Working While Receiving Social Security (The New 2024 Rules)

In this video, we're covering the new 2024 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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[Bshiddy]

There shouldn't be any earnings limit. Everyone who has worked their whole life has earned SS. Shouldn't matter what you do after. retirement.

[AlexwilliamsC]

Its worse here, our economy is like a flailing fish, fighting for its life. The normal state of the U.S. economy is actually very bad. Because of this it goes into convulsive spasms fighting to grow any way it can out of desperation. Tricks, gimmicks, rule changes try to stimulate the economy and prevent it from falling but they only bring temporary relief to people since, when you factor in inflation we are declining.

[JJ-nhlv]

It's our money. I've been paying SS tax for over 30 years. It's my money. Why is the government telling me what the hell I can do with my money!

[jtixtlan]

I am 63, working full time for $77, 000 and hoping to retire near the end of 2024. Before watching this, I thought I could apply to receive monthly benefits as soon as I had less than $22, 500 of salary left to earn from my employer in the year. Now I know that is wrong. I wanted to apply for social security a few months before I stop working so I am collecting both my salary and my social security. $77, 250 / 12 = $6437. The earning limit would be $22, 500 / 12 = $1875. That means I should not try to do this. I don’t believe in an earnings limit. Such BS, trying to force people to live poor or force us to stay in the full time work force long after the workforce wants us. The age discrimination is awful.

[carolj.]

How dare they take anything if a person is able and willing to work especially since it's not much to begin with. If only this applied to politicians. 😊

[shellylofgren]

Rule 8 indicates you don't need a high IQ to be a good investor, just 2 qualities, self discipline and a lot of patience. Investing is mostly about behavioral psychology. How can I generate more income to retire with at least $3m for long term care?

[RhondaLawson]

Regardless of whether you're a Wise person, it's best to consult a professional advisor right away. As a business owner in the service industry as well as an ebay reseller of all product categories, I can attest to the fact that we are in a severe recession and that everyone is running out of money

[barttfisher]

Retirees who struggle to meet their basic needs are the ones who could not accumulate enough savings during their active years. Retirement choices determine a lot of things. My parents both spent same years in the civil service, but my mom was investing through a asset manager, and my father through the 401k. My mom retired with about ‘4.2M’, but my dad retired with roughly '$1.8M’.

[raymoreci]

The income limit is ridiculous, while working in retirement you're still paying into ss, why should there be any penalty? It's designed to keep us poor.

[lisacarver]

People collecting SS need to work. Groceries are out of sight as well as gasoline and everything else needed to live . Sixty five should be the age where you can make what you want.

[edwardhenderson]

The way the world is today . Just social security isn’t enough to live on. You must have to keep working depending on what age group you’re in. Try living on about 500 dollars per month when everything around is going up?

[janasher]

Thank you for this. I am a CPA and thought I had all this info down, but your video answered every question I have been searching all over the internet to answer. How the income clawback by SSI gets added back to your benefits (it's added back in months, thereby reducing the time you took benefits before retirement age) is something most people are not aware of. So we are not penalized for filing early and keep working, it just gets added back to the pot. We don't lose those benefits really, it just increases our benefits later.

[PHILLIPS]

There should be no limit as how much you make on any job . Total B/S you payed into it for years then collect it and you can't supplement your income unlimited.

[troymcgrew]

Take my money and then put up barriers on how I get it back.

[debraanazonwu]

Thanks. This is so much more helpful than the people from Social Security!

[dianaradford]

Still have to work s job no matter what you choose with everything still going up

[markwilsdon]

Information is an "Insurance Plan" we are paying premiums not a tax and regardless, look what you paid in, it's a good deal regardless. It can be made HONEST by our Federal Govt. to STOP double taxing our SS Benefit.

[romeysiamese]

Taking back from a widow or widower is a real blow. And to add insult to injury if you make over a mere $22, 320 you lose more ….at a time when you really need it - to eat and keep a roof over your head.

[lemonslemonade]

Can you do a video that applies to SSI/Disability or point us in the right direction of who we can trust and listen to? Thanks

[lisaselby-brood]

A lot of the numbers and the words that he's saying are making my eyeballs glaze over. I think the easiest way to remember it is this. Please tell me if I'm wrong. if you are physically able and it is possible, work until your full retirement age before you pull your social security. After that, you can continue to work and earn what you want and still pull your Social Security, and there will be no penalties unless you're making like a million dollars a year. for the average Joe, this is the simple thing, I hope. At least that's my plan. And I'm going to try to hold out an extra 2 years continue working before I pull my social security. That way my numbers will go up, because I'm sorry to say, my social security is my retirement. And in the meantime I'm banking every dollar I can!!