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Super Contributor
Posts: 258
Registered: ‎06-10-2015

Re: Just got my Social Security info for 2018

[ Edited ]


 


Does anyone have any idea why @Annabellethecat's SS would be affected by investments?  I don't see any connection between them.  Isn't SS based only on earnings on which SS was paid by an employer...even if that employer is "self"?


The only thing that affects your SS retirement benefits is if you rec'd a pension from your employer (which reduces SS) unless you have 30 years of coverage then your SS benefits will not be affected.

Esteemed Contributor
Posts: 5,465
Registered: ‎02-22-2015

Re: Just got my Social Security info for 2018

[ Edited ]

My pensions from employment and my own investments have NO impact on Social Security payments. Social Security monies have been taken out of my earnings for the years worked. They are earned income credits payable to me upon my retirement or disability. It is not a gift. I've worked for every cent of those monthly payments!

 

Edited.

Honored Contributor
Posts: 10,187
Registered: ‎10-25-2010

Re: Just got my Social Security info for 2018


@topcat10 wrote:


 


Does anyone have any idea why @Annabellethecat's SS would be affected by investments?  I don't see any connection between them.  Isn't SS based only on earnings on which SS was paid by an employer...even if that employer is "self"?


The only thing that affects your SS retirement benefits is if you rec'd a pension from your employer (which reduces SS) unless you have 30 years of coverage then your SS benefits will not be affected.


Annabellethecat’s SS benefits were reduced because she was a former government employee who did not pay into the SS system.  It usually happens when a person receives a government pension and SS at the same time.

 

Look up WEP ( Windfall Elimination Provision) on  the Medicare website.

Honored Contributor
Posts: 8,223
Registered: ‎05-01-2010

Re: Just got my Social Security info for 2018

[ Edited ]

@BirkiLady wrote:

My investments have NO impact on Social Security payments. 


Same with me. My investments do not affect SS. And if I didn't need my SS, I would not want to give it back to the government. I would donate to my local animal shelter, they sure could use it. Or donate to any good cause. Oh well, another mystery on the Q board.      Not meaning to speak for Annabelle, but I thought she mentioned awhile ago she hasn't worked in 41 years. Maybe she will weigh in.

Honored Contributor
Posts: 11,311
Registered: ‎01-02-2011

Re: Just got my Social Security info for 2018


@CARMIE wrote:

@topcat10 wrote:


 


Does anyone have any idea why @Annabellethecat's SS would be affected by investments?  I don't see any connection between them.  Isn't SS based only on earnings on which SS was paid by an employer...even if that employer is "self"?


The only thing that affects your SS retirement benefits is if you rec'd a pension from your employer (which reduces SS) unless you have 30 years of coverage then your SS benefits will not be affected.


Annabellethecat’s SS benefits were reduced because she was a former government employee who did not pay into the SS system.  It usually happens when a person receives a government pension and SS at the same time.

 

Look up WEP ( Windfall Elimination Provision) on  the Medicare website.


But she’s collecting her husband’s SS benefit, right?  It’s hard to follow.  @CARMIE

Society grows great when old men plant trees whose shade they know they shall never sit in. ~Greek proverb~
Trusted Contributor
Posts: 1,684
Registered: ‎06-03-2010

Re: Just got my Social Security info for 2018

Since I'm 5-6 short years from being eligible to start receiving SS, I have a question re: the Medicare that you receive, and addn'l coverage.  So, is Medicare free for those 65 and older and then the Part B, etc.  an additional fee that is pulled out of your SS check?

 

If so, for any of you living in Southern California, do you have any estimates on what those extra "parts" cost?  Is it dependant on your SS income, your total income, last years tax amount or how do you determine what your health insurance is really going to cost. 

 

I am trying to save as much as I can to have enough for when I retire, but the medical costs are something that I have zero idea about.  

 

In case it matters, I will have worked about 45 years and always for private companies, so no government jobs so I already know what my SS payments should be based on retiring at 62.  There is no way I could keep working full-time until I reach what is considered my "official" retirement age of 67....yikes!

 

 



......You look like I need a drink.....
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Respected Contributor
Posts: 2,051
Registered: ‎09-06-2014

Re: Just got my Social Security info for 2018

I got my information yesterday.  I'll be making $11 more a month with the increase.  It's ridiculous that the Medicare premium went up almost 25%.   Smiley Frustrated

Honored Contributor
Posts: 10,187
Registered: ‎10-25-2010

Re: Just got my Social Security info for 2018


@tansy wrote:

 


@CARMIE wrote:

@topcat10 wrote:


 


Does anyone have any idea why @Annabellethecat's SS would be affected by investments?  I don't see any connection between them.  Isn't SS based only on earnings on which SS was paid by an employer...even if that employer is "self"?


The only thing that affects your SS retirement benefits is if you rec'd a pension from your employer (which reduces SS) unless you have 30 years of coverage then your SS benefits will not be affected.


Annabellethecat’s SS benefits were reduced because she was a former government employee who did not pay into the SS system.  It usually happens when a person receives a government pension and SS at the same time.

 

Look up WEP ( Windfall Elimination Provision) on  the Medicare website.


But she’s collecting her husband’s SS benefit, right?  It’s hard to follow.  @CARMIE


You never really collect all of your benefits under your spouse’s SS if you worked and have enough of quarters on your own. You collect your SS benefit first, then if the benefits are higher under your spouse’s, you get up to the higher amount under his benefits. 

 

For example, if your SS benefit is $1000 and your spouse’s is $2000, when he passes, you can collect $1000 on yours and up to half under his.  So you would get $1000 more under his benefits. $1000 would come under your benefits and $1000 under his for a  total of $2000 a month.

 

Some of the rules have changed around May of 2016. So if you collected benefits before this time period, you didn’t have to even wait for your spouse to pass before collecting under his SS and yours at the same time.

Honored Contributor
Posts: 11,311
Registered: ‎01-02-2011

Re: Just got my Social Security info for 2018


@CARMIE wrote:

@tansy wrote:

 


@CARMIE wrote:

@topcat10 wrote:


 


Does anyone have any idea why @Annabellethecat's SS would be affected by investments?  I don't see any connection between them.  Isn't SS based only on earnings on which SS was paid by an employer...even if that employer is "self"?


The only thing that affects your SS retirement benefits is if you rec'd a pension from your employer (which reduces SS) unless you have 30 years of coverage then your SS benefits will not be affected.


Annabellethecat’s SS benefits were reduced because she was a former government employee who did not pay into the SS system.  It usually happens when a person receives a government pension and SS at the same time.

 

Look up WEP ( Windfall Elimination Provision) on  the Medicare website.


But she’s collecting her husband’s SS benefit, right?  It’s hard to follow.  @CARMIE


You never really collect all of your benefits under your spouse’s SS if you worked and have enough of quarters on your own. You collect your SS benefit first, then if the benefits are higher under your spouse’s, you get up to the higher amount under his benefits. 

 

For example, if your SS benefit is $1000 and your spouse’s is $2000, when he passes, you can collect $1000 on yours and up to half under his.  So you would get $1000 more under his benefits. $1000 would come under your benefits and $1000 under his for a  total of $2000 a month.

 

Some of the rules have changed around May of 2016. So if you collected benefits before this time period, you didn’t have to even wait for your spouse to pass before collecting under his SS and yours at the same time.


Not really what I was asking, @CARMIE, but that’s okay🙂.  Thanks.

Society grows great when old men plant trees whose shade they know they shall never sit in. ~Greek proverb~
Honored Contributor
Posts: 26,598
Registered: ‎03-12-2010

Re: Just got my Social Security info for 2018

@esme I'm just guessing but it seems like it might because it is income.

 

I know my brother worked a fork lift at Walmart just for some extra income and he said he had to quit because it affected his social security.

 

That's why I figured it (the investments) affected my social security.  It is income.