Are you referring to the limitation on earned income between 62 and 66?

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Jul 29, 2021
3:22:32pm

hitechcpa All-American

Are you referring to the limitation on earned income between 62 and 66?

If you are a W2 employee, that can be a problem. If you have earned income over about $16,000, then for every $2 over, I believe SS is decreased by $1. I understand that at 66 (or 67), this withheld SS is returned to the taxpayer, but I've not looked into it.

If you are self employed, like me, then it just takes some income management.

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hitechcpa

Bio page: hitechcpa
Joined: Jul 11, 2005
Last login: May 2, 2024
Total posts: 2,991 (19 FO)

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Messages

Author

Time

POLL: At what age do you plan on taking your SS payments?

kccougar Intervention Needed

7/29/21 2:18pm

won't be a thing when I go to retire.

Mayor of Cougartown

7/29/21 2:19pm

Yes it will

LiveCoug

7/29/21 2:19pm

I think he's 7 years-old

Conan

7/29/21 2:34pm

Um, have you seen our government lately? Who do you think is going to remove benefit payments?

kccougar

7/29/21 2:20pm

good point. won't stop unless china demands payment or will invade.

Mayor of Cougartown

7/29/21 2:21pm

How much debt is to China? Spoiler.. less than people think.

cougcoug3

7/29/21 2:32pm

Much, much less

7/29/21 2:35pm

Demand payment in dollars?!? That ain't hard to pay

TomPetty

7/29/21 2:32pm

How come? Even if nothing is done and it becomes a pay-as-you-go plan in 11-14

basman

7/29/21 2:22pm

You mean because of UBI? 🙂

TomPetty

7/29/21 2:23pm

This thought is insane

JOPE

7/29/21 2:29pm

I know I'm must messing around. With how no one saves we'd have starving oldos

Mayor of Cougartown

7/29/21 2:44pm

But the 30 or 40% who don't save help the others get rich

TomPetty

7/29/21 2:52pm

MOre like 80-90%

7/29/21 3:02pm

Most people save some money after age 45.

TomPetty

7/29/21 3:46pm

Not go away completely, but I could see the govt saying you don’t qualify if

stenso

7/29/21 3:39pm

Never. There will not be any by the time I retire

7/29/21 2:19pm

RE: POLL: At what age do you plan on taking your SS payments?

7/29/21 2:19pm

What are these payments you speak of?

Ironhide

7/29/21 2:20pm

Yeah, because the federal government has shown they are really interested on reducing handouts.

kccougar

7/29/21 2:21pm

I'm just not planning on it.

Ironhide

7/29/21 2:22pm

There will be SS. The currency will just be so inflated that the distribution

Backcountry

7/29/21 3:20pm

Because government has shown a great propensity to limit handouts.

kccougar

7/29/21 3:23pm

And destroy currency

Backcountry

7/29/21 3:50pm

RE: POLL: At what age do you plan on taking your SS payments?

MormonDevil

7/29/21 2:20pm

I wasn’t going to take it until 70, but am doing it at 67 so that it can go

Nat Gas Man

7/29/21 2:20pm

A SocSec expert told me that 67 is the break even point

Florwood

7/29/21 3:06pm

Yep, it is 8% addition for each year. The vast majority take it at 62

Nat Gas Man

7/29/21 3:12pm

about 72.

Belboz

7/29/21 2:27pm

If my math is correct (and my math is rarely correct)

Sea Chicken

7/29/21 2:48pm

what interest rate and inflation rate are you using?

TomPetty

7/29/21 2:54pm

I'm not using any interest rate or inflation rate.

Sea Chicken

7/29/21 2:55pm

Life expectancy at 65 is 19 years for a male (+/- for health and improvement)

TomPetty

7/29/21 2:55pm

I expect to live past 90

Sea Chicken

7/29/21 2:58pm

Looking at the rules, if I am still working before age 67 my payout is reduced so that changes everything

Sea Chicken

7/29/21 3:04pm

At 62, the payout is 75% of the amount at age 67. At age 70 the payout is 125%.

hitechcpa

7/29/21 2:48pm

I've been thinking along those lines but how do you account for lost income between 62 and 67?

kccougar

7/29/21 3:09pm

Are you referring to the limitation on earned income between 62 and 66?

hitechcpa

7/29/21 3:22pm

Yes, and what do you mean by income management?

kccougar

7/29/21 3:24pm

I'm not going to put that into writing. But, I have a spouse and we file joint.

hitechcpa

7/29/21 3:26pm

Is venemous viper your previous board name?

kccougar

7/29/21 3:37pm

No, but I've been referred to as such.

hitechcpa

7/29/21 6:31pm

Given average life spans it equates to the same money IIRC

Nat Gas Man

7/29/21 3:25pm

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