Originally Posted by Pulaski (Post 12366772)

I found this current advice for 2017:

"In 2017, Social Security recipients who earn more than $16,920 will have $1 withheld for every $2 earned above that limit. Recipients who turn their full retirement age this year can earn up to $44,880, but their benefit is reduced by $1 for every $3 earned above this higher limit."

Originally Posted by Giantaxe (Post 12366930)

You missed an important bit off that, namely:

"However, once you turn full retirement age, you can earn any amount without having your benefit withheld, and Social Security payments are recalculated to give you credit for any withheld benefits."

I don't know that exact math, but my reading of this is that the reduction is essentially a deferment.

Originally Posted by Pulaski (Post 12366937)

:confused: I thought that was what the higher limit of $44,880 was about.

Originally Posted by Pulaski (Post 12366937)

So are you saying that there's one limit for people who take SS early, higher limit for the year they reach full retirement age, and no limit in subsequent years?

Originally Posted by Giantaxe (Post 12366942)

That is for the year that you reach your full retirement age.



Correct.

Originally Posted by mrken30 (Post 12367000)

Are these limits just for earned income or does it include passive income?

Originally Posted by morpeth (Post 12367005)

..... I find the whole issue of paying a benefit, then taking some back if you work, and all the seemingly arcane calculations, just a complicated mess for which there must be a better solution.

Originally Posted by morpeth (Post 12367005)

I find the whole issue of paying a benefit, then taking some back if you work, and all the seemingly arcane calculations, just a complicated mess for which there must be a better solution.

Originally Posted by Giantaxe (Post 12367017)

It seems it's deferred, not strictly taken back.

Originally Posted by mrken30 (Post 12367029)

It's also worth noting that if the SSA withholds your benefits and keeps you from double dipping between Social Security income and working wages, you don't lose your benefits forever. Once you cross full retirement age, you'll get them back in the form of a higher monthly payout.

Originally Posted by mrken30 (Post 12367029)

It's also worth noting that if the SSA withholds your benefits and keeps you from double dipping between Social Security income and working wages, you don't lose your benefits forever. Once you cross full retirement age, you'll get them back in the form of a higher monthly payout.

https://www.usatoday.com/story/money...018/106907866/

Working Overseas

If you are under full retirement age, we withhold benefits for every month you work more than 45 hours outside the United States in employment or self-employment (not subject to U.S. Social Security taxes).

It doesn't matter how much you earned or how many hours you worked each day. You will be considered to be working on any day you:

Work as an employee or self-employed person;
Have an agreement to work even if you do not actually work because of sickness, vacation, etc.; or
Are the owner or part owner of a trade or business even if you do not actually work in the trade or business or receive any income from it.
Generally, if your benefits are withheld because of your work, we cannot pay benefits to anyone else receiving benefits on your record for that month. However, the work of others receiving benefits on your record affects only their own benefits.

https://www.ssa.gov/hlp/isba/10/hlp-...arnwg2-for.htm

https://www.ssa.gov/planners/retire/whileworking.html

Originally Posted by mrken30 (Post 12367029)

It's also worth noting that if the SSA withholds your benefits and keeps you from double dipping between Social Security income and working wages, you don't lose your benefits forever. Once you cross full retirement age, you'll get them back in the form of a higher monthly payout.

https://www.usatoday.com/story/money...018/106907866/

Working Overseas

If you are under full retirement age, we withhold benefits for every month you work more than 45 hours outside the United States in employment or self-employment (not subject to U.S. Social Security taxes).

It doesn't matter how much you earned or how many hours you worked each day. You will be considered to be working on any day you:

Work as an employee or self-employed person;
Have an agreement to work even if you do not actually work because of sickness, vacation, etc.; or
Are the owner or part owner of a trade or business even if you do not actually work in the trade or business or receive any income from it.
Generally, if your benefits are withheld because of your work, we cannot pay benefits to anyone else receiving benefits on your record for that month. However, the work of others receiving benefits on your record affects only their own benefits. ....

Originally Posted by mrken30 (Post 12367508)

So it occurred to me, if I am working between 62 and 67, should I claim SSI at age 62? Would the increased deferred payment be more than the 8% if you just defer claiming until age 67. Five years of back payments should amount to a bit.

Originally Posted by Pulaski (Post 12367513)

A lot will depend on how long you expect to live. I heard the other day that if you are healthy at 60 there is a now very good chance you will reach 90. If you don't expect to reach more than 75-80 then drawing early is the optimal decision.