Working While on Social Security? Rules & Limitations You Need To Know! 😱

Can you work and receive Social Security benefits simultaneously, and if so, what do you need to know?

Join Marvin Musick from Medicare School as he breaks down the rules and limitations of working while receiving Social Security. Discover how to calculate your full retirement age based on your birth year and explore the implications of taking Social Security early or waiting until full retirement age.

Marvin explains the concept of the earnings test, which determines the amount of income you can earn before it affects your Social Security benefits, along with Social Security rules and limitations you need to be aware of.

Learn about the penalties for exceeding the earnings limit and how they impact your monthly Social Security checks. Find out what happens once you reach your full retirement age and how working no longer affects your benefits.

This video is a must-watch if you are considering working while on Social Security. Gain valuable insights and ensure you understand the rules to make informed decisions about your retirement. Subscribe to Medicare School for more helpful information and take control of your Social Security benefits today!

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[MedicareSchool]

✅ Watch the Internet's #1 Online Medicare Educational Workshop for FREE:

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[rsdokc]

Excellent 👍 information. I've reached full retirement but am still working and was concerned about the earnings test. Very helpful

[leavanwinkle]

Hugely helpful, while I am turning 70 in Oct I waited to collect, being self employed my income varied so I waited to take it at 70,

[richtaub]

The working number of 21, 000 is property that needs to be raised to $40, 000

[ohiopat]

I wasn't going to watch this one and I know some people have to, but I wanted to say---They would have to drag me kicking and screaming to get me to go back to work, and I loved my job.

[toadie]

Question. If you return to work before FRA and are subject to the penalty, do you get the penalty amounts back at FRA….. or is that taxed money gone forever? Thanks.

[jhasemi]

That’s what I do? Working beyond full retirement age and collecting social security.

[randystockton]

Im 59....have watched many videos on drawing SS....and can tell you that 75 percent of the comments that I have read say they are very glad started drawing at 62 and still working even with the will not have a lot of money saved ( some) but 63 and half will be my limit because no one is promise tomorrow....my health is excellent from jogging 4-5 times a week and doing resistance training ready to stop working so much i have had enough....let the chips fall where they I do not need 500 thousand dollars to retire like a lot of

[chrisferretti]

Remember you don't lose the money taken from your earnings test, you get it back at FRA but, of course, because it's social security the calculations can be complicated.

[bills]

Professor, What happens to the earnings penalty clawback? Is it restored later? Is the penalty really just a deferral?

[angelaetress]

If you take some income and put it in 401k from your check so you can meet max limits, does that money count as income. ?

[jacquelinezapata]

My FRA is confusing to me. I work and my birthday falls in July. FRA will be January 2024. (66 & 6 months. ) Will I miss out on the calendar year test for extra earned income?

[MrCPPG]

Do funds withdrawn from a Roth IRA after 59 1/2 count as part of MAGI for medicare premium determination purposes?

[springalot]

I am classified by the U.S. Department of State as a "National" which is also identified as a Nonresident Alien by the IRS. As such, I am currently working full-time for a private company, and not the federal government. In the capacity of a "National" and a "Nonresident Alien, per the IRS I am not required to pay federal income tax. Subsequently my employer does not withhold for federal income tax. Question: How does this affect my social security benefits if I continue to work full time and collect social security at 62? Since I'm not taxed as a Nonresident Alien, I assumed I could work and generate as much income and not be penalized if I go above the income limits established by the SSA? I am fully vested in SS and American born. I have a U.S. passport and I'm also retired military.

[ErickJones-nyvp]

But they always go by monthly you can only make about 1, 700 annually before taxes

[Moonlightdance]

What is the name of your company and can I have a virtual appt? I have so many questions because it seems like I hear different information depending on who I talk to. My FRA means that I should retire on Nov 2024. I have so many questions about SS and Medicare and about my pensions. I need to talk to someone reliable. I love your videos. They are easy to follow.

[garybollrud]

How likely is S.S.willing to work with you on extended pay back arrangements if you receive an overpayment letter?

[Squddle]

They say I owe them all the payments I received in 2023 starting in may because I made too much money that year, but, I owned my own business and made that money PRIOR to starting to receive my SSA benefits. I am 65. Isn't it true that if you made the money before starting benefits, it doesn't count? Just because it was in the same year doesn't mean I made any of that after starting my benefits.

[markbentien]

Hi, love your videos! Are you sure there's never a monthly amount to exceed when working and drawing SSI? For instance, I'll be 63 in January, I'm thinking about taking SSI in January, and working until the end of May. That would put me right at $22, 000 for the year. Can I do this?

[lolalucky]

I'm right now in big problem bc I apply for social security in April 2022 I was just 65 my retirement was June 30but now I was receiving letter from ss telling that I have to pay bach 4.331 I was choked bc I didn't know that I wasn't full age retirement also they say that I make above 19 thousand I'm so confused need help bc it wasn't my fault I guess😭😭😭🤦🤦🤦