Working While Receiving Social Security (The new 2023 rules)

In this video, we're covering the new 2023 rules that apply if you want to work while collecting Social Security benefits. Then I'll answer some of the big questions like:

→ Does the Social Security Administration Look at Single or Joint Income?
→ What happens to benefits that are withheld if you go over the earnings limit?
→ How is the earnings limit actually applied?
→ When does the limit switch from an annual limit to a monthly limit?
→ Should you tell the social security administration if you are over the limit?
→ Will the earnings limit affect spousal or children's benefits?
→ What actually counts as Earnings?

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

📜 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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[DevinCarroll]

Do you think we should have an earnings limit?

[LucasBenjamin-hvsk]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough money during their active years to meet their needs. Retirement choices determine a lot of things. My parents both spent same number of years in the civil service, but my mom was investing through a wealth manager, and my dad through the 401k.

[kortyEdna]

My original retirement plan was to retire at 62, work part-time, and save money. However, high prices for everything have severely affected my plan. I'm concerned if people who went through the 2008 financial crisis had an easier time than I am having now. The stock market is worrying me as my income has decreased, and I fear I won't have enough savings for retirement since I can't contribute as much as before.

[veronica.baker]

Am 58 retiring next year but the thought of retirement gives me nightmares. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.

[larryengland]

We should be able to make all the damn money we want.Without losing what we fought so hard to get from Social security.

[garybutler]

Regarding this I'm not kidding when I say that the market crash and high inflation have me really stressed out and worried about retirement. I've been in the red for a while now and although people say these crisis has it perks, I'm losing my mind but I get it Investing is a long-term game, so focus on the long run.

[telcobilly]

I kicked off SS 2 months after I turned 62 and stopped trucking that year due to a workplace injury. I got a year vacation with workman's comp and SS, once I was medically cleared, I moved to the Philippines. I wouldn't have had much of a retirement in the US, but over here, I'm living great.

[tonycollazorappo]

Never going to retire, going to collect at 62 this year and plan to continue working temp jobs while on ACA which has been working out GREAT for me. I can earn up to 19k when I work while collecting. When I hit 65, I will reevaluate my life situation again and go on Medicare. My home is paid off and I don't have any family, I never married and don't plan to, and I was a foster and never adopted. These are my life plans.

[alfonsogarcia]

I have met so many retired folks that are considering going back into the workforce because of increases in utilities and cost of food.
The American Dream has turned into a nasty nightmare.

[charchark]

Would love to see a vid on ssdi rules and #s for 23'.
Honestly they need to allow working disabled to earn, save, and own more than they do without worry of losing disability or health coverage...

[donnabrannan]

I watch several youtube videos on how to trade in the stock market but haven't made any headstart because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands.

[jerryshade]

Wow, I was able to listen to this for almost 6 minutes, and then my eyes glazed over and my brain shut down.

[michaelblair]

Just filed at age 62 and my approval letter reflects everything you are covering here so this information is so helpful. I estimated my income from my job but need to update to cover my shift differential so again this information you are giving me is invaluable for when I contact my local Social Security Office to update my information. You are providing all of us with valuable information on this otherwise complicated subject. Thank You.

[nelsschwab]

With inflation we need to work we are just screwed over and over!!! Thanks for the update!!

[jackiewrider]

Thanks for the information. I'm full retirement age and going back to work. I'm happy not to worry about taxes.

[ROgletree]

This stuff is so confusing. Thanks for making it a whole lot easier.

[charlesrenfro-]

I never understood why u get penalized for going over limit with S.S. - I'm forced to wait for max 66 and 8 months so I can make as much as I want if I'm still healthy enough to keep working

[mikeconklin]

I started investing 35-40 years ago. I never thought I could retire comfortably. At 66, I retired started SSI and retired with a very comfortable portfolio. Lately with the inflation rate, it even stresses me also.

[merlin]

I got this from a article I read awhile back that could be helpful
What Is Considered Income for social security purposes?
There is one final way you can still “work” and collect all of your Social Security at the time you expect it, rather than as deferred payments. Essentially, if all of your income is passive, you can earn as much as you’d like and it won’t have any ramifications on your Social Security earnings. Specifically, the SSA counts only wages or salary from a job, or the net profit from self-employment, as earnings. Investment income, pensions, veterans benefits, annuities, interest and government or military benefits are not counted.

[sergiosantana]

Keep in mind that if you retire mid year you will switch from an annual earned income limit to a monthly earned income limit of 1/12th of the annual limit.With no limits to what you earn the months prior to you starting your social security benefit.