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Social Security Pros & Cons

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Lynne

Member
Joined
Jul 25, 2006
Professional Status
Certified Residential Appraiser
State
Florida
I'm seriously considering taking early retirement $ benefits 01/2018. I was told by SS I may still earn $16,000 without a penalty. Has anyone had experience with this?

I have an appointment scheduled at my local office and not sure what to ask about the penalties if I earn more. I don't want to stop appraising I want to have less stress and cherry pick from lenders and/or take more GP work. My fear is insurance.....as long as hubby stays healthy and has insurance thru his work for the next 3.5 years I'll qualify for Medicare.

Any and all responses are welcome.
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
I think the number is 15,250. For every two dollars above that amount you lose one dollar in your SS benefit payment.
 

Lynne

Member
Joined
Jul 25, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Thanks for the response!

When I made the appointment yesterday I was quoted my penalty will start after $16k + a bit more. What I don't understand (making a list of questions) is if I I make say $17,000 in 2018 and as you say "For every two dollars above that amount you lose one dollar in your SS benefit payment". Is that a permanent change to my SS benefit payment...or is more like an IRS issue with quarterly payment changes?
 

BRCJR

Elite Member
Gold Supporting Member
Joined
Sep 20, 2005
Professional Status
Licensed Appraiser
State
Virginia
Check SSA web site for FAQ's
 

Lynne

Member
Joined
Jul 25, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Thanks again for your response BBCJR. I have an appointment scheduled in October.

I started this thread hoping for real-life experiences from appraisers who have made the choice To or Not To take the benefits.

Any and all responses are welcome. Please PM me if you do not want to post on an international forum.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I started this thread hoping for real-life experiences from appraisers who have made the choice To or Not To take the benefits.

I am 70 years old but I started drawing Social Security at 62 (2009). My income from appraising dropped so I needed the income. That $16,000 applies to earned income (subject to Social Security tax).
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
I started early too, and have few regrets, Who knows what future holds?
The penalty you mentioned applies for that year only, you start fresh following year.
BTW.... After ?68? or so, you can earn as much as you like w/o any penalties -- other than paying income tax. :(
 

Lynne

Member
Joined
Jul 25, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Thanks so much this is the feedback I was hoping for!!!
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Lynne, when are you going to die? Its easy to calculate then. My doctor use to tell me in 50 years science will make so many improvements, people will live forever.
From 66 to 70, your monthly check increases about 7% per year, assuming you've got lots of quarters in.

I would never dispute any tax advice from Riick, but I'm a non-attorney spokesperson, and I found this:



I am 68 years old, collecting Social Security and still working full time. If I stop working next year and just work part time, how much am I allowed to earn without paying the high taxes?
Advisor answers

Johanna Fox Turner

CPA, CFP®
If you are single: If your combined income, defined as your AGI (Adjusted Gross Income) + nontaxable interest + 1/2 of your Social Security benefits (SSBs) is:

  • Below $25,000: no tax on SSBs
  • Between $25,000 and $34,000: up to 1/2 of SSBs are taxed
  • Over $34,000: up to 85% of SSBs are taxed
If you are married filing jointly: Same rule for determining taxable income and the brackets for combined income are:
  • Below $32,000: no tax
  • Between $32,000 & $44,000: up to 1/2 taxed
  • Over $44,000: up to 85% tax...
 
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