Social Security Income Limit: What Counts As Income?

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If you’re under full retirement age and file for Social Security benefits there is a limit to the amount of income you can have before your benefit is reduced or shut off completely. But what counts as income? In this video I'll explain what income sources will and will not trigger the earnings limit.
Resources:
My video: How To Fix Social Security Overpayment Notices
• Social Security Overpa...
Social Security Handbook Chapter on Wages - www.ssa.gov/OP_Home/handbook/...
SSA publication “How Work Affects Your Benefits”
www.ssa.gov/pubs/EN-05-10069.pdf
SSA POMS RS 02505.240 Summary of How Major Types of Remuneration Are Treated
secure.ssa.gov/apps10/poms.ns...
SSA POMS RS 02505.005 How to Count Wages Under the Earnings Test (ET)
secure.ssa.gov/apps10/poms.ns...
SSA POMS RS 01402.000 Wage Exclusions
secure.ssa.gov/apps10/poms.ns...
SSA Publication “Special Payments After Retirement”
www.ssa.gov/pubs/EN-05-10063.pdf
SSA POMS RS 02510.016 Treatment of Special Payments (SP)
secure.ssa.gov/apps10/poms.ns...
SSA POMS SI 00830.510 Royalty Income secure.ssa.gov/poms.nsf/lnx/0...
SSA POMS SI 00830.505 Rental Income secure.ssa.gov/poms.nsf/lnx/0...
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📍We can show you how to retire with confidence! 📍In our Retirement Roadmap plan, we can help make your retirement savings last longer and reduce your taxes by coordinating your Social Security filing strategy, retirement account withdrawals, and Roth conversions. 📞Schedule your call and see if this plan is a fit for you. www.devincarroll.com/roadmap
🎤 If you're preparing for retirement or already enjoying it, you'll definitely want to catch my podcast, Big Picture Retirement. Your retirement's success hinges on seeing the "big picture" and tying together your legal, tax, and financial strategies. On the show, we dive deep to offer insights on effective planning, and I'm joined by my co-hosts - attorney John Ross and yours truly, financial planner Devin Carroll. www.bigpictureretirement.com/
➡️ Want to hire Devin and his team? -- www.carrolladvisory.com
Don’t miss my free online workshop, “How to Choose the RIGHT Age to File for Social Security.” In this workshop you’ll learn:
✔The Most Important Factors to Consider BEFORE You File for Benefits
✔How to Coordinate Your Social Security Filing Decision with Your Other Assets & Income for a Tax Efficient Distribution Strategy
✔Why This Is The Biggest Decision of Your Retirement
Access the workshop today at this link
www.devincarroll.com/SSessent...
➡️ Get a copy of my best-selling book, Social Security Basics, here -- amzn.to/2twsABZ
➡️ Social Security Questions? Join my FREE Facebook Group! / 428684237572614
📜 HEAR YE HEAR YE: Some of my videos contain links to third party products, apps, and services. If you click through, I may receive a small referral fee to my media company (Carroll Media Properties) through their referral program. Rest assured, I only recommend products or services that I believe will be helpful and informative to my audience.
⭐⚠️⭐Please read this⭐⚠️⭐
⚠️I am not an attorney, SSDI advocate, or affiliated with the Social Security Administration or any other entity of the US Federal Government. I am a practicing financial planner, but I’m not YOUR financial planner and since I don’t really know you, I can’t give you advice. So please don’t take this video as specific advice for your specific situation. Consult your own tax, legal and financial advisors. 🙇🙇🙇🙇🙇
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Опубликовано:

11 авг 2019

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Комментарии : 309

@DavidAntony-gq7id 11 месяцев назад

Great video. We all strive for financial independence and better life. It’s not difficult in achieving this through the right investment, living frugally, and budgeting. I’m glad I learned early in life to work hard for financial freedom

@MarcelPhilips 11 месяцев назад

In my opinion, venturing into a good investment is not just a strategy for generating passive income but a profitable saving method for future expenses. Those who fail to make the right decisions early in life end up regretting it. Nevertheless, investing can be difficult and risky doing it solely, For this reason, I advise seeking help from professionals(financial advisors). It’s not just watching videos and reading investment books the challenge is using them well.

@DavidAntony-gq7id 11 месяцев назад

@@MarcelPhilips sincerely, I’m truly inspired by your words. I’m very interested in investing and I have got a good sum of money which I’m ready to put in with the right information. My biggest fear is losing my money on the wrong investment. For this reason, I’m willing to listen to your suggestions and ideas on how to invest wisely.

@MarcelPhilips 11 месяцев назад

@@DavidAntony-gq7id As an OAP with a lot of experience, I firmly believe that the success of any investment depends on having the right information, regardless of what others say, do whatever you set your mind to. Warren Buffer always says "be greedy when others are fearful and be fearful when others are greedy". This is certainly the trick to succeeding even when others fail. I made $100,000 working with MARTHA ALONSO HARA a licensed financial adviser . It’s been a promising experience so far with her.

@DavidAntony-gq7id 11 месяцев назад

@@MarcelPhilips Please, how do I connect with your financial planner?

@MarcelPhilips 11 месяцев назад

@@DavidAntony-gq7id quickly do a web check where you can connect with her, and do your research with her full name mentioned

@mdimp1468 4 года назад

You’re the best. Your information made a huge difference in my world. Thanks.

@DoctorSmartyPants 4 года назад

Devin, your videos never disappoint. Great job!

@rickayers3150 4 года назад

Thank you Devin for bringing this to light. Allthough im only 59 im trying to learn now so im ready. You are very helpfull, thank you

@sandys2672 4 года назад

Thank you once again Devin, another great video!

@coachron3524 4 года назад

Good info to know, thanks!

@petermikita7891 4 года назад

Thank you Devin! Very informative since I retired June 1 of last year. Wasn't sure what income counted since I received wages, then collected SS mid year after retirement.

@JN-0peny0ureye5 2 года назад

Thank you for explaining the simple steps which inspired me to take a step forward into the work world with less worry about walking into traps.

@DaicyMiaLuv2 4 года назад

Thanks for sharing your tips ..

@RetireCertain 3 года назад

Good information. Thanks Devin.

@tamiweber9409 3 года назад

Great Video, Thank you for this information it's answered questions I had 💜

@chuckbertram9270 4 года назад

Great information-Thanks

@victoriacousins4501 3 года назад

I found it very useful info! Thank you! Subscribed!

@ObeyJesusOurLord 4 года назад

I subscribed! 😀You're so informative!

@lori8553 4 года назад

I appreciate ya Devin. I’m just going to comment on your shelf there behind you. That is an add all of its own and good on you for using it for that purpose. It will be interesting on who will actually see their benefits as so it is called. Because we paid in that money.

@Malia777 4 года назад

Great Information Thank You very much.

@DevinCarroll 4 года назад

Thanks for watching!

@AllThingsSocialSecurity Год назад

Terrific summation!

@rebaeasler7423 3 года назад

I sure hope it's on February check. Will be very much appreciated 🙏.

@jerryhayden8720 4 года назад

Thanks Devin I enjoy and appreciate your info videos. I'm definitely considering taking social security early along with a career change and I know I best get schooled up on the subject before I need the information because I have no doubt I'll need it. Thanks again Devin.

@DevinCarroll 4 года назад

Thanks Jerry! Glad you find these videos useful.

@luckspell 2 года назад

@@DevinCarroll is investing in buying a mortgage considered investing?

@tonynes3577 4 года назад

God this sounds like fun calculation. We'll see what happens when I retire, maybe next year. Thanks for the info!

@cronicwizard 4 года назад

thanks Devin you have been very helpful appreciate it

@lulucly 4 года назад

So many SS gotchas. Thanks Devin!

@darlenericotta7550 4 года назад

Thanks for clarifying it.

@serbestserbest9279 4 года назад

great work

@Radnally 4 года назад

Good info. Thanks

@DevinCarroll 4 года назад

Glad you found it useful!

@thomasspravka1370 4 года назад

Thanks!

@mitchelltrebitz1423 2 года назад

Thank you, you cleared up some questions. It would be great if you could touch on social security disability insurance and what counts as income against SSDI as I just recently was approved for SSDI. Such as my pension, dividends, and my 401k which is now my IRA.

@edgray9151 Год назад

I have turned a lot of people on to you. Thank so much.

@alanheadrick7997 4 года назад

Rental income is exempt!

@whitemansucks 4 года назад

good video thanks!

@DevinCarroll 4 года назад

Glad you liked it!

@allentatum2775 4 года назад

Thanks

@slighty_stoopid_fam3666 4 года назад

Thank for the information Sir..feel alot better👍

@RCRoads Год назад

Great job explaining the system. I had paid into SS from age 16 and never had any gaps in employment until age 53. After working 32 years at my last job I was laid off. I was unable to land any real work as a construction electrician at that age. So by age 62 I had already blown through my 401k and needed income so I took my SS early. I think I received about $7k from SS that year and I was able to get work the year prior and made like $33k so the $7k was taken back by SS. So basically someone who make millions in investments is not penalized but some old guy struggling to survive and working the government just takes it all. Just seems a bit unbalanced.

@sammencia7945 Год назад

I have known this since I was 15. I am now 62.

@asrattadesse8597 Год назад

Great video Thank you Devin! Question for you capital gains in investing in real estate considered income for survival ss benefits?

@mariaemilianegron 4 года назад

Hi can you please you please make one video explaining the Medicare road and cost

@brendawoods7392 4 года назад

Because that's how I was filing for my taxes called rent rebate

@manuelduran3740 4 года назад

Do you need to pay income taxes on the money earn after the age of retirement ,

@PeaceAngels1 4 года назад

The real hell of it is that if you had invested in a recurring income strategy that was COMPOUND interest is you would have more than they give you in the end (probably like they did with YOUR $) :(

@yellow45bird 4 года назад

Hi Devin, you have some good videos. I have a question. Could you cover Supplemental Security Income? I know that you can not have over $2000 in saving. This makes it so hard to have any kind of savings.

@tobirates916 3 года назад

Do you qualify for an ABLE Act account? You can have up to $102,000 in savings with an ABLE account and not lose benefits.

@ponderingskeptic9047 4 года назад

Thank You. Does the pre-tax status for health insurance also mean that health insurance premiums are deducted from earnings when figuring earned income limits for early retirement??

@familylifetoo9541 4 года назад

WOW SOMEONE I KNOW WAS BORN IN 1957- I HAD NO IDEA THAT THEY THEIR FULL RETIREMENT AGE IS 66 YEARS AND 6 MONTHS- THAT IS A LONG TIME

@jenkemp 4 года назад

Family & Life Too it’s 72 for my age

@familylifetoo9541 4 года назад

@@jenkemp WOW!

@candeffect 4 года назад

The cure for SSI is to include managing money well courses in public schools. If done, most people wouldn't depend on SSI in retirement. I started to manage money well in my mid-30s. I can now retire at 61with my investments.

@pearlh1051 6 месяцев назад

No, it’s not. It’s for people with disabilities

@troothserum585 4 года назад

I earned money from participating in a research study, and my ssdi hearing is in march 2020, will that hurt me?

@71vegaman93 4 года назад

Earned income...private pensions not included

@rogerpullin8997 3 года назад

Just trying to find out if rental income counts

@scottspencer8358 4 года назад

If you filed for SS early "62" but didn't recieve an annuity until after you were at your retirement age does it not count as income?

@ethansimmons9887 4 года назад

Once full retirement age, does one still have to pay into SS on income, and ... if so, does those payments increase the SS benefit received?

@BuzzJones 3 года назад

I wondered if you know if your on SSDI are you able to Day Trade Stocks where there is a limit on how much Capital Gain, or income, you can make yearly ?

@skyhawk36 2 года назад

What about FIRST year on income and SSI? Does it matter what you make the first year that you go on SSI?

@1rustyboy1 4 года назад

If I who're myself out does that count as income?

@snwbrd777 4 года назад

Hey Devin... You can file for Social Security at the beginning of the calendar year that you obtain full-retirement age. My birthday is in November. I was born in 1957. How does that affect the benefit amount? Thank you for all your videos. I enjoy learning about my retirement. David

@DevinCarroll 4 года назад

The income limit increases in the calendar year you attain full retirement age. See my video on the income limit for more information - ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-aEZZT1eG6Ig.html

@hots4jc 3 года назад

Devin, I am only going to receive $250 a month. Obviously I can’t live on that. Thank God for my husband. How much extra can I make per month without being charged?

@wandagreer9144 3 года назад

What about inheritance or insurance payments from the deceased? Thanks.

@craighamlet2863 2 года назад

Does household income or say someone paying rent to someone within a household effect the person's SSA who is also receiving the rent money?

@remingtonsypro3160 11 месяцев назад

Great video, I know we're talking about tax year 2023 now. Does rental income classify as a penalty type income? A Cash brokerage account If you turn a profit on a stock this account against your Social Security income? How about an inherited IRA not a very big one but it must have a disbursement taken from it every year How is that treated? Thx great video!! ✌️

@jamesweinbender5341 Год назад

I filed for early ssi benefits at age 62. I then went back to work for a college that didn't withhold social security taxes and instead held money for a retirement account. Does this income count as earned income against my allowable earnings?

@glorialindsey7750 4 года назад

What about a severance package if your job is eliminated?

@greenflintriver 2 года назад

Devin does Roth conversion count as Provisional Income when figuring taxes on Social Security Benefit. Thank you

@myutube1960 2 года назад

I have 2 real properties that I derive monthly income from. Does rental income count as part of the income limit, when you get retirement benefits, before FRA?

@fredjennings5312 2 года назад

What is the income limit?

@iceman11a 3 года назад

Hi! Devin, I have a question for you. How come SSI. SSDI and so is counted as income. When it's so far below the poverty level. The poverty level is $1077 for 1 person. This means anyone making this amount or below is not making enough so they are listed as Poverty Level. I'm 62 years old. and get SSI every month. That's $794 at about $9500 a year. I can't buy a car or own my own home. Why, because I don't make enough money.

@michaelbates2035 4 года назад

Does selling my home and make some cash on it dies that count as income? As I am on SS Disability I am 61 born in 1958

@kathymiller4447 3 года назад

I'm on disability after my husband died in 2009 and I have epilepsy. Is there a maximum amount of income that I can get before it affects my disability?

@virgloh8934 4 года назад

I'm on widow's benefits but I still work part-time because of earnings limits...My question, I'll be 66 this November..so can earn $45,000 for the full calendar year of 2019?

@timsul3092 2 года назад

What about house rentals?

@jerryforeman4543 2 года назад

What is considered self employment income? K-1, schedule C?

@davidharris8861 2 года назад

If I can get a government grant to start up my own business, will that affect my retirement benefits?

@yourauntcindy 4 года назад

If I earned 1 month of salary for January 2019 and then on Feb 1st was given a 6 week severance package and did not begin SS retirement till Oct 2019, then does the January income and the 6 week severance count against me as earned income?

@dorissharp2206 3 года назад

What about Unemployment Benefits??

@WIZ56575 3 года назад

If I get a loan from a bank is it considered income is any debt considered income especially the debt that you owe if I'm paying off a debt from something that is worth money like antiques or jewelry to pay the debt is it considered income.

@markgatch4025 2 года назад

Can I deduct a self employed loss against w2 income to calculate my earnings limit while I am drawing monthly as checks before my fra

@docfaustus6303 Год назад

What is the income limit for SSI for a married couple ?Thanks

@marinelgarland3145 3 года назад

Tell us is the company pension be taxed at the end of the year also retirement sss and that person only 64 years old retired early. Thank you.

@user-em2wh6vq1l Год назад

Woah woah woah…. Pensions, annuities, IRA (pretax), and 401k (pretax) payments ALL count towards your income and can affect your social security taxation… WHAT?!?! I’m blown away by the chart listed at 4mins in stating that all these are not sources of income. Either we need more clarification here or this video is extremely misleading

@scoesixtray2457 2 года назад

So if a casino going senior under full retirement age wins a taxable jackpot, they'll be okay as long as the jackpot is under $17,650 right?

@jimhoang5208 Год назад

How Social Security Income Limit applied for retirements at 63,64,65?

@Irideonandon 3 года назад

Does income from rental houses count?

@jaydagoat8759 3 года назад

If you getting ssi and say if u make a $100,000 from stock capital gain how much would u get tax

@markdube3517 4 года назад

What about income from royalties on mineral rights?

@DevinCarroll 4 года назад

Royalties are often counted as earned income and thus DO count in the earnings limit. However, there are exceptions to this. See secure.ssa.gov/poms.nsf/lnx/0500830510

@normgraham8630 2 года назад

Ernie retired and worked for cash. Now I see why. The neighbor farmer, retired, but still drives the tractor.

@jerrypissonme 2 года назад

I suppose income from a couple rentals count towards earned income if retired early?

@LawDogg01 3 года назад

For SSDI does military pension count?

@randallschultz992 3 года назад

If you take SS 1 year early, does the income limit stay or does it go away when you reach FRA?

@stephengiacobozzi7785 Год назад

SSDI say trial work period can only make $970 a month

@travisw.3467 Год назад

Does anyone know if i am allowed to day trade stocks without it affecting my SSDI benifits?

@revbikerbigd8664 2 года назад

Both are full retired Collecting SS, ( 22K total for both a yr ) selling a 2nd home used as a summer home, capital gains on it is about 35K, will we have pay any federal taxes on SS or capital gains ???

@EM-zw1sl 3 года назад

So you said dividends... so if I get dividends from the stock market it's not assumed to be income if I reinvent those dividends?

@audreycaruso8111 4 года назад

What about a personal loan would that be considered income...can;'t find anything about a personal loan on their site.

@Frank020 3 года назад

Pension like Cal Pers retirement is not considered income and added to ss benefits for income tax purposes?

@barbarathiecke3690 2 года назад

Is there a legal form that SSA makes you sign so that your SSD benefits will not increase as you age increases? COLA only.

@yezzir5464 2 года назад

SSDI Does either of these impact SSDI? Income from Forex Trading? Income from Forex Trading Algorithm?

@donreinholz8121 2 года назад

Most people don't want to work more to save for retirement after their FRA. Tell the government to put back our money they stole from SSA that WE paid into the system! Keep doing what you are doing to help us make smart decisions.

@TheRdwyer 2 года назад

Devin I have been watching your videos over several years. Could you do a video on gaps in employment. I have 6 years of 0, of those 6 I had 4 years that I worked in Canada after receiving permanent residence. Since the U.S. and Canada has a mutual agreement should I get a record of the 4 years worth of payments from Canada and present it to SS here to fill in the zeros.

@Mudinyeri Год назад

Can't seem to find anything that addresses "passthrough" income (not wages).

@barbieellis5915 4 года назад

What if you are getting survivor benefits I get my late husband's three quarters of this check which is 1259 $1,279 and what if I wanted to work and do a part-time job

@feeling23again73 3 года назад

This last surgery i had im not able to work no more at 74.

@316bonnie1 4 года назад

Thank you you know you're awesome! And this is a good thing. Devon is the income retirement age rather going up to age 70 for thos of us born in 1957? I believe I heard it in a channel that was not yours unfortunately I know this question is in my mind step this change might happen next year 2020? Respectfully, thank you

@DevinCarroll 4 года назад

Not that I know of. If they do increase the full retirement ages, it will likely be phased in over a period of several years.

@316bonnie1 4 года назад

Thank you! Immensely enjoyed that video of you and your son doing some fun activities thank you for sharing that it was a special moment for you guys and for us who see you behind your office background, just saying

@johnward6699 3 года назад

What about disability. What counts as income

@TimKaseyMythHealer Год назад

Correct me if I'm wrong, but if I go for retirement at 62, and my SSI checks are $1,000. In 1 year I will gain 12k. Now if I plan to continue working, I can make up to $17K $17K + 12K is 29K. What possible greater gain can you get if you don't begin receiving Social Security at 62? Taking retirement while working is the only thing that should be given PRIORITY attention in these videos. Question, lets say that if I were to retire at 62, and begin receiving my $1,000 per month check, and every year plan to make up to 2 x the maximum allowed. This is also a gain of $17k - $.5k or $8.5k. Again, what gain can be greater than working while taking retirement, beginning at age 62? The above questions are more important to me than any RU-vid video on the topic.

@ZaidAli-kj4sd 9 месяцев назад

If you have children with the age of 22 years or older living in the same house as the parents, will their income counts toward the total family’s combined income or it’s only the parent’s income? Asking because the quote I read below “In order to qualify for disability, a family’s combined income and resources must total less than $3000. If you are unmarried your income and resources must total less than $2000.” I would highly appreciate your answer.

@ronrandall7118 4 года назад

Devin, I retired at age 57 under Federal Employees Retirement System (FERS). A portion of my retirement is classified as Social Security but it is fully paid by Office of Personnel Management (OPM). Therefore, am I still subject to the income threshold of $17,640 per year?