Reply
Respected Contributor
Posts: 4,627
Registered: ‎03-10-2010

Re: Question About Social Security

[ Edited ]

@gidgetgh wrote:

I think if you’re drawing Social Security, isn’t there a limit to how much you can draw in salary if you’re still working?  Something @$15,000 a year comes to my mind.  If you make more than that, there’s a penalty or something????


 

That is not correct. And it is not relevant to the questions OP asked.

 

@Nicksmom,  please call the SS office to get answers to your questions. Do not depend on accuracy in advice you see on a shopping forum

Super Contributor
Posts: 345
Registered: ‎03-11-2010

Re: Question About Social Security

@nomless   Totally agree.  given that he still plans to work and have insurance paid, I'd make arrangements to go to the ss office.  

 

I helped my sister apply last week. She turns 62 in June. She had to be 61 and 9 months in order to apply.  She lost her job a year ago.  

 

 

Helen852
Esteemed Contributor
Posts: 5,353
Registered: ‎08-20-2012

Re: Question About Social Security


@Lizzief wrote:

SS and Medicare are extremely confusing, please check directly with them! That said, DH needed to sign up for Medicare Part A, even if he is covered by employer insurance, or he pays a higher rate later when he does sign up. I have a wonderful agent who made navigating through all of the various plans very clear, I recommend that highly!  Your DH can collect SS without a penalty, since he’s full retirement age. These things I know because I’m still working and started collecting one month after 66. I signed up online 1 month before my birthday, and the benefit started paying one month after. By the way, if he pays for part of the insurance through his employer, you may want to still check the Medicare plans. I found that I am paying less for Medicare with a supplemental than I did through my husbands employer insurance for the same coverage.

---------------  

     May I ask which company you are with for the Supplemental??   I'm finding that I may have to look for another plan.  My current monthly payment is high. But, I have had some fairly severe medical issues and have not had to pay anything out of pocket.

    My brother keeps telling me that you either pay up front or pay later!! Does it all even out??

Valued Contributor
Posts: 858
Registered: ‎09-18-2010

Re: Question About Social Security

Regarding the tax consequence on your Social Security income, your accountant will be able to determine that not Social Security!  Taxes are based on your income and deductions, some peoples income is high and some aren't.  The tax consequence is entirely an individuals issue.

 

The best part of collecting your Social Security and continuing to work is you, still, contribute to Social Security.  Once a year, in October, Social Security reviews your account and contributions made during the year and will notify you of  an increase to your Social Security check beginning in January, this is over and above any cost of living increase the government issues.

 

I started to collect at age 66 and continued to work, Social Security with direct deposit went into a separate account, what a lovely savings when I retired from work at age 70.

 

@Nicksmom 

Valued Contributor
Posts: 510
Registered: ‎03-13-2010

Re: Question About Social Security

It is best to sit down with an insurance agent.  Different plans are offered in different states and even within a state not all plans and or insureres are offered.  I am now checking on supplementals and was surprised not all the same plans are offered by the providers within my state.  AS to cost,  plans and providers all vary in cost.  Check out to see exactly what is covered with each plan and what you're comfortable risk level is vs what you can afford for a plan.

 

I am fortunate to be healthy and even considered dropping my insurance until I go on medicare in Augus but took one look at my friend who had also been quite healthy and ended up with two strokes and brain surgery to repair aneurysms with no warning.  Guess I'll pay the piper until then.

Super Contributor
Posts: 494
Registered: ‎05-30-2012

Re: Question About Social Security


@gidgetgh wrote:

I think if you’re drawing Social Security, isn’t there a limit to how much you can draw in salary if you’re still working?  Something @$15,000 a year comes to my mind.  If you make more than that, there’s a penalty or something????


Once you trun 65 you can make all the money you want without any penalty.

Super Contributor
Posts: 477
Registered: ‎02-27-2016

Re: Question About Social Security

I always beleive seeing a person face to face just in case i have any questions.I made an appointment with them and everytnig went perfect with my benefits.

I turned 65 took medicare and a supplement a drug plan and dental plan.worth every penny as medical is something you dont fool around with and i have peace of mind.i can use any doctor i want  and dont have to worry about using only the doctors in a medicare advantage plan.I never had to pay anything.

 

Esteemed Contributor
Posts: 5,410
Registered: ‎03-09-2010

Re: Question About Social Security


@sann wrote:

@gidgetgh wrote:

I think if you’re drawing Social Security, isn’t there a limit to how much you can draw in salary if you’re still working?  Something @$15,000 a year comes to my mind.  If you make more than that, there’s a penalty or something????


Once you trun 65 you can make all the money you want without any penalty.


That isn't true @sann  - it's once you reach your full retirement age you aren't penalized.

Esteemed Contributor
Posts: 7,012
Registered: ‎07-15-2016

Re: Question About Social Security


@CelticCrafter wrote:

@sann wrote:

@gidgetgh wrote:

I think if you’re drawing Social Security, isn’t there a limit to how much you can draw in salary if you’re still working?  Something @$15,000 a year comes to my mind.  If you make more than that, there’s a penalty or something????


Once you trun 65 you can make all the money you want without any penalty.


That isn't true @sann  - it's once you reach your full retirement age you aren't penalized.


@CelticCrafter 

 

You are correct ... I started collecting at my full retirement age, and worked almost three more years, paying into SS and getting a monthly check. 

 

Each year your additional earnings are calculated and there is a generous increase in your SS check.  

 

Those few years of extra income earned a bit of interest and gave me a nice cushion when I retired.

Respected Contributor
Posts: 4,692
Registered: ‎08-19-2014

Re: Question About Social Security

Thank you everyone for your input!!