Social Security - Supplemental Income Limits
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  1. #1
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    Feb 2006
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    Default Social Security - Supplemental Income Limits

    Well, in about 4 more years I'll be 66 and eligible for full social security benefits. Where does the time go? I have a question for recent retirees regarding supplemental income along with SS benefits.

    I remember when my father retired he wanted to keep working, just to get out of the house and to stay active. He was always struggling with monitoring his gross income, making sure he did not exceed an income threshold that would cause him to lose a portion of his SS benefits.

    I just received my annual SS overview statement, and the way I'm reading it, sounds like you can continue to work and still receive 100% of your benefits with no limit on supplemental income.

    Anyone know what the current regulations might be?
    To everything there is a season....

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  3. #2
    Join Date
    Apr 2014
    Location
    Powhatan, Virginia, USA
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    Default Re: Social Security - Supplemental Income Limits

    If you delay drawing benefits until full retirement age there is no penalty. If you start drawing early there can be based on how much you make.
    You do need to file for Medicare within 3 months of your 65th birthday if you delay the premiums are higher unless you are covered by another plan during that time.

  4. #3
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    Feb 2006
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    Massillon, Ohio
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    Default Re: Social Security - Supplemental Income Limits

    Thanks John,
    Makes sense now. My father retired at 62. Those 4 extra years can change everything in your planning.
    To everything there is a season....

  5. #4
    Join Date
    Dec 1999
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    DuPage County, Illinois USA
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    12,001

    Default Re: Social Security - Supplemental Income Limits

    "You gotta ask yourself one question, do I feel lucky? Well do you punk?"

    Take early retirement and die at an early age spending most of your money, or take early retirement and die at an old age having run out of money years before.
    Regards, Barry

  6. #5
    Join Date
    Feb 2006
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    Default Re: Social Security - Supplemental Income Limits

    What would Dirty Harry Do ??

    Think I'll keep whistling Dixie for a while.
    To everything there is a season....

  7. #6
    Join Date
    Feb 2012
    Location
    West Bath, Maine, United States
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    Default Re: Social Security - Supplemental Income Limits

    https://faq.ssa.gov/link/portal/3401...ement-benefits

    You will get hit for income tax in a rather convoluted fashion. How turbo tax runs it is a mystery to me. It is not a linear change.

  8. #7
    Join Date
    Apr 2014
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    Dickson TN
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    Default Re: Social Security - Supplemental Income Limits

    Sorry but there is a limit to supplemental income. Go to the Social Security website to find out exactly how much you are allowed to earn without hurting your benefits.

  9. #8
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    Default Re: Social Security - Supplemental Income Limits

    Isn't there a difference between earned income and unearned income (such as rent or interest) in regards to whether you can continue to draw full benefits?
    "People will generally accept facts as truth only if the facts agree with what they already believe."- Andy Rooney

  10. #9
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    Default Re: Social Security - Supplemental Income Limits

    Quote Originally Posted by jim lyon View Post
    Isn't there a difference between earned income and unearned income (such as rent or interest) in regards to whether you can continue to draw full benefits?
    Yes, See above link. Of course it is not that simple.

    Work your hives and it is ordinary income. Rent your hives out and it is passive income.

  11. #10
    Join Date
    Feb 2012
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    West Bath, Maine, United States
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    Default Re: Social Security - Supplemental Income Limits

    Quote Originally Posted by Slow Drone View Post
    Sorry but there is a limit to supplemental income. Go to the Social Security website to find out exactly how much you are allowed to earn without hurting your benefits.
    Age dependent, see above link.

  12. #11
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    Apr 2016
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    Miami, FL
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    99

    Default Re: Social Security - Supplemental Income Limits

    If it's cash, uncle will never know

  13. #12
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    Default Re: Social Security - Supplemental Income Limits

    Guess I messed up posting this thread .... Big Brother will be watching me now.
    To everything there is a season....

  14. #13
    Join Date
    Oct 2016
    Location
    Aroostook, ME, USA
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    Default Re: Social Security - Supplemental Income Limits

    My Dad decided to retire early, got his first check in the mail and died in his sleep that night and never cashed it. You never really know.

    But (I am not sure of this) I don't think that you actually go backwards (as in getting less on the bottom line if you earn more). If you enjoy what you are doing, why not keep doing it? If you retire early just to get that check from something you enjoy doing, it will drastically reduce the future payments compared to waiting till full retirement age.

  15. #14
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    Feb 2015
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    Rosebud Missouri
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    Default Re: Social Security - Supplemental Income Limits

    Mike
    https://www.ssa.gov/pubs/EN-05-10069.pdf

    I would just say that retirement is the greatest thing since sliced bread. My uncle spent a lot of time trying to figure out how he would get the most money depending on how long he thought he might live. In the end he figured that even though the pay out was a bit less he would recieve more money over all by going early. Four extra years of income means something also. I went out on a work pension. I will be forced to file at 62 which is ok cause I just love piddling full time. Each has to do what they feel is right for them. For me, I make about half of what I used to and I am sure as inflation eats that up it will even be worse. On the oposite side, all of my grand parents died while too young to get almost any retirement. I have two uncles that died at 51 and 55 respectivly. So if I was going to live forever, I might be worried but if I died at 66 I would hate to have thought I missed out on four years of retirement.

    Good luck
    gww

    PS People ask me all the time why I am smiling all the time. I tell them it is because everyday is a saterday.
    zone 5b

  16. #15
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    Jul 2012
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    lafargeville ny usa
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    Default Re: Social Security - Supplemental Income Limits

    i turned 65 in september. medicare is a nightmare. they keep refusing to pay for medications that i have been on for awhile. on dec. 7 my family doctor told me that he had over 100 patients that were having their perscriptions cut off on jan.1. i got a letter from the supplemental insurance company [united healthcare] telling me and the doctor what to substitute, it was rejected twice, i called, i was told that i could get it for $545 a month, i said no. i called united healthcare and after the usual run around for a couple of hours i was told we will never ever pay for that. oh boy will you have fun with medicare. they want you dead as soon as possible despite their lying sweet talk. my previous insurance thru united healthcare expired at age 65 i had no choice, before it was at times silly but ok. if you are supposed to be on medicare but do not do it on their time plan then you get higher premiums for life. since a month before turning 65 i have a 1 foot high pile of papers after throwing a bunch away... this has not been a good experience for me. you will need supplemental coverage the actual medicare basic program is quite poor.
    Last edited by mathesonequip; 02-11-2017 at 06:04 PM.

  17. #16
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    syracuse n.y.
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    Default Re: Social Security - Supplemental Income Limits

    Quote Originally Posted by gww View Post
    Mike

    PS People ask me all the time why I am smiling all the time. I tell them it is because everyday is a saterday.
    mike syracuse ny
    Whatever you subsidize you get more of. Ronald Reagan

  18. #17
    Join Date
    Jan 2014
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    Randolph county,WV,USA
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    Default Re: Social Security - Supplemental Income Limits

    They way I have it figured is I start receiving ss at 62, 4.5 years early.I will be ahead on income until the age of 83 then I will loose income.

  19. #18
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    Dec 2012
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    Sacramento, CA, USA
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    Default Re: Social Security - Supplemental Income Limits

    It will be a long long time before I'm at your age. Since we cannot control of when we live or die, I say if
    you can afford it then do it. If you cannot then live as normal for now. Just like beekeeping everyone's experience is
    different. If you ran out of money then still have a family to feed you then it is doable. Of course, you still have the bees too. Living frugally I think you can get by alright. Remember, the more gadgets and toys you have of value the more richer you are no matter at what age that includes all of your bees and gears. I have lots of plans for me today. Who would know that 3/4 of the day went to fixing a broke fence on the neighbor's side just because of 2 silly young big dogs. Then added extra time to fix their side door because it wouldn't close from the recent rains. You never know what the day will end up to be!
    Don't mix foreign bees into a virgin hive. She might get balled 100% of the time! When will you ever learn, huh?

  20. #19
    Join Date
    Feb 2006
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    Massillon, Ohio
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    Default Re: Social Security - Supplemental Income Limits

    To be more clear, I plan on working at my current position for 4 more years (God willing). I have one loan that will be paid off at that time and I'll have no debt to be concerned with when I reach fill retirement age. Our current plan is to sell the house, and with whatever equity I get from the sale, relocate to Florida to be closer to my family and grand-children.

    Early retirement is not really a good option for me. I don't want any debt hanging over my head when I retire. With frugal living, social security, and some help from my 401K I should have enough income to get by.

    If I'm blessed to live that long I'll want to keep working at some level, either ramping up my beekeeping or taking a part time job doing something I enjoy. Looks like I need to dig deeper into tax laws and see what would be the best route to take.
    To everything there is a season....

  21. #20
    Join Date
    May 2003
    Location
    Farmington, New Mexico
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    8,315

    Default Re: Social Security - Supplemental Income Limits

    This is depressing me...
    Nobody ruins my day without my permission, and I refuse to grant it...

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