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Question About The Earnings Cap

  1. #16
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    Quote Originally Posted by mathjak107 View Post
    the first year has special rules .. from the month you start collecting you are allowed 1450 a month or a cumulative total .

    so if you started in july you can earn a max of 8700 plus whatever you made prior which does not count . next year it is the full 17,400 you are allowed..

    i took mine in sept .. i was over 1420 (the limit when i did it ) in sept and october by a bit and under 1420 in nov and dec. there was no give back
    Well I finally got my answer....With me filing in January they are using the $17,640 since thats what I am allowed to make for the year. And to anyone considering this; you would do well to file in January to avoid the monthly cap...if your 62. I ran into that problem back in July 2018. I was already half way there and would would have been over the cap by November 2018. So filing in January is your best option if you can wait that long.

  2. #17
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    yes , if you file in january they give you the full 17.640 .. it is very unclear on the website but if you use the calculator it does reflect that ...

  3. #18
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    From what I understand, even if you go over the required amount and it gets taken away, you will get back that taken away amount when you reach full retirement age, what ever that age might be for you. You don't actually lose anything. And what ever you've earned that gets cut from you now, may even later on get you a higher social security check when that amount gets added to your overall years of earnings.
    Sing, sing a song. Make it simple to last your whole life long - The Carpenters

  4. #19
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    Quote Originally Posted by Olivia View Post
    From what I understand, even if you go over the required amount and it gets taken away, you will get back that taken away amount when you reach full retirement age, what ever that age might be for you. You don't actually lose anything. And what ever you've earned that gets cut from you now, may even later on get you a higher social security check when that amount gets added to your overall years of earnings.
    you don't lose it but the way it is doled back out to you it can take you as much as 17 years to get back .

  5. #20
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    When I retired, some 20 years ago, I was told to accept a certain number for that year and then the next year would be set to my maximum. So yes, I did have to do as asked for the first period of months and then thing went good even when I went back to work, SS just keeps on coming.

  6. #21
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    Quote Originally Posted by Olivia View Post
    From what I understand, even if you go over the required amount and it gets taken away, you will get back that taken away amount when you reach full retirement age, what ever that age might be for you. You don't actually lose anything. And what ever you've earned that gets cut from you now, may even later on get you a higher social security check when that amount gets added to your overall years of earnings.
    Thats true...But once you go over the $17,640 then your limited to just $1470 a month...They then take $1 for every $2 you go over....For example if I applied in July 2018 and if I had left it alone I would have been some $4000 over the annual $17,640...Even if I had stopped working it would have been months before I ever saw a check...They do not do a very good job of explaining this on the SS site and thats whats so confusing, it was for me....

  7. #22
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    prior to filing there is no limitation on earnings . i made 100k prior to filing 3/4's in to the year , it is not counted . the clock only starts ticking after you file . i was limited for only sept , oct , nov and december once i filed . any amount you earned earlier in that year is not counted . there are special rules for firsat year and also the year you will be fra .

    you can earn up to 45k the year you will be fra up until your birthday when there is no limit .

  8. #23
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    Quote Originally Posted by mathjak107 View Post
    prior to filing there is no limitation on earnings . i made 100k prior to filing 3/4's in to the year , it is not counted . the clock only starts ticking after you file . i was limited for only sept , oct , nov and december once i filed . any amount you earned earlier in that year is not counted . there are special rules for firsat year and also the year you will be fra .

    you can earn up to 45k the year you will be fra up until your birthday when there is no limit .
    prior to filing there is no limitation on earnings . i made 100k prior to filing 3/4's in to the year , it is not counted .
    Guess that depends on who you talk too at the Social Instability Office...The office I filed through the first time counted the whole year from January up until I filed the first time in July. They did not discount nothing....they included everything up until I filed then everything after that. Every person you talk to seems to make up their own rules...It's basically a case of the left hand not knowing what the right one is doing.

  9. #24
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    no , it should not matter who you speak to , if they said that they are wrong 100%....

    right on the ss website it clearly explains what happens . ... see their example ....

    personally i can't see ss getting this wrong . i think it is more a misunderstanding of what they told you . this is basic stuff. .


    Special Earnings Limit Rule

    Some people who retire in mid-year have already earned more than their yearly earnings limit. That is why we have a special rule that applies to earnings for one year, usually the first year of retirement.
    The special rule lets us pay a full Social Security check for any whole month we consider you retired, regardless of your yearly earnings. If you will

    • Be under full retirement age for all of 2018, you are considered retired in any month that your earnings are $1,420 or less and you did not perform substantial services in self employment.
    • Reach full retirement age in 2018, you are considered retired in any month that your earnings are $3,780 or less and you did not perform substantial services in self-employment.

    "Substantial services in self-employment" means that you devote more than 45 hours a month to the business or between 15 and 45 hours to a business in a highly skilled occupation.
    Example: John Smith retires at age 62 on June 30, 2018. He earned $37,000 before he retired.
    On October 5th, John starts his own business. He works at least 15 hours a week for the rest of the year and earns an additional $3,000 after expenses. His total earnings for 2018 are $40,000.
    Although his earnings for the year substantially exceed the 2018 annual limit ($17,040), John will receive a Social Security payment for July, August and September. This is because he was not self-employed and his earnings in those three months are $1,420 or less per month, the limit for people younger than full retirement age.
    John will not receive benefits for October, November or December 2018 because he worked in his business over 45 hours per month in all three months.
    Beginning in 2019, the deductions are based solely on John's annual earnings limit.

  10. #25
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    Quote Originally Posted by mathjak107 View Post
    they are wrong 100%
    They maybe..But what are you going to do? They got you over a barrel...I was told by a co-worker to file in January to avoid the cap until I retire on March 1...When you have people you work for that are complete assholes and will not work with you then you have to resort to other tactics...Been working for 46 years now, hated every f'ing job I ever had.

  11. #26
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    the filing in january is something very different , which you did not understand and quite frankly i did not either when i first learned about this .

    here is the deal ... if i file in july under the " special first year rules " which i posted from their site , i can earn as much as i like prior to filing in july .... i would be capped at 1450 x the next 6 months or 8700 before giving money back ......

    that is a given ..


    now here is were the january comes in .

    if you file and catch january as your first check they don't count the prior years earnings at all since it is a new year and as such you don't fall under "first years special rules " you go right to the 2nd year rules which just allow you a max of 17,640 with no monthly cap , just yearly . in the end not a big deal . it really only matters if your first year is the year you will be fra ..

    why ? because if you file in january you get the full 45k allowed in the year you will be fra right up until your birthday with no prorating . so if you are born in march you can earn 45k for january , feb and march and give nothing back . once you are fra there is no limit . if you filed after january you get prorated up to your birthday at 3750 a month .

    bottom line is earnings prior to filing ARE NEVER COUNTED
    That is why there is a special one-year rule that applies to earnings during the first year of retirement. Under this rule, an individual can get a full Social Security check for any whole month he or she is retired, regardless of yearly earnings prior to claiming benefits.

  12. #27
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    Quote Originally Posted by mathjak107 View Post
    the filing in january is something very different , which you did not understand and quite frankly i did not either when i first learned about this .

    here is the deal ... if i file in july under the " special first year rules " which i posted from their site , i can earn as much as i like prior to filing in july .... i would be capped at 1450 x the next 6 months or 8700 before giving money back ......

    that is a given ..


    now here is were the january comes in .

    if you file and catch january as your first check they don't count the prior years earnings at all since it is a new year and as such you don't fall under "first years special rules " you go right to the 2nd year rules which just allow you a max of 17,640 with no monthly cap , just yearly . in the end not a big deal . it really only matters if your first year is the year you will be fra ..

    why ? because if you file in january you get the full 45k allowed in the year you will be fra right up until your birthday with no prorating . so if you are born in march you can earn 45k for january , feb and march and give nothing back . once you are fra there is no limit . if you filed after january you get prorated up to your birthday at 3750 a month .

    bottom line is earnings prior to filing ARE NEVER COUNTED
    That is why there is a special one-year rule that applies to earnings during the first year of retirement. Under this rule, an individual can get a full Social Security check for any whole month he or she is retired, regardless of yearly earnings prior to claiming benefits.
    The 45K is assuming your going out at FRA...It don't apply if you retire before FRA....

  13. #28
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    Quote Originally Posted by Phillip View Post
    The 45K is assuming your going out at FRA...It don't apply if you retire before FRA....
    Wrong again .. the year you turn fra you fall under different rules .. you can earn up to 45k before giving any back ..after fra there is no limit.. you can earn 3 dollars in that year you will be fra before giving back.. that is just up to your birthday .. after it you have no more limit at fra

    first year and the year you turn fra are subject to different rules..

    there is is a lot of info out there on this stuff. I suggest you start to brush up on it because you are confused on lots of things

  14. #29
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    Quote Originally Posted by mathjak107 View Post
    Wrong again .. the year you turn fra you fall under different rules .. you can earn up to 45k before giving any back ..after fra there is no limit.. you can earn 3 dollars in that year you will be fra before giving back.. that is just up to your birthday .. after it you have no more limit at fra

    first year and the year you turn fra are subject to different rules..

    there is is a lot of info out there on this stuff. I suggest you start to brush up on it because you are confused on lots of things
    Nope..Afraid not...$45,000 is what your allowed to make when you reach FRA....62-65 or whatever you can make no more than the 17,640...

    I suggest you start to brush up on it because you are confused on lots of things
    Nothing to brush up on..They will change it agian tomorrow.

    there is is a lot of info out there on this stuff.
    A lot of lies, little truth. They told me I will get my first check next month, you think I believe them? Hell no!

  15. #30
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    I have not seen any articles on the internet that had mis information about first year rules . They are pretty cut and dry ..... I think you just misunderstood what ss told you about January ... I can’t imagine them telling anyone that their first year earnings prior to filing count ..

    and noooooo you are still wrong .". The year you will be fra you can earn up to 3750 a month UP TO 45k UNTIL YOUR BIRTHDAY WHEN YOU TURN FRA .... ONCE YOU TURN FRA THERE IS NO MORE LIMIT FROM THE NEXT MONTH ON..

    why do you insist on posting misinformation without looking it up ?

    Go go look up special rules for the year you will be fra and post what you find ... I am tired of explaining it to you only to have you wrongly argue

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