Getting Social Security and working

[Tom D]

You can take medicare at the normal retirement age, and skip the you getting ss till 70. That is a savings, i did that.

 

[ZZGAMAZZ]

I'm planning ahead. If I get Social Security when I turn 62, can I continue doing appraisal work?
For those who retired, is there a limit in earned income before it's detrimental.

Beginning circa 2014 at approx age 65 I worked full-time as a salaried employee for Riverside County while collecting full SS benefits. I argued with SS when the benefits were first offered to me, although I caved in to collect an additional $30,000 a year in addition to my full-time County salary. Lots of so-called facts about SS are bogus; and the 30-year quallifying period is difficult to analyze because of the longevity factor, i.e., I received more benefits based upon the $2,000 annual income in 1975 than the $100k IN 2014. [Working for the County paid into SS while also earning 3% per year of Calpers retirement. And I maintained my appraiser license those 10 years while working about 4 jobs a year 2008 - 2018. Thank God.









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[ZZGAMAZZ]

You can take medicare at the normal retirement age, and skip the you getting ss till 70. That is a savings, i did that.

i think the benefits increase about 8% annually for every year that one postpones it up to age 70.

 

[Tom D]

They have now raised the income level that you can make while getting ss, so it's not taxed as much.

 

[Fernando]

Elon said social security is a ponzi scheme. That's terrible. I don't like ponzi schemes.

 

[sputnam]

Elon said social security is a ponzi scheme. That's terrible. I don't like ponzi schemes.

It's not exatly a Ponzi scheme but.. it is close. The money that you receive in retirement or other benefits isn't the earnings from the money you 'invested' during your work life. It comes from money being paid in by younger workers now.

 

[Mark K]

They have now raised the income level that you can make while getting ss, so it's not taxed as much.

They raised it to about $23K from 62 until your full retirement year. During the year you reach FRA, you can make $62K. After your FRA, you can draw SS and your other income is unlimited.

 

[Fernando]

MSN

Working While Receiving Social Security Retirement Benefits: What You Should Know​

If you're working, collecting Social Security benefits and below your full retirement age, your benefit payment will be reduced. The SSA will withhold $1 from every $2 you earn above the annual limit. For 2025, it's $23,400.

 

[Terrel L. Shields]

you will get more,

assuming you will live to be about 75. Time value of money issue.

 

[Bobby Bucks]

MSN

Working While Receiving Social Security Retirement Benefits: What You Should Know​

If you're working, collecting Social Security benefits and below your full retirement age, your benefit payment will be reduced. The SSA will withhold $1 from every $2 you earn above the annual limit. For 2025, it's $23,400.

There is a facebook group on SS with thousands of members and this particular topic is one with answers all over the place and a wide range of opinions. It's probably best to have an accountant give you specific advice and tips on how to minimize the tax.