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Comments

ss benefits

February 13, 2011 by Guest

i recieve ss benefits and i am only allowrd to gross 1000.00 a month my rfent is 830.00 it is not enough employers are very upset when we have to cancel out of work i think that maybe 2000.00 might be doable gross earnings /month lets all get togethet see what we can do ty fla

Spousel benefits and early retirement

March 2, 2011 by Guest

My full retirement age is July, 2012 and my wife's is Dec, 2011.
If I apply for early retirement July, 2011, can I suspend my payments so my wife can receive spousel benefits?

another option is to wait til my wife reaches full reetiremnt and then retire and suspend my payements.

I have called twice and received 2 deifferent answers.
Thank you
dlk

File (claim) and suspend

March 4, 2011 by David Luhman

Here is an article on this strategy. Note the strategy is best when the couple have quite different (high/low) earnings records.

https://retirementplans.vanguard.com/VGApp/pe/pubnews/FileAndSuspend.jsf

federal tax deductions

March 6, 2011 by Guest

Last year I did not have the federal taxes deducted but this year I want to deduct the federal taxes.. Can I do that on my computer via SS Admin-Bloomington Office, or do I need to call them, or go in person to the office?

retire and continue to work

March 8, 2011 by Guest

I am 63 years old and have been working Full time. I plan on going to part time work at a yearly rate of 49,000. If I took Social Security now and was entitled to the highest amount which I believe is about 1700.00 a month. How much of the 1700.00 a month would I get because of working? Also, do I just lose the amount that is deducted from SS because of working.

Thanks.

Earnings test - reduction in benefits

March 8, 2011 by David Luhman

Depending on how much you work, if you start receiving retirement benefits your benefits may be reduced.

If you are under full retirement age for the entire year, SSA will deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2011, that limit is $14,160.

Below is a link to a calculator which will allow you to estimate the effect of this rule.

http://www.ssa.gov/retire2/retcalc.htm

Here is a sample run:

Birth date: 6/2/1946
Estimated earnings in 2011: $30,000.00
Monthly benefit in 2011: $1,700.00
First entitled in 2011? No

Results :

Your reduction in annual benefits is $7,920 based on the $14,160 annual exempt amount for 2011.

retirement and spouse

March 10, 2011 by Guest

My husband is 68, retired at his full retierement age and is receiving full benefits. I am 58, plan to retire at 62.
Can I at 62, draw on his SS, (not on mine), and receive a reduced benefit; and then at my full retirement age (66) then draw on mine and receive my full benefits?
For the last 5 years we have made close to the same salary, but for the 25 year prior he made a mcuh higher salary than I.

Spousal benefits used to delay benefits on own record

March 10, 2011 by David Luhman

If you have reached your full retirement age, and are eligible for a spouse's or ex-spouse's benefit and your own retirement benefit, you may choose to receive only spouse's benefits and continue accruing delayed retirement credits on your own Social Security record. You may then file for benefits at a later date and receive a higher monthly benefit based on the effect of delayed retirement credits.

http://www.ssa.gov/pubs/10035.html#family

Retirement and Lump Sum Pension Settlement

March 11, 2011 by Guest

If I take social security early at 62 and receive a lump sump pension benefit from my work, would I only be able to receive the $14,160 anual income from this pension without being penalized the $1.00 for every $2.00 of earnings?

Effect of pension payment on retirement "earnings limit"

March 12, 2011 by David Luhman

If you work for someone else, only your wages count toward Social Security's earnings limits. If you are self-employed, SSA counts only your net earnings from self-employment. SSA does not count income such as other government benefits, investment earnings, interest, pensions, annuities and capital gains.

http://ssa.gov/pubs/10069.html#count

Retirement benefits and SSI benefits

March 25, 2011 by Guest

My wife receives SSI benefits monthly, and the benefit is based on my monthly income. If I receive my retirement benefits now at my age of 65, does it effect my wife's SSI benefit as I earm more every month.

Retirement benefits and SSI benefits

March 27, 2011 by David Luhman

Social Security income is "countable" income against SSI, so the initiation of retirement benefits may well affect your wife's SSI benefits.

http://www.ssa.gov/oact/cola/incomexcluded.html

http://www.ssa.gov/ssi/text-income-ussi.htm

EXAMPLE A – SSI Federal Benefit with UNEARNED INCOME

Total monthly income = $300 (Social Security benefit)

1)  $300  (Social Security benefit)
     -20  (Not counted)
   =$280  (Countable income)

2)  $674  (SSI Federal benefit rate)
    -280  (Countable income)
   =$394  (SSI Federal benefit)

tax

March 29, 2011 by Guest

How can we pay taxes on my retirement check monthly? Thank you
Pierre B aka Moion__ @ comcast.net

Retire and continue to work Clarification

March 31, 2011 by Guest

I will be 62 this May 2011 and I plan to take my monthly SS benefit that is estimated to be $1621.00. I will continue to work part time and earn about $ 26,000 per year. Will you count my part time salary earned( in accordance to the $14,160 limit) after I receive my first monthly check or for the entire 2011 year? Your earning test calculator did not provide the information I need. How will this given scenario affect how much I would get monthly ...or would it affected it at all? Since I will be earning $13,000 from August to Dec. 2011 and $13,000 from Jan.2012 to May 2012.

Thank you for your time.

Federal income tax withholding on Social Security benefits

March 31, 2011 by David Luhman

Please see this post about withholding taxes on your Social Security payment :

http://socialsecurityhop.com/en/handbook/13/13toc-chapter-13-wages#comme...

Date earnings are counted during retirement year

March 31, 2011 by David Luhman

Your earnings are counted for all months of your taxable year even though you may not be entitled to benefits during all months of that year. However, there is a special rule that applies to earnings for one year.

Please see these links :

http://ssa-custhelp.ssa.gov/app/answers/detail/a_id/335/

http://www.socialsecurity.gov/retire2/rule.htm


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