This video discusses four unexpected ways you could lose your Social Security benefits. Several of these you may be unaware of but are very important to note. These include: Taxes on Social Security Social Security Earned Income Limits Garnishment of Social Security benefits Taking benefits at the wrong time Important Links: Follow Me on Instagram: Free "Retirement Ready" Checklist: 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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4 Ways You Could Lose Your Social Security Benefits Social Security benefits play a crucial role in providing financial support to millions of individuals throughout their retirement years. Yet, there are certain circumstances that could lead to the loss of these benefits. In this article, we will discuss four common scenarios that could result in the loss of your Social Security benefits. 1. Earning too much income One way you could potentially lose your Social Security benefits is by earning too much income while receiving them. If you are below full retirement age and working, the Social Security Administration applies an earnings test. In 2021, if your income exceeds $18,960 before reaching full retirement age, your benefits will be reduced by $1 for every $2 earned above this threshold. Once you reach full retirement age, this reduction no longer applies. 2. Failing to report a change in marital status Your marital status can impact your eligibility for Social Security benefits. If you receive benefits as a spouse or a widow(er) and remarry before the age of 60, you will generally be ineligible to continue receiving the benefits based on your former spouse's or deceased spouse's work record. However, if you remarry after the age of 60, your benefits will generally not be affected. 3. Returning to work while receiving disability benefits If you are receiving Social Security Disability Insurance (SSDI) benefits and decide to return to work, you may risk losing your disability benefits. To continue receiving these benefits, the Social Security Administration requires that your earnings remain below a certain threshold. In 2021, this threshold is $1,310 per month for non-blind individuals. If your earnings exceed this amount, your disability benefits may be discontinued. 4. Committing fraud Engaging in fraudulent activities related to your Social Security benefits can lead to serious consequences, including the loss of your benefits. Examples of fraud include providing false information on your application, continuing to receive benefits when you are no longer eligible, or failing to report changes that could affect your benefit amount. If found guilty of fraud, you may have to repay any benefits received, face fines, or even be subject to criminal charges. In conclusion, while Social Security benefits offer a valuable safety net for retirees, it is important to be aware of the circumstances that could result in their loss. By understanding these four common scenarios – earning too much income, failing to report a change in marital status, returning to work while receiving disability benefits, and committing fraud – you can take appropriate measures to protect your benefits and ensure financial security throughout your retirement years. Remember, staying informed is crucial for maintaining the benefits you have worked hard to earn. https://inflationprotection.org/four-ways-you-might-forfeit-your-social-security-benefits/?feed_id=128626&_unique_id=64df42610b5f0 #Inflation #Retirement #GoldIRA #Wealth #Investing #garnishsocialsecurity #socialsecurityincomelimits #taxesonsocialsecurity #taxesonsocialsecurityatfullretirementage #taxesonsocialsecuritybenefits #whentofileforsocialsecurity #whentofileforsocialsecuritybenefits #SpousalIRA #garnishsocialsecurity #socialsecurityincomelimits #taxesonsocialsecurity #taxesonsocialsecurityatfullretirementage #taxesonsocialsecuritybenefits #whentofileforsocialsecurity #whentofileforsocialsecuritybenefits
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