm not YOUR financial planner. Don't take what I say as specific advice for your situation. Please consult with your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇 ---------------------------------------------------------------------------------------------------- ⚠️I am not an attorney or SSDI advocate. Furthermore, since I don’t really know you, I can’t give you advice. Please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. -----------------------------------------------------------------------------------------------------...(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
2022 Social Security Income Limit: What You Need to Know Social Security is a government program that provides financial support to retired and disabled individuals. The Social Security Administration (SSA) sets certain income limits to determine eligibility and benefit amounts for recipients. As we dive into the year 2022, it's important to understand the changes and updates to the Social Security income limit. For 2022, the maximum amount of earnings subject to the Social Security payroll tax is increasing. The new income limit for Social Security taxes is $147,000, up from $142,800 in 2021. This means that if you earn more than $147,000 in 2022, you will not have to pay Social Security taxes on the additional income. Additionally, for those who are already receiving Social Security benefits and have not yet reached full retirement age, there is an income limit in place to consider. If you earn above a certain threshold, a portion of your Social Security benefits may be withheld. For individuals reaching full retirement age in 2022, the limit is $50,520 per year, or $4,210 per month. If you earn more than this limit, $1 of your benefits will be withheld for every $3 you earn above the limit until the month you reach full retirement age. Once you reach full retirement age, there is no limit on how much you can earn without it impacting your Social Security benefits. It's worth noting that the income limit only applies to earned income, which includes wages, self-employment income, and bonuses. Other sources of income, such as investment income, pensions, and rental income, do not count towards the earnings limit. It's also important to understand that the income limit is not the same as the income threshold for tax purposes. The income limit for Social Security is specific to determining benefit withholding, while the income threshold for taxation purposes is determined separately by the IRS. For those considering continuing to work while claiming Social Security benefits, it's essential to understand the potential impact on your income and benefits. It's advisable to consult with a financial advisor or the SSA directly to fully comprehend the details and make informed decisions. It's important to stay updated on any changes to Social Security income limits as they can affect your financial planning. Changes to the limits are typically announced well in advance, allowing individuals time to prepare and adjust their income accordingly. Social Security benefits play a crucial role in many retirees' income, so understanding the income limit is key to maximizing those benefits. By keeping yourself informed and seeking professional advice if needed, you can effectively navigate the Social Security system and ensure you make the most of your hard-earned benefits. https://inflationprotection.org/social-security-income-threshold-for-2022/?feed_id=115746&_unique_id=64ab1b7fdcde9 #Inflation #Retirement #GoldIRA #Wealth #Investing #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability #SpousalIRA #DevinCarroll #Retirement #retirementplanning #socialsecurity #socialsecuritydisability
Comments
Post a Comment