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Respected Contributor
Posts: 3,952
Registered: ‎03-11-2010

Re: Just got my Social Security info for 2018

@DiAnne

and if u had a claim, they raise ur premiums - a lot. Happened to me.

Valued Contributor
Posts: 690
Registered: ‎03-10-2010

Re: Just got my Social Security info for 2018

[ Edited ]

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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.


 

I think you are thinking about the taxability of SS benefits.   Up to 85% is taxable depending on other income you receive,  eg.  a pension.     I receive SS and a pension, and have to file 85% of SS as income.

 

Never mind, I just read a subsequent post on why there was a dependency.

And the amount you can work without your benefits going down depends on your age.   So if one retires early and decides to work too,  some of your SS is decreased.

Once you are 65,  you can work all you want at a second job without it impacting your benefit.

Esteemed Contributor
Posts: 5,316
Registered: ‎03-10-2010

Re: Just got my Social Security info for 2018

@AnnabellethecatThe way I understand it, working after getting SS only affects SS if you take it before full retirement age (used to be 65 but now older, depending on the year you're born) you can only make a certain amount while working.  Above that amount (whatever it is), yes, SS if affected.  So if your brother was less than 65 (or his full retirement age) while he worked a fork lift at Walmart, if he made above a certain amount (decided by by SS), it would have been affected.

 

Investment income and earned income (from working a job)...two different things.

*********************
Keepin' it real.
Esteemed Contributor
Posts: 5,525
Registered: ‎02-22-2015

Re: Just got my Social Security info for 2018


@Annabellethecat wrote:

@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.


@AnnabellethecatIncome from investments do not have anything to do with your Social Security. ONLY an earned income will affect your social security. If you are working a part-time job, it certainly could affect your monthly benefit. Check with your local Social Security Office.

Investments have nothing to do with social security benefits - ever. Anyone telling you this is ill informed. Inheritances do not have anything to do with social security benefits either. 

Honored Contributor
Posts: 27,031
Registered: ‎03-12-2010

Re: Just got my Social Security info for 2018

@esme I think I remember something about that.  On my daughter's request I remember going to Social Security when I was probably maybe 65 or around there.

 

I met with a lady and she told me the same thing you said.  I told her about my income from the investments and I'm sent a check every month and it's the interest on the investments.  

 

I think she said what you'd just said.  She said (paraphrasing), "I'm going to tear up the paperwork and it will be as if you didn't come in.  That way you can wait until (forget what age she said) and then you won't have to worry about the amount of money you make".

 

I'd completely forgotten about that meeting.  Then I don't know why the difference.  I'm sure there's a reason for it, but it doesn't make much sense.

 

I thought it was strange that she back dated the date and they put in my account $11,000.  

 

Has anyone else had that done?  I think I called and was told it was all correct.  I didn't call them about the change I mentioned.

 

I feel guilty about getting it in the first place, that's why I didn't call to check on it.  Maybe I should call them to find out why it changed and now went back to the $2,200 again.  Seems strange to me.

Honored Contributor
Posts: 12,293
Registered: ‎08-22-2013

Re: Just got my Social Security info for 2018


@proudlyfromNJ wrote:

Both my parents worked for the government. They did not have social security taken out. They received government pensions not social security.


My husband worked for the FEDS at NSA for 15 years and did pay into SS, also teachers pay into SS and they get a teachers pension which they pay into.

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Just got my Social Security info for 2018


@KatCat1 wrote:

@viva923,   I am not sure what everyone is talking about.  Different amounts, decreases.  I know everyone that I live with in my Senior apt. complex received the same raise in their social security check which is not much.  How are some of you receiving different amounts and decreases?  Curious.


The increase is 2% - so it's different for everyone depending on what your current amount is.

Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Just got my Social Security info for 2018


@LibbyAnnE wrote:

 Social Security is not a job. One doesn't expect a raise. Yes I am concerned about the government giving tax breaks to the wealthy and cutting programs like Medicare for those who need it, but when my husband and I got married on the 1970s, we did our research on the economy and on demographics and simply assumed that by the time we retired – about now – that there would not be Social Security for us. So we planned and saved and invested accordingly. I'm grateful for anything I receive and, yes, I know I'm simply getting my money back because I paid in for decades, but a raise? Just be glad if there is any social security at all in a few years. Scary and unfair, but true.


They can whoop and holler all they want but the COLA raises are not regulated by the president or congress. The law already contains the mechanism to figure them out and it can't be changed without a 2/3 vote of congress which they don't have & never will.Theyu also can't raise the medicare premium without giving a COLA raise to pay for it.

Honored Contributor
Posts: 16,773
Registered: ‎03-10-2010

Re: Just got my Social Security info for 2018

[ Edited ]

@blackhole99 wrote:

@proudlyfromNJ wrote:

Both my parents worked for the government. They did not have social security taken out. They received government pensions not social security.


My husband worked for the FEDS at NSA for 15 years and did pay into SS, also teachers pay into SS and they get a teachers pension which they pay into.


There is an older pension based system and a newer system for feds, where they have some sort of 401K (or variant of) and ss, but not the pension system from before that came into effect--maybe in the 1990s?  At the time, current FED employees could choose to switch or stay with the older plan. 

 

BOOMER SOONER!!!!!

Honored Contributor
Posts: 8,747
Registered: ‎03-09-2010

Re: Just got my Social Security info for 2018


@151949 wrote:

@KatCat1 wrote:

@viva923,   I am not sure what everyone is talking about.  Different amounts, decreases.  I know everyone that I live with in my Senior apt. complex received the same raise in their social security check which is not much.  How are some of you receiving different amounts and decreases?  Curious.


The increase is 2% - so it's different for everyone depending on what your current amount is.


Also, people with higher taxable income (from investments, etc.) will pay more for medicare if their income is over a certain amount.  Everyone does not pay the same for medicare.